A Telecom Expense Management (TEM) firm helps companies manage their wireless and wired telecommunications assets and services. These firms assist with managing costs associated with software, equipment, licenses, and applications for the telecommunications systems, but equally important, they audit your invoices to check for mistakes that could cost you money. If your company has never had telecom audit, it’s recommended you do so because you’re likely to find hundreds if not thousands of dollars that can be saved because of errors made on invoices, and by getting the most reasonable plans and services to help you save money and be more efficient. A good auditor can save you money instantly.
Most companies are okay with hiring a firm to conduct a periodic telecom audit of their invoices, bills, and what they’re paying out. These companies provide a valuable service and can save you money by sniffing out invoicing mistakes, late fees, and overcharges. However, the problem with these audits is that they’re done periodically, which means, while they’re finding the mistakes, they’re not finding why the errors happened in the first place, nor are they adept at making recommendations on how to ensure those mistakes don’t happen again. Also, they often don’t get as granular during their audits as a management team, which means you’re not getting all the savings you could be getting.
While a periodic audit can save you money, you could end up losing all that you gain when things such as staff changes and turnovers take place. When an employee leaves or gets transferred, frequently extensions and devices need updating or reassigned. If you don’t have a team in place to manage these changes as they happen, you could end up losing money as mistakes occur or by paying on plans that are no longer in use.
Also, for large companies, the constant auditing and monitoring of telecom services and invoices are time-consuming, especially without the right software and support. Lack of proper training and lack of necessary tools to do the audits in-house ultimately results in errors and lost revenue.
This is where a TEM company comes in.
A good TEM firm manages the entire telecommunications portion of your business. They not only maintain and audit your invoices, but they also help source and procure assets as well as manage your inventory. They seek out better deals on plans and services to save you money without sacrificing customer service or efficiency.
If you’re running a medium to large company, it’s in your best interest to hire a good TEM team to handle the telecom aspects of your business because they can save you money in the long run and ensure you’re getting the best value for the money you’re spending.
If you’re serious about having an auditor go over your company’s telecom assets, your best bet is to go for a full service management team with a deep understanding of carrier billing and current and emerging technologies, because they oversee all aspects of your telecom assets, which enables them to react more quickly to changing market conditions, increasing network complexity, and new plans and services that can benefit your company.
A continuous audit from a full-service TEM firm can make payments on your behalf to ensure you avoid any late fees, and they can seek out better offers to save you money. Also, a full-service auditor can better provide recommendations for upgrading or downgrading a service when it’s beneficial for your company.
Look for a company that provides a rigorous examination of all the invoices associated with your company’s telecommunications because this ensures you don’t get double charged, and it roots out any invoice errors that can cost you more money.
Consider hiring a TEM firm that can audit every line item charge of every invoice every month to ensure there are no errors.
You’ll also want to ensure your TEM firm is up to date on the latest technologies and service plans. With carriers and telephony companies continually competing for business, and new technologies developed at a record pace, you need a team that can react quickly when things change that could improve your telecom assets and saves you money.
Also, a TEM team will audit not only your invoices, but your equipment as well, and advise you on what needs upgrading or what can be eliminated.
The TEM team you hire should be checking the invoices against the contracts to ensure you’re paying what the contract stipulates and no more.
While it’s understandable to have concerns about hiring on a team to manage your company’s telecommunications assets, consider all the money lost due to mistakes, late fees, and surcharges every month when you get billed. Also, when you factor in the savings you’re likely missing out on because you’re company isn’t on the cheapest plan or because you missed a promotion, or because you’re paying for lines that aren’t being used and you don’t know it, it’s easy to see how an effective TEM team can pay for itself quickly and put more money in your company’s coffers. If you’re operating a medium to large company, hiring a TEM team should be at least worth a look.