Telecom Expense Management Is Filled with Innovation

Using telecom expense management (TEM) software helps you analyze your expense data more easily via inventory transparency and reporting. This type of tool, whether on-premise or web-based, lets administrators and users review usage quickly and improve their relationship with suppliers.

For the past decade, innovative technology has changed every industry. Telecom expense management was once one of the most tedious tasks, but also an important one. As of 2010, many organizations checked their telecom bills via paper copies. Spreadsheets provided some relief but still offered a clumsy solution to a sometimes massive task.

As the decade progressed, however, expense management began to move online in an effort to make the process simpler and more transparent. Multiple vendors and platforms have tried to solve the expense management problem in recent years, but those efforts have generally fallen short.

At the dawn of a new decade, today’s workers want easy-to-use apps to flag discrepancies and send them alerts when something doesn’t look right. After all, we can book flights, buy groceries, and order pizza online. Why shouldn’t the same concept apply to crucial tasks, such as sifting through thousands of telecom line items?

Innovation In TEM

Organizations are paying attention to the employee experience. Employees who spend days tracking and reporting telecom expenses tend to burn out fast or make mistakes. At the same time, even after telecom expense management systems roll out, employees often don’t fully utilize them.

Going back-and-forth with department heads takes time away from daily tasks for accounting and telecom team members. So maybe it’s time to look for a system that won’t infringe on employee’s professional and personal time. TEM solutions add value to the enterprise and improve the employee experience.

Many systems only plug into a single native app, but billing records and contracts may be spread across several applications. Forward-looking TEM platforms integrate modern expense management tools with apps employees already know, including Outlook, Slack, and WhatsApp. For example, a single employee might have a smartphone and tablet both billed to the company. The telecom analyst should be able to pull up all the expenses and accounts associated with that employee within a few clicks.

Automating Tedious Tasks

Businesses are always looking for ways to automate repetitive tasks in the back office. Artificial intelligence and machine learning have played an integral role in the automation of complex business functions that otherwise take up a lot of man-hours. This is helpful to businesses in two ways.

First, the approval process can be automated in accordance with corporate policies. For example, the company policies may dictate that only directors and above receive free phones with internet capability. Modern TEM solutions can detect if employees without the required credentials turn up on telecom bills. This can greatly reduce fraudulent telecom expenses and help your company streamline device management.

When you use a telecom expense management system, expense reporting and alerts can occur in real-time, giving you ample time to resolve discrepancies before the bill due date. When curated data is combined in a centralized location, it’s easier to export information for accounting or analysis purposes. This can save time during critical end-of-month timelines.

The advantages of telecom expense management systems include the elimination of unnecessary costs and optimization of telecom expense budgeting. An ever-changing landscape among carriers and other pressures within the industry make it crucial for business leaders to take advantage of TEMS that can improve the accuracy of telecom billing.

Are you ready to hand this task off to a premium TEM vendor?

Let the team at Valicom help!

Email sales@valicomcorp.com for more information.

ABOUT THE AUTHOR: BRITTANY PECKHAM

Brittany grew up in Oregon, Wisconsin and graduated from the University of Wisconsin Business School with a Bachelor’s degree in Management and Human Resources with an emphasis in entrepreneurship. Brittany has been working with Valicom for many years creating content for the TEM industry to deliver the many benefits users and organizations can experience in utilizing TEM services. With a passion for social media marketing, Brittany enjoys applying creativity throughout various areas of her life while expressing creativity in everything she does and loves being consumed in projects, from start to finish.