Businesses overspend an average of 25-30% on telecom expenses. To reduce your telecom costs and save money, you can use telecom expense management software and engage a telecommunication expense management team, but getting started can feel overwhelming.
Let us guide you through a few key ways you can slash your telecom expenses and get visibility into your monthly spend.
What Is Telecom Expense Management?
Telecom expense management (TEM) is essentially how you manage telecommunication services and their costs for your business. A critical step in this process includes assessing all the services your business employs, such as:
- Wireless connectivity
- Software applications
- Invoice management
- Telecom billing
- Telecom inventory
As business communications technology and services continue to evolve, telecom expenses management solutions help businesses streamline their systems and reduce spend.
Services That Inflate Your Telecom Expenses – And How You Can Control Them
Businesses often overspend on their telecom systems, either through a lack of attention or a failure to negotiate/identify the best terms and pricing.
And while every organization is unique, there are some common costs that many businesses overspend on. Let’s look at these common overrun costs and some solutions for how to maximize your telecom ROI.
Retiring your traditional PBX phone system and moving your business to a cloud-based phone system can help generate large savings. By switching to a VoIP system, you forgo the need to invest in costly hardware and gain the freedom of having your employees work from anywhere – in the office or on the go.
And don’t forget to bundle your services. While service providers don’t publicize their willingness to negotiate costs, when asked directly, they will likely look for deals in order to keep your business. When you agree to bundle services, it keeps providers happy, simplifies your life, and can save you money.
ISP and Broadband
Compare ISP providers. In order to find the best deal, you need to find the best match for your specific business’s demands. Not all ISPs are created equal and depending on your needs, you may find a better fit that’s also more affordable
Read the fine print. Pay special attention to things like early termination and other fees that may affect your spending. In addition, ensure you aren’t overspending on services you aren’t using. For example, not every business needs 24/7 tech support, but you might be paying for it anyway.
Get Organized. When businesses are juggling multiple bills, errors can go unnoticed. To prevent unknown spending when it comes to billing, keep detailed billing notes for future reference.
Consider purchasing software that can help. Using telecom expense management software, like Rev.io and IntegriBill, can reduce the amount of time you spend trying to manage your complex billing processes.
Save With Telecom Expense Management Software
Using telecom expense management solutions can help take your business to new heights of productivity and save you money. Let’s look at a few of the popular expense management softwares and management services you can get.
- SpikeFli Analytics
By using a cloud-based software platform like SpikeFli, your business will be able to centralize information and allow assets to work more efficiently (like people in IT, HR, Finance, etc.).
Another cloud-based telecom expense management solution, vManager offers customers a way to see their monthly spending visually by using charts and graphs.
eXsight, by MTS, gives businesses the ability to manage and merge communication assets and keeps users from overspending. A telecom expense management suite, eXsight keeps businesses focused on their communication assets like data, voice, and video at all times.
Clearview helps midsize and large businesses manage their communication systems by looking closely at things like invoice processing, archiving, and inventory management. As another cloud-based telecom expense management solution, it assists with tracking data assets, wireless devices, and other cost trends.
As an automated wireless expense management (WEM) solution, Mobil(X) uses real-time data, and applies the best cost savings directly with wireless companies.
These are just a few of the many telecom expense management software solutions out there. So how do you know which management system is appropriate for your business? That’s where working with an expert telecom partner can really yield dividends.
Reduce Costs and Eliminate Guesswork With Telecom Experts
With focused telecom expense management, you’ll; start saving money and achieving your telecom goals faster and with less friction.
And with Select Communications, you’ll get the support you need to maximize your telecom ROI.
We offer the industry’s only lowest price guarantee and our expert consultants will help you find telecommunications expenses management tools that give you 360-degree visibility into your telecom.
We’ll vet 300+ carriers and vendors to find the perfect solution for your business. You’ll be able to compare hundreds of offerings in minutes, without having to drudge through product demos.
Find the Right Telecom Expense Management Software – Start With a Free Audit
Managing telecom has become increasingly complicated for businesses, especially when you are juggling legacy phone service with cloud-based systems and VoIP.
Audit your telecom expenditure and find out how you can improve service while reducing costs. Unlike other telecom consulting firms that charge thousands for small savings, we don’t. Receive expert advice at absolutely no cost to you – and get the industry’s only low price guarantee (in writing).
We’ll review your telecom spending and come back with telecom services that will yield immediate cost savings.
Select Communications helps businesses save 43% on telecom expenses on average. We’ll also help you identify telecom expense management software that’s right for your business so you can maintain a tight grip on your telecom costs.
Send us your invoices and find out how we can save your money.