With the likelihood of recession looming large, some businesses may be looking to make significant spending cuts. However, forward-thinking organizations are planning to invest in technology and services that can help them strengthen their businesses during this uncertain economic climate. Here, we look at how an effective telecom expense management solution can do just that.
Maximizing Value
Experts are predicting that the global economic outlook is looking less than healthy. However, whether a full-blown recession hits in the near future or not, some degree of economic downturn seems inevitable. The global economy has taken a battering in recent times and the term “permacrisis” has even emerged to put a name to the world’s woes.
Businesses are therefore understandably keen to rein in their spending as much as possible and maximize value wherever they can. However, spending on IT products and services is predicted to grow, as astute organizations recognize the importance of protecting their businesses from a possible recession, with the right solutions. This is increasingly being seen as a way to cut costs, eliminate unnecessary expenditure, and maximize efficiency.
Gartner forecasts that worldwide IT spending will total $4.6 trillion in 2023, an increase of 5.1% from 2022. It reports that demand for IT in 2023 is expected to be strong, as enterprises drive ahead with digital initiatives in response to the economic turmoil.
Companies spend a significant percentage of their IT budgets on telecoms, so this is an area which is ripe for businesses to review and ensure they’re getting maximum value from their services. A good telecom expense management solution can enable you to do this, as it will help you reduce telecom expenses and maximize efficiency effectively.
How Can Telecom Expense Management Benefit Your Enterprise?
While telecom expense management is nothing new, it’s ideally suited to help you strengthen your business in today’s economic climate. Companies often have numerous services to keep track of, such as voice, wireless, and data – each one from a different supplier. An effective telecom expense management solution will enable you to identify billing errors, determine which services you no longer need, and keep costs down.
The last few years have seen a huge shift in how companies use their telecom estates, with remote and hybrid working now dependent on reliable communications platforms. So, it's become increasingly important to effectively manage the security, compliance, and support functions of a growing telecom environment. A good telecom expense management provider can support your internal teams with managing these essential functions, controlled from a single, convenient portal.
Optimizing the vital functions of your telecom environment needs to be an ongoing process. Many businesses simply don’t have the time or resources to cope with this, and small inefficiencies can add up.
Partnering with a reliable telecom expense management provider can help you avoid this and immediately identify any wastage. It can also free up your own team to concentrate on business-critical tasks, instead of troubleshooting telecom expenses, thus further boosting efficiency. Optimizing your telecom environment in this way means your business is better equipped to improve and innovate your technology.
While your enterprise can benefit from considerable savings and efficiencies by partnering with a telecom expense management vendor, exactly how much you can save will depend on the quality of service you receive from your provider.
Not All Telecom Expense Management Solutions Are the Same
Not all telecom expense management solutions are born equal, and the amount you save will vary considerably, depending on the service you receive. While one vendor may provide a fully-managed service with dedicated support, another may only supply a software-subscription service and leave all the hard work to you.
Providers who work as an extension of your team, auditing every invoice and pursuing every dispute to keep your costs down, will help you achieve significantly better savings.
A telecom expense management solution can be made up of a wide variety of elements, such as:
- Telecom expense auditing
- Procurement support
- Bring-your-own-device (BYOD) implementation support
- Managed mobility services
- Business intelligence and reporting
- Invoice management
- Dispute resolution
- Inventory management
Your potential savings will depend on which services are included in your contract. Some providers offer very limited, basic services, with a variety of optional extras, while others include a far broader range of services included as standard.
In addition, the global reach and availability of your telecom expense management provider can impact potential business savings. While some vendors may claim to offer global support, you need to ensure that they have in-region resources. If not, they may be unable to deliver the same service quality in multiple countries.
Recessions Come and Go
Although there may be nothing you can do about the worldwide financial situation, you can prepare your enterprise for tighter economic times. Recessions come and go, but by making wise choices you can keep your business buoyant and come out booming on the other side.
A great way to do this is to partner with an established telecom expense management provider you can trust. The bottom line is that a truly good telecom expense management solution can help you cut costs, boost efficiency, and minimize any wasted spending.
Topics: TEM
