Telecom Expense Management Software: An Overview
As the number of wireless devices and communication expenses skyrocket, telecom expense management (TEM) software has become essential for businesses that aim to manage their communications expenses. TEM software tools are designed to help companies streamline their communication expenses by providing real-time visibility into communication usage, optimizing communication billing and service plans, reducing unnecessary carrier expenses, and increasing communication security.
Below we’ll explore who uses the software, benefits of the software, features of the software, and provide five examples of relevant software products.
Who Uses the Software?
Telecom expense management software is an important tool for large companies that:
– Operate in multiple regions/countries
– Have a centralized billing system
– Have multiple wireless devices (phones, tablets, laptops, etc.)
– Use multiple communication vendors and technologies
Benefits of the Software
Telecom expense management has many benefits for companies that use it, including:
Cost Savings: TEM solutions enable companies to track their expenses and identify trends in their communications usage, letting them optimize their bills and save money on unnecessary expenses.
Real-time Visibility: TEM solutions provide real-time updates on communication usage and spend letting you track costs and usage into a single dashboard. With dashboards, you can easily view the data and make quick decisions regarding budget spend.
Secure Communications: TEM solutions help companies to identify vulnerable communication channels and take measures to secure them or switch to encrypted channels.
Vendor Management: TEM solutions help you manage multiple communication vendors by consolidating vendor information into one software. The solution also helps you manage and optimize vendor contracts as well as the provisioning process for each device.
Features of the Software
Telecom expense management tools provide a wide variety of features that help in optimizing communication spend and management, including:
Automated Invoice Management: TEM tools automate the invoice management process by capturing and processing invoices from various vendors, as well as validating their accuracy. This minimizes time spent by accounting and finance teams who are managing high volumes of vendor invoices.
Inventory Management: TEM tools help companies track inventory by keeping track of each communication device and the corresponding user responsible for the device.
Reporting: TEM Software provides advanced reporting that helps companies track communication usage; monitor costs, and make forecasting decisions to optimize spend.
Usage Tracking: TEM tools allow you to track usage across multiple devices and service plans, providing organizations with real-time visibility to spot overspending.
Five Examples of Relevant Software Products
We’ve compiled a list of five Telecom Expense Management software products that can help businesses simultaneously manage their communication devices and optimize spend:
1. Calero (calero.com): Calero is a comprehensive TEM solution that automates invoice processing, expense management and workplace mobility management. The solution reduces telecom spend and allows centralization of communication management for different devices in one platform.
2. Veropath (veropath.com): Veropath offers a complete solution for organizations to optimize their communication usage, inventory and asset visibility, real-time spend tracking, and reporting. The solution is known for its flexibility in terms of expense management, optimized vendor relationships, and end-to-end visibility.
3. Valicom (valicomcorp.com): Valicom is a SaaS-based TEM solution that aims to provide organizations with an easy-to-use interface to centralize the tracking of communication expenses, vendor management, and contract negotiations.
4. Cimpl (cimpl.com): Cimpl aims to provide companies with enhanced real-time visibility in tracking and optimizing their communication data and expenses. Its centralized platform streamlines inventory management, invoice processing, usage tracking, and vendor management.
5. Sumeru (Sumeru.com): Sumeru is primarily focused on expense management automation, asset management, and real-time visibility into inventory visibility to optimize communication expenses and usage.
Of course, every software solution has its own advantages, challenges, and unique features. Each organization must do its due diligence when selecting a solution and deciding which features are necessary.
Conclusion
In summary, Telecom Expense Management software is ideal for companies that are looking to streamline their communication efficiencies, secure communications, and optimize communication expenses. TEM software combines multiple expense management processes into a centralized platform to provide visibility into communications inventory, security, and expenses. The TEM market offers a variety of software solutions to choose from, each with its own set of features. COMS provides a foundation of knowledge to help find a solution that best fits the needs of your organization.