What is Telecom Expense Management Software?
Telecom Expense Management (TEM) platforms have the goal of controlling fixed and mobile phone expenses monthly. The platform automatically tracks the company’s usage, which helps them identify any potential overages or wasted spending. It also provides a detailed report that shows how much each employee has spent on phone calls and data over the past month.
These platforms can be beneficial for small-to-medium sized businesses who need an easy way to monitor their telecommunications costs without having to manually enter all the information into Excel spreadsheets every month
Table of content
1. What is Telecom Expense Management Software?
2. Why do I need it?
3. How does it work?
4. Benefits of using this software
5. Who should use telecom expense management software?
6. Which is the best telecom expense management solution?
What is Telecom Expense Management software?
Telecom expense management software helps your organization control and optimize fixed and mobile expenses. This is a big asset for any company, large or small because it provides visibility into how much they are spending on telecom expenses like data usage and Internet service. Telecom expense management also helps track phone calls, mobile devices, and tablets that use the corporate network.
What is a TEM provider?
Telecom expense management (TEM) providers are companies that use technology platforms to help companies better manage their costs. TEM providers offer software and platforms to their customers which allows them to track and control expenses related to data usage, voice service, mobile devices on the network, etc.
Some telecom expense management solutions also provide analytics to show how much is being spent in different departments or locations of your organization. This information can be used by senior executives for making strategic decisions about spending patterns that will impact profits and growth prospects. It’s important not only because it helps you make more informed business decisions but also so you don’t spend money needlessly on unnecessary services like roaming charges when abroad – just because they were pre-paid with a contract!
A well thought out telecommunications expense management solution provides significant cost savings and detailed information
Why do I need it?
You can’t control what you don’t measure. Telecom expense management let you control the services and plans invoiced by all the vendors and give you an overview of your spending by area, department, or location.
If you have a telecom expense management solution in place, the invoices and purchases will be managed efficiently by your company instead of taken care of on an ad hoc basis. This results in better visibility to spend for all users with more time to focus on strategic projects that drive revenue or increase margins.
Invoice management and asset management are also benefits, giving you a clear picture of where your company’s money is going.
You may not be aware that employees are often exceeding their monthly data plans without realizing it, and this can lead to higher phone bills for the business as well. Asignet solution monitors IT assets usage so you know exactly when someone reaches their limit then alerts them before they go over to prevent any more charges. Asignet TEM also has features like detailed reports on invoices by the vendor with historical information at hand so there will never be an excuse for those missed payments again! You’ll have complete visibility into all of your telecom costs down to the penny which means less guesswork and better planning capabilities – no matter how small or large your telecommunications
How does it work?
Telecom expense management solutions analyze the invoice items, compare them to the contract and let you know if there is an optimization opportunity. It also manages the supplier and order information, so you don’t have to do it yourself.
You will know what your telecom expenses are on a monthly basis as well as where they’re coming from for each expense category
There is an automated process that monitors contract changes and updates them in TEM automatically every time
Also, TEM solutions allow you to provision and de-provision the users, phone lines, and accounts.
This way you can manage the telecom expenses with just a few clicks. The process is fast and easy.
Benefits of using Telecom expense software
There are many benefits to using such a solution as TEM in your business: it saves time, increases the productivity of your employees, provides visibility into costs which enables them to make better decisions about budgeting
Tem eliminates errors by reconciling all carrier invoices and expenses, which leads to tighter expense management with less risk of overspending
Tem can improve customer service by reducing time spent on billing as well as providing better visibility into the process
It ensures that you are paying for what you need in a timely manner thus avoiding penalties or late fees
Who should use telecom expense management software?
Telecom expense management solutions are best suited for enterprise and large organizations, including those with multiple locations. Having multi-country branches means you have to deal with many different telecom carriers.
It’s not uncommon for a company to use 25-40+ vendors, in order to accomplish all their business needs and provide the best customer service, so the complexity and overwork that comes with telecom expense management quickly mounts.
In a recent study, the average telecom expense management project is $500,000. And that doesn’t take into account all of the other indirect costs such as IT personnel to manage it or customer service reps who have to deal with each vendor for every product and issue they encounter.
What if there was one solution- tem -to seamlessly go from carrier aggregation through financial reconciliation? One software suite provides visibility at a glance across your enterprise and lets you control what happens on both sides of the table in real-time: spending by departments; reconciliation against rates charged by telecom suppliers; accurate costing models and forecasts based on actual usage data versus legacy estimates.
Medium-sized businesses can also benefit from telecom expense management, especially if they have a complicated billing process or are charged different rates for phone plans. For SMB there is a clear advantage on having less time spent on telecom management and more time to grow the business.
It’s clear that telecom expense management has many benefits, but what are some of the drawbacks? It is hard for companies to justify a software suite with monthly licensing fees when they don’t know how much it could save them in expenses or if they even have an issue at all. The other downside is not having visibility into telecom costs without TEM.
Smaller business may not need to use these types of software solutions since their needs are more limited and it might be too expensive to make this type of investment
Which is the best telecom expense management solution?
Asignet TEM services use a patented invoice parser together with robotic process automation (RPA) engine, to provide unique invoice processing capabilities. Why Asignet is the best telecom expense management solution?
- Vendor portal automation
- Guarantees that bills are properly paid
- Contract and audit at the service ID level
- Automated audit and dispute management
- Automated and binding claims reports to Carriers with errors in billing.
- Real-time Inventories always updated.
- AI workflow-driven provisioning
- Integrated Microsoft BI reporting
Telecom expense management is a field that can help you reduce your telecom expenses. If this sounds like something in which you need assistance, we can help! Our team of experts has many years of experience and has helped other businesses just like yours save money on their telecom bills. Please feel free to contact us for more information about our services today!
Asignet is the technology and automation leader of Telcom & IT Lifecycle Expenses Management utilizing its patented RPA Robot process automation platform. The Asignet platform builds and monitors telecom, SaaS, Cloud, IT billing, inventory, and usage, helping global enterprises to optimize, secure, and manage all IT assets and their expenses.
Contact us for more information.