By Tanya Seda
In this blog, I want to share five common areas we see our customers get stuck before moving to a Technology Expense Management platform. Below are the red flags that typically indicate that your current technology expense management model is not operating to its fullest potential:
1. Your mobility policy is on autopilot— When is the last time you reviewed your mobility policy? If you can’t remember, this could mean that you have little or no control over this expense category. It also guarantees you’re paying too much for your services.
2. You no have idea what it costs to process an expense report— Many of the prospects I speak to do not know their processing costs. You can’t manage what you can’t measure.
3. It often takes over two weeks to process an expense report request— If your Accounts Payable department is complaining and asking why you can’t do better at getting needed approvals, you have a problem.
4. You have no idea how you compare to other companies relative to our Cloud, Wireline and Mobility expenses—How can you effectively manage anything without a benchmark? Once again, chances are, you won’t measure up–and that’s money out the window.
5. Your company processes at least 7-10 technology expense reports per week–manually— In today’s real-time world, processes that involve the repetition of tasks and manual handling of documents by multiple departments are great candidates for automation. Our TEM software automates these process and removes inefficiencies–and inaccuracies, which in turn lowers processing costs.
Technology spending represents a huge business expense for any company. Most of the time it’s difficult to manage and it impacts multiple users across the enterprise. Investing in technology expense management tools that are more accurate and can automate processes will have a positive impact on your company’s cost overhead, margin and even long-term shareholder value.