Telecom Expense Management - Going beyond the basics

June 28th, 2019 | Best Practices in Telecom Management

Let’s face it, telecom contracts and agreements tend to be long, confusing, and full of acronyms. Many contracts are multi-year agreements where pricing is locked in at a non-competitive rate for the duration of the contract term. Business needs evolve and change at a rapid pace creating a challenge for Information Technology and Finance departments to procure, optimize and manage. The more locations a business is managing, the more challenging this job becomes since telecom and technology contracts are likely to be spread across multiple providers.

From time to time, most organizations go through reviews of vendor expenses looking for cost reductions, and some will consider a Telecom Expense Management arrangement to help get a handle on these expenses.

The key benefits of basic Telecom Expense Management programs are:

Reduction in long term expenses
Most consultants are compensated as a percentage of savings on a project basis
Consultants understand the complexity of working with telecom and technology providers

The problem? Knowledge transfer and ongoing assistance. After negotiations are done, many consultants move on leaving Information Technology and Finance departments to manage these services and contracts for the long term, creating a repeatable cycle every few years (more frequently if your organization is opening locations regularly). This frequently leaves organizations devoting more time and energy than they need to understand and manage these contracts and installations across ever changing priorities.

What’s the better approach to Telecom Expense Management?

IQ Wired calls this approach Telecom and Technology Service Management. We bring business intelligence to the process of buying and managing telecom and technology services. We understand that technology tools must be implemented and managed appropriately to align with our clients immediate needs as well as their strategic goals and objectives. Our optimization efforts provide guaranteed savings and create efficiencies that not only provide monetary savings but also time savings.

IQ Wired places a strong emphasis on humanizing telecom and technology, ensuring that we act as advocates for our customers to defend and protect their interests. Our extensive provider relationships and bench marking data enable us to negotiate the best pricing and contract terms. We take on the daily administrative functions associated with managing services and enable your teams to focus on initiatives that provide a larger impact for your organization.