3 Money-Draining Mistakes to Correct Now - TEM and Call Accounting Technology Blog - TeleManagement Technologies, Inc.

To say that IT and telecom managers have a lot of challenges these days is an understatement. One of the biggest challenges is getting budget approval to update old technologies and install new ones. Does that sound familiar? One way we work with our clients is to provide better visibility over bills and contracts to help you save potentially thousands of dollars each month; savings that can help bring some of these new technologies in house.

The question is, where do we go to find these savings? More often than not, it’s by eliminating continuous overcharging or billing for items and services that you never purchased or agreed to in the first place.

Here are three mistakes companies often make, which result in paying far more than you should. As you read them, ask yourself: Are we making any of them?

Not insisting on a Statement of Work (SOW) before you sign anything.

This should be a no-brainer, but we still find organizations signing into long agreements with no clear SOW in place. That opens the door for invoices that reflect services or special software add-ons that you never ordered in the first place. If you have an SOW you can point this out and avoid extra charges.

Not doublechecking what is being installed beforehand.

This may sound obvious. However, if there has been a merger or acquisition (often under the radar), the product and/or modules you actually purchased may be replaced without your knowledge by a new product, supposedly “of equal value”, that comes out of the acquisition. That product may require additional programming and/or professional services support you didn’t plan for. That means more invoices! You deserve total transparency in knowing exactly what’s being installed.

Not installing a technology expense management system.

This is where the real savings come in. A TEM will give you total visibility over all the systems within your network, including details on both software and hardware assets. It will also shed light on your invoices and allow you to manage them effectively so that you are not paying twice and/or overpaying invoices.

The good news is that it’s never too late to tighten up your procedures and start saving money. You can begin by getting in touch with your vendors and reviewing existing contracts. Insist on a fresh SOW if you don’t have one. Finally, review all your invoices for discrepancies. We can help you automate invoice tracking, reporting and management. We work with hundreds of organizations to help them save thousands to hundreds of thousands of dollars, just by tightening up processes and identifying things like recurring over-charges from carriers and other vendors.

As an IT professional in this digital age, you have enough challenges on your plate without the added burden of managing every expense associated with each new piece of technology you deploy. Don’t let another month go by without putting the breaks on unnecessary charges and saving money to help your department and organization grow.