5 Ways TEM Can Benefit Your Industry: Part 1

Organizations across all industries are grappling with rising technology and IT expenses, driven by increasing connectivity demands and technological advancements. Telecom Expense Management (TEM) offers a comprehensive solution, providing visibility, cost control, and efficiency. But how does TEM specifically benefit your industry? In a two-part series, we break it down across six key sectors: healthcare, technology, finance, retail, energy, and manufacturing and industrial.  

Valicom’s tailored TEM solutions empower businesses in all industries to streamline operations, reduce costs, and improve decision-making. Here’s why TEM is worth the conversation. 

Healthcare: Managing Complex Technology Infrastructures 

The healthcare industry operates in a high-stakes environment, balancing the need for cutting-edge technology with cost control. With the growing reliance on telemedicine, electronic health records (EHRs), and IoT-enabled medical devices, managing technology expenses has never been more critical. Here are five ways TEM supports the healthcare sector: 

1. Comprehensive Inventory Management 

Healthcare organizations often manage a vast array of devices and services across multiple locations. TEM centralizes technology inventory, ensuring every device, line, and service is tracked and accounted for. This visibility prevents overcharges and identifies unused resources that can be eliminated. 

2. Expense Reduction Through Detailed Audits 

Billing errors are common in healthcare, especially with complex technology infrastructures. TEM solutions identify inaccuracies such as duplicate charges, unused services, and incorrect billing rates. These audits can lead to significant cost recoveries—up to 15% annually, according to Gartner. 

3. Optimized Vendor Contracts 

Healthcare providers often engage multiple vendors, which complicates contract management. TEM helps renegotiate contracts to align with current needs, ensuring competitive pricing and favorable terms. 

4. Enhanced Security and Compliance 

Protecting sensitive patient data requires stringent adherence to regulations like HIPAA. TEM ensures technology vendors comply with these standards and addresses vulnerabilities in the network that could compromise data security. 

5. Supporting Digital Transformation 

With increasing adoption of telemedicine and IoT-enabled devices, TEM helps healthcare providers scale their technology infrastructure efficiently, avoiding overspending while maintaining performance. 

Real-World Impact: 

Valicom partnered with a healthcare organization facing a significant 20% discrepancy in their technology spending, creating budget strain and operational challenges. With a tight three-month timeline to transition from their expiring TEM solution, the client relied on Valicom’s Clearview platform and Managed Services to uncover hidden expenditures, enhance visibility, and streamline processes. By tailoring reporting to their Accounts Payable requirements and introducing cost-saving measures, Valicom ensured a seamless transition, enabling the organization to regain financial stability and control over their technology expenses. 

Technology: Optimizing Networks for Growth 

Technology companies operate in a fast-paced, innovation-driven environment. With the adoption of 5G, cloud platforms, and edge computing, managing technology networks effectively is crucial. TEM provides significant benefits to tech companies by addressing inefficiencies and enabling scalability: 

1. Visibility Into Technology Spending 

TEM offers detailed reporting on technology expenses, highlighting areas of inefficiency. For tech companies where 20-30% of technology spend is often wasted on unnecessary services, this visibility drives informed decisions and cost reductions. 

2. Centralized Vendor Management 

Tech firms often juggle multiple technology providers. TEM consolidates vendor management, improving contract negotiations, dispute resolutions, and ensuring service consistency across regions. 

3. Elimination of Redundancies 

As tech firms grow, they often inherit redundant services or underutilized resources. TEM identifies these inefficiencies, streamlining operations and cutting unnecessary costs. 

4. Scalability Without Overhead 

Technology companies experience rapid growth that demands scalable technology networks. TEM ensures resources are scaled proportionally, avoiding unnecessary spending while meeting operational demands. 

5. Enhanced Performance Monitoring 

TEM platforms monitor technology performance, ensuring reliability for critical operations like cloud computing and collaboration tools. This proactive approach minimizes downtime and optimizes resource utilization. 

Real-World Impact: 

During the initial implementation, Valicom identified the client’s annual telecom spend at $8 million. Through collaboration with the client’s internal team, services were streamlined, and unnecessary ones were disconnected, reducing the annual spend to $4.8 million. In addition, Valicom secured nearly $200,000 in one-time credits and $625,000 in ongoing annual savings, demonstrating the tangible impact of strategic telecom expense management. 

Valicom’s efforts not only delivered significant cost reductions but also freed the client’s IT team to focus on innovation rather than technology administration, showcasing the value of a managed services partnership. 

Finance: Streamlining Costs in a Competitive Market 

In the finance industry, where precision and efficiency are paramount, technology networks support essential functions such as ATMs, call centers, and regional branches. TEM addresses these challenges by enhancing transparency and reducing costs: 

1. Detailed Budget Control 

TEM platforms provide robust reporting and analytics, giving finance teams clear visibility into technology spending. This transparency supports accurate budgeting and strategic planning. 

2. Recovery of Billing Errors 

Technology invoices in the finance sector are often riddled with errors. TEM audits recover 5-10% of annual technology spend, translating to millions in potential savings for large institutions. 

3. Enhanced Network Reliability 

Reliable technology networks are essential for services like digital banking and payment processing. TEM ensures consistent network performance by addressing inefficiencies and negotiating better service-level agreements (SLAs). 

4. Vendor Consolidation 

Managing multiple technology vendors can be costly and inefficient. TEM streamlines vendor relationships, consolidating services to improve efficiency and reduce costs. 

5. Risk Mitigation 

The finance industry is highly regulated, requiring strict compliance with data security standards. TEM ensures all technology services align with these standards, reducing regulatory risks. 

Real-World Impact: 

Valicom partnered with a mid-sized financial institution to streamline the management of its extensive technology accounts across multiple vendors. By conducting thorough invoice audits and consolidating services, Valicom uncovered significant opportunities for cost savings. The enhanced visibility and improved network management not only reduced unnecessary expenses but also bolstered the institution’s operational reliability, ensuring a seamless experience for its customers. 

Why Choose Valicom for TEM? 

Valicom offers customized TEM solutions tailored to the unique needs of each industry. Our services include: 

• Centralizing technology inventory and contracts for enhanced visibility. 

• Identifying cost-saving opportunities through detailed invoice audits. 

• Streamlining vendor management for multi-location or international operations. 

• Providing flexible, user-friendly software through our Clearview platform. 

With decades of experience and a proven track record of helping organizations recover millions in technology savings, Valicom is a trusted partner for businesses seeking to optimize their technology operations. Stay tuned for Part 2, where we’ll delve into how TEM can revolutionize operations in the retail and energy sectors. From managing complex supply chains to navigating sustainability initiatives, discover how TEM can unlock new levels of efficiency and cost savings across these dynamic industries. 

Contact Valicom today to learn more about how we can tailor our TEM solutions to fit your unique business needs.