4 Ways to Stop Wasting Money in IT
Which telecom expense management (TEM) solution is best for your organization? This is a common question and one that we have the answer to. Here are a few factors we look at when deciding the best path for our clients:
1. What does your current technology environment look like? The number of locations and devices you have are part of this equation.
2. Are you currently tracking your invoices and itemizing your inventory?
3. Do you have a dedicated representative to monitor your telecom expenses?
4. Do you have at least $500,000 in annual telecom expenses? This is a determining factor to investigate ROI and best cost savings.
Whether it is negotiating with telecom vendors or processing invoices, having a team of experts to do the work for you, will save you time and money in all cases. Valicom caters to the unique technology needs of medium to large sized businesses. If you are looking for a smaller solution, we can point you in the right direction.
Valicom’s dedicated software developers built our TEM software, Clearview, from scratch and are continuously making updates based on external data and customer requests. One of the ways we do this is through our client satisfaction survey, sent out each quarter. We’re happy to announce that our last quarterly rating was 3.8 stars out of 4 total stars.
When it comes to choosing a telecom expense management (TEM) vendor, you will want to make sure you are partnering with a TEM vendor that is independent of all telecom providers. Why? You don’t want biases within the decisions your TEM vendor is offering. If a vendor is partnered with a specific provider, such as Verizon, they may be receiving compensation for suggesting Verizon’s services over other telecom providers. This is not always the case, but something to be on the lookout for.
Here are some of the main services that a TEM vendor should be able to help you with:
- Cost Allocation
- Cursory & Comprehensive Invoice Audit
- Validation of Savings
- Contract Negotiation & RFP Management
- Wireless Management
- Wireline Management
- Procurement and Order Fulfillment
- Inventory Management
We could breakout into the details of each of these, but we’ll let you explore and discoverbased on what is most important to you.
The TEM software you work with is important. The team you work with is even more important. Remember that time you were told you would have a dedicated representative, only to find out that they would change the person you’re working with 10 times throughout the year? With each person you were introduced to, you had to bring them up to speed with the current goals and progress made. Which resulted in no progress being made at all. We can all relate to this in some form or another and it is exactly what Valicom aims to avoid.
We often say, Valicom is the best team on the field. We take an inclusive approach to building and training our employee base. We promote from within, and we are one of In Business Magazine’s Best Companies to Work for in Madison! We believe if an individual is shown appreciation, they’re not only 10 times more likely to stay where they are but it will also show in their performance.
Enduring connections is one of the values Valicom lives by on a daily basis. Our relationships are important to us and we do everything in our power to keep those relationships strong. This is why our first clients are still clients today.
Valicom in Action
Previous Valicom client contact and Infrastructure Manager who used to work for a client of Valicom’s moved on to a new role in a new organization shortly after a corporate acquisition. After much back and forth to convince key personnel, the new electronic manufacturer was signed by Valicom as a client in May 2018. After the on-boarding process, Valicom began sending feeds with an annual spend at approximately $10.5M.
Since then, this client’s procurement and telecom engineering personnel have been extensively utilizing Clearview to identify and disconnect services that are no longer needed. As a result, over 900 inventory items have been disconnected to date. These disconnects (all wireline) include POTS lines, data/internet circuits, voice circuits, toll free numbers, and ISDN BRIs. Additionally, there has been a large effort between Valicom personnel and the client to identify services billing at a large site that no longer exists.
With these efforts, Valicom estimates $1.5M in annual savings have been realized. As a result of this and other initiatives, the 2019 spend for this client’s projects to be about $7.7M which equals 27% savings of their previous spend. This is a great example of how Valicom personnel, Clearview software, and client personnel working together can produce results.
If you already have a TEM vendor and want to make a switch, are looking for the first time and have put out a couple RFPs already, or are not quite sure, we can help!
A Word About the Pandemic
AP departments, IT professionals, and procurement leaders are looking for ways to adjust to new remote settings while cutting costs and managing budget cuts. Clients of all shapes and sizes are concerned with getting detailed analytics about upcoming payment responsibilities and want greater transparency and governance over their payment timelines.
How will you spend your extra time and money each month?
Are you ready to talk with a telecom expense management professional?