Technology Expense Management services address the growing challenges that come with managing assets and costs of both traditional IT with Cloud based services.
From traditional IT investments, maintenance to cloud-based subscriptions to online ordering services, an enterprise can quickly lose track of ever evolving IT costs. Technology expense management involves managing everything hardware and software related within your company. It helps to bring out the key details regarding IT costs and assets. Understanding how TEM impacts business growth and efficiency starts with looking at what’s considered to be an IT expense.
Hardware includes just about anything with a power button: computers, laptops, printers (and any extra expenses for materials), scanners, fax machines, etc.
Software includes all of the licenses and subscriptions you pay for, whether they have a one-time cost or monthly/annual payments. Software can include things like your CRM or CMS, cloud application licenses, Skype for Business, Office 365 programs, collaboration tools, and so on.
Managing these assets might leave you wondering how to keep track of all these costs, while ensuring that you’re paying the right price for what you’re getting.
And keeping track of all IT assets and associated expenses can become challenging. As part of a business making IT investments, you may find yourself struggling to keep track of the different vendors you buy from, when it’s time to renew hardware, who’s using which licenses (or if they’re being used at all!), what computer is assigned to whom, and most importantly, the expenses that are being generated by all of these factors.
With a Technology Expense Management service, we can provide you with all of this information in an organized and comprehensive fashion. The tasks related to it can even be automated on an ongoing basis, allowing you to sit back and focus on other things. Our world-class third party and proprietary software, provided through a SaaS/Cloud Managed Service highlights usage, costs, discrepancies and potential savings at-a-glance. For example, through a Monthly Executive Report you will get a detailed breakdown of monthly costs, giving decision-makers a comprehensive look at the past month’s IT environment. Dashboards provide you with insight how costs evolve overtime. Costs can be allocated to the right departments, even when an asset is shared (such as a printer). Overall, you’ll gain complete transparency of your IT spend.
By keeping track of IT assets, you’ll be able to easily generate configurable reports and relevant data. All of this allows you to compare trends and spikes in costs with previous years, giving decision-makers the required knowledge to make better investment decisions in the future.
Staff can also become involved in the process and contribute to inventory accuracy via Self-Service. This means employees can confirm their usage of licenses or hardware, and if they aren’t using an asset or service that’s been assigned to them, they can take actions like transferring it to another employee, suspending the service, or returning the asset to the warehouse where it can be reassigned to another user in the future or disburse it, eventually recovering some residual value.
What TEM Services for Technology are available?
Our Technology Expense Management allow to controlling and track the cost of an enterprise’s full technology asset lifecycle and provide you with business intelligence.
Technology Expense Management Services include:
- Cloud Expense Management Services
- IT Expense Management Services
- IT Asset Management Services
Our Managed Services provide you with flexibility. You may choose to use our Technology Management Platform and manage assets and costs internally or fully outsource, where we take care of cost management and asset management with on-site or remote staff. Services performed include:
- Invoice processing
- Cost allocation
- Reporting & Analytics
- Validation of costs
- Expense optimization
- Inventory Management
- Usage Management
- Contract Management and negotiation
- Bill Payment
What is the value of Convergence Technology Expense Management Services?
Convergence Technology Expense Management services provide both, operational efficiencies and cost savings which can range from 20% to over 40% when aggregating all savings throughout the service period. The value includes among others:
Improved management of IT costs and budget
- Gain clarity and control over your IT spend
- Compare spend from previous months through the use of comprehensive and detailed reports. The breakdown of your data will help support better decision-making
- Better cost distribution and allocation
Automate lengthy processes
- Time consuming tasks related to inventory management, like approval processes and workflows, can be automated.
- User intervention is reduced, saving employees time that can be re-allocated to more important and pressing tasks.
Analysis made easy
- Data pertaining to your IT costs and inventory is demonstrated with clarity.
- Made easily accessible, data visualization allows for a more efficient analysis, and therefore time savings.
Keep your IT inventory in check
- Solutions that provide a self-service capability allow employees to take action on their assets and services with ease. They can complete tasks such as retiring assets and moving them back into the warehouse so they can be redeployed. Functionalities like these assure that none of the assets you’re paying for are left unused.
- Efficiently track the lifecycle of all your assets and services.
Convergence offers multiple all-inclusive solutions, such as Telecom Expense Management, Mobile Expense Management, and a Technology Expense Management solution, allowing you to manage costs associated with all different types of assets, from IT to IoT. Gaining a clear perspective over your entire IT environment will not only help you save money, but will also help improve your operational efficiencies by saving time and organize the entire IT inventory, and ensure it stays accurate.
Contact us to learn more about our Technology Expense Management services.