Automation & reporting quicken access to actionable results
A recent article in The Wall Street Journal shows how finance chiefs, in a wide-range of industries, are using technology to close their financial reports faster each quarter. Telecom Expense Management (TEM) programs already work closely with finance for expense charge-back allocations and accounts payable. This new trend highlights some additional areas for the two groups to work together.
Telecom departments need to learn from finance. As the article highlights, use of software to automate manual processes creating reports can help. Applying TEM automation for reports provides benefits in five key areas.
TEM automation frees employees from time-consuming manual processes
This allows them to focus on areas where they can contribute more value. Many telecom and IT departments are caught in a cycle where they struggle to close their books and provide the necessary reports each month. Time savings from automation of reporting allows people to perform a deeper analysis of the data.
Organizations can be more productive
Analysis of reports can find additional areas for cost savings and better ways to allocate funds for telecom services that enable employees to be more productive. For example, many organizations find employees are spending more time working away from the office. Deeper analysis of reports and capacity utilization enables organizations to reduce fixed line services and re-allocate funds to mobile services.
Reviewing data in reports improves accuracy and value
Perhaps some of the general ledger codes have changed. In other cases, the allocation scheme for departments at a facility may need to be updated to reflect changes in personnel or telecom services that are being used. Employees find greater value in the reports if they are accurate.
A quicker close provides more time to proactively review trends in reports
There may be situations where consumption of services from a provider is declining while the services from a new provider are rising. This could lead to contract penalties for failing to meet a Minimum Annual Revenue Commitment (MARC) with the provider that is losing business. Instead of allowing this to continue unchecked, managers may be able to replace the shortfall with other services. Alternatively, there may be an opportunity to negotiate a waiver or relief from the penalty before it grows to become a significant problem.
Better decision-making when sourcing
Report data can uncover situations where an organization is growing too dependent on one particular provider. Organizations need to ensure they are promoting a competitive environment with service providers. A careful review of spending by each provider and deep analysis of the services provided helps identify which ones can offer competitive services. Instead of waiting until a services contract is about to expire, organizations gain time to identify potential competitors.
TEM automation helps reduce manual activities and reduce the time to close financial reports for the month. This frees your team from manual activities. The extra time can be used to focus on the data in the reports. It promotes a strategic shift to an analytics-driven approach that produces high-value results for the organization. Executives armed with critical information can make smarter decisions about telecom services which align more closely with your corporate goals.