How Technology Expense Management (TEM) can benefit your business
Today there is a wealth of telecom and IT data available. But for many businesses, trying to make sense of that data can be challenging. Knowing what to look for within the wealth of data and metadata available will: –
- reduce costs
- improve planning, and
- drive efficiencies.
That said, the reality of actually being able to find and then use that data effectively can be extremely difficult – it’s a bit like trying to piece together a jigsaw puzzle without having the picture to work from. And this situation is becoming harder to navigate all the time, because as telecom suppliers develop their digital services, the quality and volume of data is becoming more readily available. With more data comes more complexity, making it even harder to fully understand what to look for. As a result, it takes longer to make decisions, some of the key information may be overlooked, and there is a higher chance of cost creep through and a lack of effective management.
Veropath’s Technology Expense Management platform can help overcome these common challenges.
The costs and risks of diverse services – why you need to manage the information
From cloud-based subscriptions to online ordering services, an enterprise can quickly rack up considerable cost. And with so many online interfaces using different required fields and meanings, trying to add a layer of client intelligence can be time consuming and in some cases is deemed not to be possible. But, without managing the situation, the result will be reduced control and a lack of governance of services across the company – these are typically services left over from project migrations, un-allocated end clients or staff, redundant backups etc., all of which incur cost and could carry with them additional business impact risks.
Another growing area where clarity can reduce risk is IT hardware management. Understanding the asset estate is one part, but identifying whether an item is under contract for rental and/or maintenance or part of a managed services contract, is out of manufacturer warranty, end of life or has been decommissioned are just some other housekeeping tasks which also need to be performed in order to keep operational environment in order. Failure to manage these effectively could result in key equipment going out of contract and with no immediate awareness could cause significant downtime in the event of disaster.
It is vital that businesses engage with big data if they want to grow and maintain a tight bottom line. Those who don’t are rendered powerless in the modern world, often paying over the odds for their services and failing to improve performance across the organisation. After all, how can you negotiate costs with your service providers if you don’t know what you are spending your money on? How can you optimise the use of your assets if you don’t know where they are located and whether they are even being used? How can you evaluate your business performance if you aren’t analysing the important evidence?
Technology Expense Management – A holistic view
To overcome these common challenges, enterprises are looking for a single platform to ingest data from different sources and carryout data mining on a common platform. They need indicators and dashboards to advise of potential risks, with underlying data and processes to support actions through to implementation and provide centralised management of IT governance.
TEM has traditionally been able to provide this across telecoms services only. This has evolved over recent decades and is now an established and maturing market, particularly in the US. But the traditional area of telecoms is evolving to encompass more than just telecoms assets and their usage; it now covers technology, and so the market and terminology has also changed to a more suitable term: Technology Expense Management.
What is Technology Expense Management?
Technology expense management is the controlling and tracking of the cost of an enterprise’s full technology asset lifecycle to help improve an organisation’s business intelligence. This is achieved by managing:
- Bill payment
- Inventory assets
Veropath offers this tool as such, supporting cross structure services, including Telecoms, Hardware, Software and Cloud based subscriptions. Large volumes of data transactions are ingested and normalised against a common structure. Added to this is the ability to: –
- define business fields which are used across structures
- define ownership and purpose of services
- link inventory services such as primary and resilient circuits and import additional metadata
The Veropath platform is a flexible yet powerful analytics tool which brings clarity to supplier and customer data. Veropath’s API can interface with different third party applications providing enriched data to support more meaningful reports within these applications. The creation of contracts and pricebooks enables invoice validation, while supporting accurate and controlled ordering using order specific required fields to capture business related data at time of entry.
Technology Expense Management Functionality
Not only does Veropath allow clients to track their costs and provide a comprehensive asset inventory across different services, it also helps drive down cost and enables clients to regain control of their suppliers by covering the entire lifecycle of the technology assets.
Using the platform it is possible to;
- track inventory of assets, including their location, install and renewal dates
- show usage, facilitate chargeback, highlight contract and billing anomalies and provide actionable reporting
- reconcile invoices and track the entire technology asset lifecycle
Visualisation makes management a lot easier – the Technology Expense Management platform has easy to use wall boards and customisable dashboards, and you can see in a moment exactly where your various services are by using the maps facility. Furthermore, detailed analysis can be carried out using query based searching or Microsoft PowerBi. Users can define and share tiles or dashboards across the organisation secured by the business groups they are members of. Complex search queries can be built across the data structures, converging data from different sources using common metadata, such as sites and users, etc.
Identification is a key part of the process. Using Veropath’s Actions module, auto and manual analysis results are reviewed and then form part of an implementation project. Actions are assigned to owners and controlled by project managers, but importantly, the underlying data to complete the task is held within the action, allowing the action to drive orders, update inventories, or can be exported for suppliers to investigate.
Wide-ranging business benefits
When working with the majority of our corporate clients, we have found that data clarity provides not only a cost benefit, but has also improved the working relationship with their suppliers. Knowing what you have, controlling what you need, and verifying what you get, are fundamental tasks which enterprise clients face today in managing spend and IT governance.
For this reason, Veropath offers a superior solution. Our Technology Expense Management platform can benefit your businesses by making sense of complex data. To find out more, contact a member of the team or book a demo below.