The Perpetual Shift
Telecom Expense Management is the process that involves the management of landline and mobile call expense details, invoices, managing reports, validating it, and looking to manage such expenditures effectively. But, with time and technological advancement, in addition to the telecom expenses, cloud, software, IT, cloud, Machine to Machine (M2M), Unified Communications (UC), data network, and security expenses became a huge part of organizational expenses.
As Telecom Expense Management covers wireless and similar expenses, IT expenses also merged with it, and thus, it is now Technology Expense Management, or Expense Management, the culmination of both. It is widely known to everyone as TEM.
According to Hubspot’s report of 2019, 43% of organizations still rely on manual expense reports instead of switching to a robust and scalable expense management system.
Manual Expense Management is a time-consuming and error-prone process as it consists of numerous factors to consider and maintaining it in an excel sheet over a period of time, will complicate the process as well as pose errors.
With an efficient system, your organization can get the following advantages:
- Understand the organizational expenses and its effects by providing transparency
- Track the cost of inventory, create reports, asset management, and expense tracking
- Cloud and IoT expenses
- Business Intelligence Solutions by reflecting the usage in each vertical, finding the over-usage and solutions to mitigate it
- Procurement and Fulfillment of Contracts and RFPs
- Savings to focus on other business processes
Factors to consider before selecting a TEM Solution for your organization
- Should fulfill organizational objectives
- The value proposition it offers, KPIs it identifies, and the lifecycle
- Scalability and Adaptability to determine its value in the future scenario
- Suitability to your IT ecosystem
- The hidden costs that come along with it
Leverage Industry Centric TEM Services
With time, TEM services have covered a wide spectrum of services that fulfill the growing demand for organizations across various verticals. You can easily identify errors, compliance issues, limit the inaccuracies to resolve it and gain efficiency along the way.
Inspiredge’s Expense Management covers Telecom, Utility, and Cloud Expenses, which assists you in managing overhead expenses to get you the maximum ROI. With our focused industry-specific solutions, we direct the organization from the initial consultation until the roll-out and then provide training to understand the working and any discrepancies.
We are a team of TEM solution providers offering satisfactory TEM Services in Charlotte, US for the last 10 years helping you fund, track, manage expenditures, and transform the Expense management platform.
Conclusion
In conclusion, the evolution of technology has led to the expansion of the scope of Telecom Expense Management to include all technology expenses. This shift in focus allows organizations to gain a comprehensive understanding of their technology spend and make informed decisions to optimize costs and increase efficiency. By managing all technology expenses under one umbrella, organizations can streamline their processes and gain greater control over their technology budget. This shift towards Technology Expense Management is a reflection of the growing importance of technology in business operations and the need for organizations to effectively manage their technology expenses to stay competitive.
Inspiredge IT Solutions – Effective TEM Services Optimized to Organizations
