Are you aware of the cutting-edge innovations in the telecom industry? Do you know how they can help an array of other industries with their telecom-related needs? More importantly, do you know what field management software for telecom expenses can revolutionize your business? If you don’t, you will find the answers right here in this blog.
In the past few decades, the world has witnessed a drastic change when it comes to the technological revolution. While it has had an impact on almost every possible aspect of human life, the most significant one has been observed in the domain of telecommunication. From the archaic methods of postal service and waiting for days to exchange information, we have now evolved to lightning fast connectivity via the internet. The journey from the chunky landline phones sitting in our living rooms to carrying smartphones everywhere with us has been fascinating. More interestingly, the whole change took place within a short span of time.
But with the rapid development, the challenges that the telecom industry faces have been no less than drastic. According to industry leaders, the industry has embraced disruptive technologies like 5G, decentralized broadband network infrastructure, distributed computing, AI, Big Data, and more. These innovations have significantly contributed to dealing with new-age concerns, such as cyber security and risk management. But the one innovation that has made the most significant impact in this regard is telecom management software for expense management. But how?
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The answer to this question is simple. Telecom expense management software has revolutionized cost management and expense tracking, not just for the telecom industry but for any organization that requires telecom services and solutions. It has become the go-to resource for improving service operations and streamlining workflow. But more importantly, it has become an integral tool to maintain revenue streams and increase profitability.
In this blog, you’ll learn more about field management software for telecom expenses, including what this software does, its benefits, and the salient features of telecom expense management software that streamline your operations. As a bonus, we have also added a list of the best telecom expense management software solutions available today.
To find out, keep reading.
What is Telecom Expense Management?
By definition, telecom expense management, often known as end-to-end TEM, is a practice and toolkit used by enterprises to effectively handle their telecommunication assets, services, and expenses. It is an important method for controlling costs, evaluating continuing costs, and observing what occurs when a business attempts to achieve an “ideal state” in terms of expenses with regard to their telecom services and operations.
In simple terms, the practice of controlling and tracking multiple wireless, voice, and data services in order to comprehend total telecom expenditures is known as telecom expense management (TEM). This word is most commonly used to describe corporate customers who have considerable telecom service costs in the course of their company’s operations.
Imagine a company that has multiple communication platforms for their offices, numerous messaging platforms for workers, and multiple information services such as wireless internet and Ethernet, as well as intra-office setups. Naturally, this will incur more telecom expenses than a company relying on a single communication channel and therefore will require a more comprehensive telecom expense management strategy.
Businesses can utilize telecom expense management software, which includes visual dashboards that show how much money is spent on different telecom providers. Similarly, businesses can include all of their cloud software vendor costs by integrating several categories in their business software for telecom expenses.
What is Telecom Expense Management Software?
A Telecom Expense Management (TEM) solution can help businesses control their telecom expenses by tracking, lowering, and removing waste. TEM solutions have long been proven extremely helpful to large organizations. However, in recent years, smaller businesses have also discovered that employing a TEM system can result in significant cost savings and, therefore, profitability.
Using a telecom management system will not only help you achieve considerable monthly savings, but it may also minimize or eliminate the requirement for an internal telecom administrator altogether.
What is the Main Purpose of Using Telecom Expense Management Software?
The major reason businesses use the application is to assist in controlling spending and managing the telecom component of their IT budget. Corporate telecommunications expenditure has climbed from number 10 to number 5 on the budgeted item hierarchy during the last decade, and given the increased need for real-time connectivity, the cost of telecom assets and operations is likely to rise further in the years to come. TEM can assist in cost management, resulting in manageable growth in the budget.
Telecom expense management software typically entails monitoring and controlling expenditures, invoices, policies, service levels, and ultimately the entire network lifecycle.
What Are the Benefits of Telecom Expense Management Software?
Here are some of the most important benefits a company can leverage from telecom expense management software (TEM).
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- Cost Optimization
As telecommunications spending is often substantial, telecom software services can assist in automating and optimizing costs.
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- Expenditure Control
Telecom expense management solutions can assist businesses in controlling significant expenses and supplementing their entire IT budget.
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- Inventory Tracking
Cloud-based TEM services help businesses view, track, and manage their technology inventory in real-time.
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- Call Accounting
Telecom management solutions simplify the entire process of gathering call usage details and useful insights that facilitate analysis, monitoring, and reporting of the collected data. The software also ensures enhanced telecom security and helps organizations manage telecommunications through accurate call routing.
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- Quality Monitoring
By enabling the organization to monitor calls, telecom management software makes sure that the calls’ quality standards are correctly maintained and improves overall performance and customer experience by identifying faults.
