Telecom expense tracking is harder than most businesses realize — and these five questions will reveal exactly where you stand. Learn more about telecom expense management and how the right approach can transform the way you manage costs. With 5 simple questions you can determine how well you may be managing your telecom expenses. If you are unable to answer one or more of these questions you may want to reevaluate. Telecom expense management is no easy task. If you’re the one who is managing your telecom expenses in-house, Excel has probably become your most dreaded program. Ask yourself these 5 questions and decide how well you’re managing your telecom expenses.
1. How Much Do We Spend on Our Telecom Expenses?
If you don’t know the answer to this question don’t be alarmed. For those who we have asked, 85% of people don’t know how much they are spending. The other 15% of people who guess are usually 20-50% wrong on the number they guess. According to Forbes, businesses that lack visibility into their telecom spend are far more likely to overpay on services they no longer need.
2. How Much Inventory Do We Have?
Approach 1: Utilize TEM Software
Approach 2: Ask for your CSRs (Customer Service Records) and compare billing to actual inventory.
Effective telecom expense tracking begins with knowing exactly what assets you have. Learn how telecom expense management solution small businesses can use inventory visibility to eliminate waste and reduce costs.
3. Who Reviews Our Invoices?
Whoever reviews your invoices should be keeping track of month-to-month payments, confirming you’re getting exactly what you are paying for. Industry watchdogs state that roughly 15% of telecom invoices have errors. So, keeping a close eye on all the little details is essential.
4. Have We Optimized Our Environment?
Many companies are paying for devices that are rarely used or not used at all. This is un-needed and costly. Give these devices the boot! Another way to optimize your environment is choosing a telecom budget best for you. These choices may include BYOD, COPE, a wireless policy, data pooling, and so on. Reviewing top 5 questions businesses ask about TEM can help guide your optimization decisions and ensure you’re not leaving savings on the table.
5. When Do Our Contracts Expire?
If you choose to outsource, you can expect a team of experts working with you to create a solution that is customized to your telecom environment. Many choose to outsource because it reduces time spent on non-core business practices and allows employees to focus on what matters. And you will discover savings you would not have found otherwise.
If you are unaware when your contract expires then you risk missing the expiration date and having to pay month to month fees following that expiration. If you are aware when your contract expires you can then negotiate your new contract to get the best bang for your buck.
How Did You Do?
Now that you have asked yourself these 5 questions, you should have a better feel of where you are at with managing your telecom expenses. If you were able to answer all of these questions to the fullest, you are doing great! If not, don’t worry. There are many options for you to improve your telecom expense management. Explore telecom expense management 5 questions to go even deeper into evaluating and strengthening your telecom expense tracking strategy.
