Expense Management Software
Published September 27th, 2016 by

5 Types of Business that Benefit from Telecom Expense Management

One thing has always held true and forever will: flexibility is one of the greatest quality to have for any individual or business. Those who display this quality are able to effectively empower a broad array of entities, be it corporate, entrepreneurial, or governmental in nature. Telecom expense management solutions can be particularly powerful tools for this very quality; their own versatility bestows the gift of flexibility for many types of businesses. What are some business types or verticals that have taken advantage from such solutions, and how do they benefit from using it? Given that we manage over 2 billion dollars’ worth of IT-related assets, we thought we just might share it with you.

Public Entities and Municipalities

Public entities and municipalities understandably have the welfare of the general population at heart. Although not meant to be competitive by definition, as profit is not an end goal, one defining characteristic of such bodies is that they must make use of their resources in an extremely efficient manner. There are two main reasons for this: first, said resources are, simply put, limited. It is no secret that public entities chiefly rely on taxpayer money to provide services, and must often deal with situations where they find themselves so very thinly stretched out. Second, since public funds are at play, sharp transparency must be displayed at all times. This factor makes it particularly challenging to make quick decisions and nearly impossible to take any major risk—for better and for worse. Telecom expense management solutions have been proven to help with both efficiency and transparency for the public sector.

Energy Industry

As world leaders in energy production, Canadians are no strangers to the sudden fluctuations that make the energy sector so well known for its volatility. In 2014 alone, the price of crude oil suddenly dipped some 40% below the preceding year’s value. If this price is now stable and crawling back to its pre-2014 value, the petroleum industry certainly had to change its game plan to remain afloat. Although some players were hasty to adopt impetuous cost rationalization strategies such as laying off employees, others instead sought to implement long-term ways to improve their efficiency. Since workers in this industry are highly skilled and require extensive training, it is usually a good idea to look for non-personnel related ways of reducing expenses. Solutions that help decision makers keep track of and control their telecom-related expenses are especially valuable in these times of need, and continue to provide significant value long after crises are over.

Technology Industry

The IT sector is big and getting bigger, that’s no secret. Managing the expenses of an IT business of any size has a bewildering quality to it; just thinking of all the devices, service plans, applications, software, patents, technologies, accesses, and tools that must be renewed, deactivated, upgraded, purchased, transferred, granted, or updated every so often is enough to make your head spin. Multiply this effort for each employee, whom, by the way, could be on different continents (and time zones), and you end up with a task that manages to be herculean, time-consuming, and, above all, ripe for expensive errors. Luckily however, the technology sector benefits from TEM solutions having been initially designed to respond to its very needs, making them particularly easy and convenient to adopt.

Construction Industry

Recent government investigations bringing to light scandals in the construction sector of the province of Québec have caused the entire industry to shake in its proverbial work boots. One major effect of this scrutiny was a widespread loss of public confidence; people value accountability in those who work intimately with governments as much as they value it in the state itself. Telecom expense management systems are particularly powerful tools to promote individual awareness in personal telecom-related expenses, and for managers to reliably monitor everything. Such systems have the added benefit of being effective in ways that transcend physical boundaries so as to respond to the IT needs of near-nomadic construction workers and crews.

Banking, Financial, and Insurance Industries

If you happen to be looking for industries where an enormous amount of data is continually streaming through an extremely large network, look no further than the banking, financial, and insurance industries. These industries are the very definition of big; some of them have hundreds of thousands of employees over multiple continents. Given the field of work, the majority of these employees must be equipped with a broad range of telecommunication tools. And when you’re dealing with people’s money, there’s no going around it: everything must be on point, or you might be in for some trouble. Size, however, is power; not an excuse. You should always have a reliable way to keep track of everything, and TEM systems are often the solution.

There you have it. Whether you’re looking to promote transparency or accountability, improve your long-term efficiency, or simply avoid a management headache, you should consider adopting a telecom expense management solution that also helps you manage all of your IT assets. Still unsure? Check out our very own TEM checklist; it’ll help you determine exactly whether or not your business could benefit from telecom expense management solutions.

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