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- Efficient Management of Invoices and Payments
Telecom expense management software offers complete management of payment approvals, bill payments, invoices, allocation of budgets across the entire system through effective automation of processes.
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- Business Insight and Analytics
TEM solutions provide your company with actionable information about the current and future state of IT assets and services and thus can help you make informed decisions for your business.
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- Contract Management
TEM software empowers the company’s contract management with providers, usage monitoring, servicing, and payment of bills.
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- Asset Lifecycle Management
TEM solutions provide comprehensive visibility into the asset lifecycle, starting from acquisition through deployment and maintenance. Using TEM software, companies can also acquire useful insights into their expenditures by monitoring and auditing their IT assets and services.
Best Telecom Expense Management Software
If you want the best and most efficient expense management tool for your organization without spending too much on the software itself, go for Field Promax. It is a one-stop solution for all your automation and operational tracking needs. But most importantly, it can give you the most comprehensive range of tools and capabilities to monitor and control your costs.
Field Promax takes care of every financial aspect of your business, from creating estimates and tracking equipment and labor costs to generating final invoices and tracking payments. It also supports integration with QuickBooks so that you can manage all your accounting, bookkeeping, and other operational finances on a single platform. Moreover, it is the best field service software for telecom expenses because it is cloud-based. That means you can monitor and manage every cost-related task in your business process no matter where you are, and you don’t even have to worry about storage and organization either.
Top Features:
- Dashboard
- Work order management
- Estimates
- Business reports and analytics
- Time-tracking and payroll management
- Billing and invoicing
- Payment tracking
- QuickBooks integration
- Mobile app
Pricing: Basic plan starts at $49 per user per month. Free trial available.
Sakon TEM provides an integrated system for recording an active inventory of all the components in an enterprise communications network, resulting in significant cost savings. It offers network and user-device inventory, invoicing, and carrier contracts together to help decrease global costs, ensure invoice and payment accuracy, and harness data to boost operational success.
Top Features:
- Invoice
- Billing
- Allocate and chargeback expenses
- Spend analysis
- Employee self-service
- Performance metrics
Pricing: Quote available on request.
Brightfin is a subscription-based IT expense and finance management solution offered by leading FSM provider ServiceNow. It helps companies track and manage their IT assets and costs related to telecom (voice/data, and fixed), mobile applications, and the cloud. Brightfin is a proven solution to enhance efficiency and profitability through automated workflows and services for telecom field technicians, such as asset lifecycle management, UEM, procurement, billing, payment, and delivery.
Top Features:
- Dashboard
- Audit management
- Asset tracking
- Cost tracking
- Data visualization
- Customizable fields
- contract/license management
Pricing: Quote available on request.
FieldEZ is a hybrid field service (FSM) solution that assists businesses in managing their field operations by automating task scheduling and work order administration. The system is available for on-premise or cloud deployment. Its efficient telecom expense management tools ensure that you achieve the best time management and field task force deployment. The solutions provided assist in intelligently planning, scheduling, and utilizing field personnel to increase productivity.
Top Features:
- Accounts management
- Cost tracking
- Audit management
- CRM
- Billing and invoicing
- Attendance management
- Compliance
- Contract management
- Electronic payment
- inventory management
Pricing: $25 per month.
Last but not least on our list of the best telecom expense management software is Cimpl from Upland. This is also an effective and powerful tool to help organizations manage and reduce IT costs. It is a cloud-based, mobile-optimized solution ideal for small, mid-sized, and large corporations with both global and domestic operations.
Top Features:
- Invoices
- Process orders
- Inventory management
- Payment management
- Cost tracking
- Analytics
- Mobility
Pricing: Quote available on request.
As they reap the great benefits of telecom infrastructure, enterprises continue to face the difficulty of cost optimization. With new technological solutions reaching the market every other day, enterprises struggle to maintain their bottom line and optimize costs while embracing innovation.
With regard to this changing trend, expense management has become a vital strategy to ensure business sustainability in the long run. Telecom expense management promotes autonomy and flexibility in expense tracking systems by establishing an automatic interface with multiple departments via a variety of applications.
To sum up, it is evident that telecom expense management software is going to be a crucial competitive advantage for businesses. So, if you want to stay ahead of the curve, it is time that you sign up for the best field service software for telecom expenses, i.e., Field Promax. It is efficient, intuitive, easy to use, and yet highly affordable.
For more information,contact Field Promax today.
Originally Published on our website – Field Promax (Telecom Expense Management Software)