Everything You Need to Know About Telecom Expense Management

As large-scale businesses with many telecommunications service providers are fully aware, Telecom Expense Management (TEM) is essential to your modern business operations. These types of technological solutions allow you to manage your telecommunications expenses efficiently. Today, we’ll explore TEM’s benefits, best practices, and what to consider when choosing a Telecom Expense Management solution.

What Is Telecom Expense Management?

Telecom Expense Management (TEM) is a comprehensive approach to managing an organization’s telecommunications expenses. It involves tracking, analyzing, and optimizing costs related to telecom services, such as phone lines, data plans, and internet services. A good Telecom Expense Management solution should give businesses easy access to the tools and insights to manage these costs effectively.

What Are the Benefits of a Telecom Expense Management Solution?

Cost Reduction

Telecom Expense Management solutions help identify and eliminate unnecessary expenses, rectify erroneous charges, and reduce telecom costs significantly. Many businesses find that they are spending excessive amounts on extraneous services and hidden fees, saving them thousands of dollars every month.

Efficiency

TEM solutions allow businesses to streamline their telecom management processes, saving time and resources. This can be further taken advantage of with Velocity’s Global Expense Management (GEM) platform. Unique robotics processes and custom AI routines are integrated directly into the GEM software to automate and streamline processes, freeing up incredible time for your employees.

Invoice Validation

Unique to Velocity’s Global Expense Management (GEM) platform, AI integration within the invoice data collection process will detect line item-level billing errors and discrepancies, ensuring accurate invoice payments. This will save you incredible time and money, sifting through paperwork, PDFs, and portals to find discrepancies and billing errors.

Streamlined Payments

With GEM, you have an all-in-one solution, including telecom payment automation. This simplifies payment processes, consolidates payment management, reduces processing time, and saves companies thousands of dollars annually.

What Are a Few TEM Best Practices?

To fully leverage your Telecom Expense Management solution, consider the following best practices:

Outsourcing TEM

Many businesses are unaware of the benefits of utilizing TEM solutions delivered by telecom experts like Velocity MSC. Outsourcing ensures you have dedicated professionals to contact with questions, and you enable a continuous improvement process with documented lifecycle metrics.

Regular Audits

Telecom expenses are audited on every invoice cycle, identifying billing errors, inventory issues, and cost reduction opportunities. As we mentioned, this process is simplified with the assistance of AI and Machine Learning native in the GEM platform.

Policy Enforcement

Implement telecom expense management policies, including systemic validation, to ensure employees use company resources efficiently. As a moderator of the entire GEM system, you’ll gain insights driven by analytics to identify areas of high spending and policy detraction to address with your teams.

What Should You Look for in a Telecom Expense Management Solution?

When selecting a TEM platform, it’s crucial to consider factors that will impact your business. Naturally, you’ll recognize some of these as the abovementioned benefits. First and foremost, we recommend you consider platforms with automation capabilities incorporating AI and Machine Learning natively. This is one of the primary drivers to reduce time spent on tasks for your team members.

Don’t discount the utility of AI integration. This is a significant selling point for a TEM platform, but it’s not commonplace yet; effective AI works in the background, allowing you to continue your processes while auditing and anomaly detection happen automatically.

Another critical consideration is scalability. The solution must grow and advance with your business needs. As your business and industry evolve, your TEM solution must be flexible and scalable to match that evolution.

Find a TEM solution that helps you easily visualize your expenses and invoice history. Reporting tools and analytics are critical to informed decision-making supporting your business operations today and in the future.

Global Expense Management: Your All-in-One Telecom Expense Management Solution

Velocity’s Global Expense Management (GEM) platform will stand out if you’re looking for an all-in-one, industry-first solution to your current Telcom Management pain points. Suppose you’re looking for Robotic Process Automation for time-consuming tasks, AI integration for data-supported irregularity detection, significant and documented cost savings, including supplier payment execution, and automated data capture for your company. In that case, Velocity Global Expense Management is the perfect fit for your organization.

Learn more and experience the benefits of automated processes, AI-driven insights, and significant cost savings with GEM.