While the term, Telecom Expense Management (TEM) seems to be easily understood by most, there are several benefits often overlooked that drive an effective TEM provider. The average global enterprise works with more than 70 carriers, and to properly manage each facet of those relationships can quickly evolve into a problem. However, partnering with a TEM firm helps to automate and simplify the entire process through improved processes, overall visibility, adaptable solutions, and innovative technology to identify savings.
With the right tools and experience, it’s no question whether utilizing a TEM strategy will produce lasting results. Since its inception in 1992, RadiusPoint’s 27 years’ in the Telecom Expense Management market has grown tremendously, and the reason has always been built around these top 4 benefits below.
Invoice & Expense Tracking
Global enterprises face mountains of invoices with hundreds of pages to filter through each month. Since these invoices come from various sources like email or procurement in multiple languages and currencies, there is a need for it to be converted automatically. Gain transparency into recurring expenses, non-recurring overcharges, and usage-based fees like data and energy by employing a TEM provider like RadiusPoint.
By offering full visibility on a single platform, RadiusPoint’s ExpenseLogic software transforms your raw data into immediate cost savings and meaningful insight through real-time, detailed reporting to give granular views into your Telecom, Wireless and Utility Invoices. Each line item on the invoice is electronically entered into the software and audited against set limits so you do not have to filter through any paper by hand. Additionally, ExpenseLogic supports all currencies and includes a Currency Converter for real-time currency market rate exchange.
Inventory & Asset Control
Commonly, our clients tell us they have no clear view of inventory or what is and is not being used. Moves, adds, changes, disconnects and new services are often not managed within a repository system, making it almost impossible to fully understand what is out there while controlling costs and usage. Fortunately, there is a way to keep track of what you have and use, how it gets installed, and who it is assigned to.
Opening and closing of new locations do not have to be a pain using a software-driven lifecycle process for ordering new devices and services to that location. RadiusPoint will contact vendors to ensure a smooth set up of new services with no disconnections. Our ExpenseLogic software also has the ability for the end user order to quote new equipment to be shipped to their location or to our office to be set up and sent out.
With multiple terms, conditions, and addendums in rates and pricing, it may be difficult to know if you are being charged correctly. It’s vital to know what your corporation’s commitments are against negotiated rates for services. Successful and strong contract negotiation is led by accurate inventory, known and attainable rates, and contract expiration notifications.
RadiusPoint contract repository database maintains contract terms, automated email notification prior to the expiration date, and rate auditing against set limits for Exception reporting. Contracted rates are used to audit each applicable line item on the invoice as ExpenseLogic can set a limit for any line-item detail identified in a contract, creating one of the most thorough continuous audits in the industry. Meticulous management of the contract ensures that the rates promised during the Proposal and Sourcing phases are being delivered and that the savings show up on your bottom line.
Hard & Soft Savings
Identifying savings for your enterprise should be priority #1 for your TEM partner. Gartner estimates up to 14 percent of telecom charges are in error and those with a TEM program save 22% more overall than companies who do not have an effective TEM strategy in place. Errors from carrier or energy vendors result in the hard dollar savings that can be detected for your company using a robust software similar to over half a million dollars in errors we found our client simply due to incorrect contract rates.
Charges clients avoid in the future as a result of errors found (cost avoided) makeup both the hard and soft dollar savings. Additional soft dollar savings come from time spent to process each invoice plus the hard dollar savings come from the average costs to process each invoice which ranges from $9- $15 according to the Aberdeen Group. This is without auditing for errors which could total to $27k to $135k a year depending on size of the company.
RadiusPoint’s IT tracking cloud-based SaaS, ExpenseLogic™, alone provides accuracy via auditing algorithms that many individuals may miss, let alone one individual trying to process invoices to ensure precision.
If your business strategy includes a strong solution which analyzes your telecom spending, improves reporting and accountability structure while providing overall visibility into how you can maximize dollar values, visit radiuspoint.com to learn more or contact us today.