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Keep up to date with our news and thoughts about Telecom Expense Management, Contract Value Intelligence and Spend Analytics.

Posts about Digital Transformation:

Category Management Analytics drives Business Digital Transformation.

Category Management Analytics drives Business Digital Transformation.

Imagine this: your team has found itself over budget after a challenging year of technology migrations and changing suppliers. You and your team need to find where the problems lie but no-one has enough spending analytics associated to your contract lifecycle management to fully understand the actual services being delivered within your technology and telecom supplier contracts in order to decipher the mess of documents and clearly articulate what your additional value and future cost reduction recommendation could be extracted from your suppliers. 

You might have experienced this exact scenario yourself recently. It’s a common experience that has plenty of advice, from contract lifecycle management tips of how to find the most useful information through to hiring an outside cost optimisation consultant to do the work for you. 

The thing is, manual approaches to this problem are prone to human-error, and even for the perfect human investigator, there’s a high chance that not every issue is found. 

Technology and telecom contracts cover a huge number of different services, which can be configured in different ways, and for every different configuration carries different contractual terms and pricing considerations. 

We explore the challenges to accurately deciphering technology contracts against their invoices, and how category management analytic solutions can handle all of the contractual landscape for that category and simplify the process for your procurement teams.

Digital Transformation: How to optimise telecom cost recovery

Digital Transformation: How to optimise telecom cost recovery

Many businesses are turned away from undertaking a telecom audit and seeking cost savings in their more difficult and complex contracts due to the costs and prohibitive factors involved associated to traditional audit processes. Complex contracts, like those in the telecom industry, cover hundreds of different products that can be configured in multiple ways.

With telecom services being an essential utility for businesses, they have a long history of use and many changes have occurred over the years and this has given rise to the telecom expense management industry.

Because of growing enterprise technology and telecom complexity, conducting a full analysis of telecom contracts requires specialist capabilities, cost benchmarking and real-time business intelligence analytics. According to a recent report by Aruba Networks and Microsoft "In 2018, 57% of businesses adopted IoT in some way. By 2022, the figure could rise to 94%"

This makes having a deep domain knowledge of how complex technology telecom contracts are structured and an understanding of how to track their value implementation across all business operations is critical.

Specialists tasked with this analysis are often not a part of the business itself and are not aware of historical changes and supplier relationships, Typically due to the high level of invoice inaccuracies, predictive modelling and predictive analytics is near on impossible for many companies in relation to technology and telecoms spend.

Optimising Enterprise Telecom in Digital Transformation

Optimising Enterprise Telecom in Digital Transformation

Enterprise telecom expenditure and strategic cost management is still quite a niche subject once you get into the detail of it, but the rise of Digital Transformation and Digital Procurement means it is quickly becoming a focus area for many enterprises.
 
From a data perspective, it overlaps all the services that make up the essential communication network within companies, the onion-like layers of supplier terms & conditions, and vast complexity that goes into the supplier-end operations to supply a service.
 
It’s very common today to focus on the top-line issues, i.e. what’s your overall service requirements, and what’s the best deal I can negotiate from a supplier. Once these top-line issues are agreed and a Telecom contract is implemented, there is a hidden gold mine of efficiency opportunities that can alter how company departments operate while providing large improvements to the bottom-line expenditure.

Why is this hidden? Because finding the efficiency opportunities, and executing them, are found through rigorous data & business analytics that extend past the capabilities most organisations have today.
 
This marks part of the Digital Finance Transformation, recognised as a key driving force for companies in the coming years. It’s also been found that most CFOs aren’t sure where to start on such a mammoth objective, evidenced by the level of funds still weighted towards traditional ways of working.

Digital transformation with spend analysis software

Digital transformation with spend analysis software

Enterprise digital transformation occurs when digital technology enables businesses to function better than before, improving efficiencies and business processes. At the core of this process is the transition of analog information to digital formats, with significant value available to organizations that adopt the right cost reduction strategies, spend management strategy, spend analysis process, and expense management software while doing so.

The ability to decipher detailed data about complex services can unlock immediate and long-term value, both in terms of savings and overall efficiency. Tackling the right pain points with the right technology results in an enhanced approach to transformation.

To achieve these outcomes, organizations require a spend analysis solution that can improve supplier management and performance. Charging inconsistencies can commonly be traced back to the supplier, due to factors such as inaccurate data and methodologies.

A subset of improved supplier performance is cost savings, and the right technology can enable you to optimize existing service plans without having to renegotiate deals. These improvements can be taken a step further when service data is aggregated across multiple suppliers, resulting in better deals.