The telecom expense management (TEM) industry is growing at a rapid pace, with Markets and Markets reporting the $1.14 billion industry reaching $3.43 billion by 2019. With unified communications, increased mobile adoption and multiple vendors, enterprises need more help than ever to manage telecom costs. Simply implementing a TEM solution does not necessarily maximize average TEM savings, as the business needs to adhere to best practices when choosing a TEM vendor and implementing solutions and services into existing infrastructure.
Business telecom needs go far beyond phone systems these days. Data and mobile have joined voice as an essential part of telecommunications, making it important to look at TEM vendors offering a full life cycle service. Unified communications and other telecom configuration covers a wide range of services, but many TEM vendors don’t have the proper expertise to handle everything.
Employees have higher expectations on mobile device and service selection, according to Tech Radar. 4G is a common requirement for data plans, and some companies are embracing Choose Your Own Device (CYOD) as a mobile management alternative to Bring Your Own Device (BYOD) policies. Incorporating TEM into the procurement process provides better visibility into end-to-end telecommunication expenses, and gives the TEM vendor the chance to establish the best possible contract and service from the start, instead of fixing it after the business pays more than necessary.
Telecom Expense Management solutions and services provide visibility into everything from how much goes into the company’s telecommunication budget to exactly how much usage each service gets. It’s essential to identify whether a service is actually needed, if the company is getting overcharged for a particular service, or if the service isn’t used at all. In a multi-vendor environment with many specialized telecommunications needs, it’s easy to have major service overlaps, unused or forgotten services, and other areas where the company is losing money.
Many companies don’t have full visibility into their telecom inventory. The amount of mobile devices used in the business environment, mobile data and voice plans, unified communications solutions, and other equipment and services can add up to a significant number without tracking. Using TEM to help with telecom inventorying helps a company understand exactly what they have on hand, what they need and how they can cut down on existing costs.
TEM best practices help businesses make the most out of their investment in expense management. In addition to cutting telecom costs directly, TEM also provides better visibility for companies seeking more data on their telecommunications usage, waste and strategic business alignment.