What is Technology Expense Management?
Technology Expense Management (TEM) involves managing technology expenses and services to minimize costs, fully utilize resources, and drive process efficiencies. TEM software and services provide a centralized platform for tracking, monitoring, and optimizing costs and service usage, particularly for cloud, telecom, and mobile technologies. Let’s discuss some benefits of TEM.
Why is Technology Expense Management Important?
Effective TEM is crucial in 2024 for several reasons:
- Cost Control: As companies invest in emerging technologies like Generative AI, managing overspending becomes essential. Inflation and rising tech costs make it vital to monitor expenses and optimize spending.
- Resource Utilization: TEM ensures that resources and services are fully utilized, avoiding waste and unnecessary expenditures.
- Financial Efficiency: By automating financial management processes, TEM improves budget predictability and aligns IT spending with business goals.
Key Components of Technology Expense Management
- Telecommunications Management:
- Involves managing voice services (fixed and mobile), data networks, and related infrastructure.
- TEM solutions help maximize ROI by optimizing telecom expenses and ensuring efficient usage.
- Mobility Management:
- Covers a range of mobile technologies, including devices like smartphones and laptops, and their associated applications and services.
- Managed Mobility Services (MMS) streamline device provisioning, operation, and security throughout their lifecycle.
- Cloud Expense Management:
- Focuses on managing costs related to cloud services, including IaaS, SaaS, and UCaaS.
- Effective cloud expense management prevents overspending and ensures cost efficiency.
Benefits of Adopting Technology Expense Management
- Centralized Management:
- TEM provides a single platform for managing all technology expenses and IT assets, from tracking service contracts to monitoring invoices and expenses.
- Actionable Insights:
- Advanced analytics and reporting capabilities offer deep insights into technology usage and costs, enabling better budget forecasting and optimization.
- Enhanced Visibility:
- TEM solutions provide real-time tracking and visibility of spending across the organization, helping identify cost-saving opportunities and align expenses with budgets.
- Automation and Efficiency:
- Automated workflows for invoice processing, approval, and payment reduce administrative burdens and prevent late fees, ensuring timely and accurate financial management.
Ready to get started on your TEM?
VIcom is experienced in this process and partners with leading asset management solutions such as Tangoe. We’d love to sit down with you and discuss how an asset management plan can save your organization money while enhancing the way you do business. Please fill out the form below and we’ll be in contact for your free consultation!