Telecom Expense Management (TEM) is a set of practices that are often software-based and are used to manage procuring, financing and supporting the telecommunication services of a company. It covers services like data, network, and voice and ensures a smooth simplified workflow.
However, managing data manually can present challenges to your company, particularly when dealing with various vendors, services and complex billing structures. It can lead to errors and consumes a lot of company time.
In situations like these, telecom expense management software solutions emerge as saviors.
An efficient telecom expense management software can improve a company’s finances by analyzing its total expenses. Furthermore, such tools monitor data usage, invoices, incorrect bills, and so on. These turn out to be smart financial moves and strategic investments to stay competitive in the telecommunication landscape.
Benefits of Telecom Expense Management Software
Telecom expense management software comes with a wide variety of benefits, some of which are as follows:
- Cost savings: TEM software constantly monitors and reports service costs and outlines how to optimize a company’s existing expenditure. It can identify non-compliance, billing errors, track contracts, and device allocation and usage. All these can help enterprises save money on their telecom services.
- Streamlined workflow: With TEM software, business owners can overview and control everything, from inventories to vendors. TEM provides a centralized system to track device IDs, project IDs, pending bills, etc. This software also consolidates all pending bills, making it much easier to clear.
- Improved visibility: TEM software allows companies to gain real-time insight into their telecom expenses, usage, and vendor performance. This aids businesses in decision-making and communication cost optimization.
- Future predictions: With the help of TEM software, companies can predict their total spending on telecom services like voice, data, and so on, and hence, plan their budget accordingly.
Key Features of TEM Software
The most attractive features of TEM software include:
- Automated invoice processing: Invoice processing is one of the most laborious aspects of telecom expense management, and this is where TEM software can help save a ton of time and resources. Telecom expense management software, like that of Spenza’s, provides automated invoice processing services, including invoice consolidating and auditing. It saves time but drastically minimizes the chances of any error.
- Contract tracking: Companies can track and monitor their telecom contracts without reviewing many documents. TEM software provides a centralized dashboard where companies can track their contract clauses, expiry dates, etc.
- Analytics and reports: TEM software has excellent reporting capabilities and provides crucial data in the form of informative analytics that can help businesses optimize their current telecom plans and plan better for the future.
- Accurate inventory management: Excess inventory often results in unnecessary expenditures, even in telecom. Therefore, it is imperative for companies to keep track of their physical and non-physical telecom assets. TEM software can easily do this, allowing companies to constantly monitor their telecom inventory levels.
Factors to Consider When Choosing TEM Software
You must keep the following factors in mind while choosing TEM software:
- Ease of use: Ideally, your TEM software should have a user-friendly design that does not require expertise. This will save you valuable time.
- Security: Choose a TEM software with all the standard security measures and encryptions. Since much sensitive information is stored in telecom devices, opting for software with threat detection and anti-fraud measures is best.
- Scalability: If your company is already global or you plan to take it global, choose a TEM software capable of operating across borders and supporting your scalability.
- Integration capabilities: Most companies already have some form of TEM in place and should select a TEM software that can seamlessly integrate with the existing model.
- Customer support: Your TEM software should be backed by reliable customer support available 24/7 to help you.
Integration with Telecom Service Providers
When opting for a TEM software, select one with seamless and efficient integration with telecom service provider’s systems. It can help in real-time data synchronization, automated invoice processing, and enhanced visibility. You can get the following benefits by doing this:
- Easy data exchange: You can give and receive telecom-related data without much manual intervention by integrating your TEM software with your telecom service provider. This will save time and resources.
- Accurate tracking: Since your software will be connected to your service provider, you can expect much more accurate expense tracking. The invoices will be sent directly to the software, which will subsequently audit and validate them.
Customization and Flexibility
- With customizable dashboards, businesses will be able to tailor their TEM software as per their needs, and hence, make it more productive.
- A TEM software that allows personalized report generation helps companies focus on the important data while not wasting time with the rest.
- Tailored workflows can help businesses streamline processes and create a unified telecom environment across all departments.
Cost Management and Optimization
Telecom expense management software helps with cost management and optimization in the following ways:
- With TEM software, business owners can monitor individual employees’ voice or data service usage. Thus, those not adhering to company telecom policies can be quickly identified and warned, reducing excess expenses.
- TEM software allows companies to compare plan rates, contracts, and so on, enabling enterprises to choose the most cost-effective telecom service.
- TEM software can be used to track a pre-set telecom budget and, thus, avoid any extra expenditure.
Reporting and Analytics
TEM software often comes packed with robust reporting and analytics features, which can help businesses with the following:
- TEM helps identifies trends in telecom usage, expenses, overhead charges, and so on. Hence, companies can make more informed data-driven financial decisions regarding their telecom.
- With the data sourced from TEM software, businesses can significantly take charge and improve their telecom services.
Real-Life Example of TEM Solution Implementation
An energy-providing company operating in over 200 locations with more than 4,000 employees and 700 wireless devices needed TEM solutions to audit its inventory and centralize its invoice processing.
With the installation of TEM software, the company enjoyed the benefits of automated invoice processing with a centralized access point for all invoices and contracts. Furthermore, the software also audited the inventory of the business, which resulted in $400,0000 worth of recurring annual savings.
TEM software is the perfect addition to businesses looking to improve their telecom environment and overall workflow. TEM software help manage expenses, vendors, inventories, and much more. Thus, companies will be able to save money but also manpower and other resources.
In this regard, Spenza is the perfect solution.
Spenza’s TEM software provides essential features like automated invoice management, advanced analytics, service management, global connectivity, and so on. Additionally, it comes with reliable customer service and an easy-to-use UI.
Join hands with Spenza and improve your telecom services today!