How to Find Hidden Savings in Your Telecom Budget   

Have you got suspicions of possible savings hiding deep inside your company’s telecom budget? You’re gut feeling is more than likely correct, but are you aware of where to look? Below are four easy steps to follow in order to locate and realize potential savings.

Inventory

The fundamental element to telecom expense management is accurate telecom inventories. Few businesses have full up-to date telecom inventories instead they rely on partial records. Rectifying this is a three-step course:

1. Each contact should have full data collected: vendor, start/end dates, commitments, rate review dates, key terms and conditions.

2. Establish your long distance active service needs. Alongside the requirements for local, wireless, data plans, and so forth. By subcategorising them into location and service type – you may discover that you are eligible to apply for better rates due to higher quantities in various sectors.

3. Gather a record of each and Asset investigation  every one of your telecom hardware that shows the vendor, contract number, lease/purchase, model/serial numbers, location/user, and maintenance options for every asset. Often it is discovered that unused equipment is still being paid for. This problem is located as a result of us applying this process to our clientele’s inventory.

Audit

As a result of determining exactly what you have, execute a baseline review. Make sure that the charges on your telecom invoices are accurate – check your rates and discounts, look for disconnected services and closed sites. Watch out for third party charges for services you didn’t order and don’t need. Going forward, consider auditing your invoices on a monthly basis, looking at trending, new or different charges, and unallocated expenses. Also, consider a vendor audit to review how contracts are applied across multiple invoices.

Optimize

Now that your inventory is accurate and you have a good baseline audit – optimize. It is crucial to confirm you have the correct number of lines and trunks for your local service needs. By eradicating surplus capacity you may unearth valuable savings. You should also certify all communication ports are being appropriately used and that all access networks are precisely sized, alongside studying wireless usage profiles and data/text plans, as well as ensuring your “power” consumers are not exceeding their monthly limitations.

Negotiate

By acknowledging precisely what you have and need; you are in the position to negotiate a beneficial agreement at the time of your contract renewal. Accepting a standard price quotation that falls short of dealing with your exact requests would be a huge error. Instead you should think about increasing the length of your contract in exchange for improved rates. Valuable money could be saved by adjusting your terms and conditions. A prospect, which cannot be missed, to reduce your company’s future telecom costs is contract negotiation offers.