Utility Bill Management and ESG Reporting: What is it and why it’s important?

Consumers are now looking at how companies spend their time and money. As they research the businesses that they invest in, they’re looking for companies who care about the environment, social issues, and governance. 

However, many companies struggle with Environmental, Social, and Governance (ESG) Reporting. When they already have a lot on their plates, how are they supposed to add another thing? The answer is easy: They don’t have to. Utility Bill Management can help track utility cost and spend while also scraping data for ESG reporting – especially the environmental aspect. Here’s why this is so important. 

What is Utility Bill Management (UBM)? 

Utility Bill Management is a service that helps companies track their utility costs. Using UBM will help you track and process payments without the time-consuming effort that it usually puts on your accounts payable unit. Many companies simply don’t have time to track their utility bill costs, so they automatically pay it. However, by doing this, they miss out on reviewing the bill to make sure it’s correct, fixing any issues with the bill, and getting a better rate. UBM saves money, tracks spending, and reduces utility costs. 

What is ESG Reporting? 

As we mentioned earlier, ESG stands for environmental, social, and governance. While it’s always important to look at your energy costs and what you’re doing for the environment from a reputation standpoint, ESG reporting goes beyond that. When you do good for the environment, you also do good for your business. How? 

It’s easy. Imagine you cut your energy usage in half. Not only does this help save the environment, but it saves your company money as well. Any time you are able to cut down on your utility expense, you also help your ESG report. 

Companies are responsible for their impact on this earth, which is why it’s imperative to start reporting your ESG impact. 

How does UBM relate to ESG? 

A big part of ESG is the environmental impact that every company has on the world. Obviously, some companies have more of an impact than others, but regardless of company size, your environmental impact should always be something that you’re considering. Policy changes are making companies become more environmentally friendly, but many companies are having a hard time keeping up. 88% of investors believe that companies that prioritize ESG

reporting have better opportunities long-term than those companies that do not prioritize ESG reporting. 

Figuring out your company’s ESG can be difficult. It includes things like carbon emissions, water, and waste management, social justice, diversity and inclusion, business ethics, and more. And while you can often look at your diversity stats, it can be a lot more difficult to see just how much waste management and electricity you’re using. 

That’s where UBM comes in. UBM can scrape the usage data from invoices and input this data into our database to help you figure out your company’s ESG impact. 

How Cannon Can Help 

Cannon combines UBM and ESG, giving you a way to report and prove to consumers that your company is acting responsibly. 

We check, verify, pay, and look for the best deals for your utilities. Our technology and people work together to bring you seamless utility bill management. Then, we use the data that comes from your invoice to help you report the environmental impact your company has, making it easier than ever to practice ESG reporting.

If you are interested in implementing or improving your ESG reporting, click here to schedule a meeting with one of our experts

5 Ways Tech Expense Management Will Save Your Business Money

Technology expense management (TEM) is defined by Gartner as services that enable businesses to effectively manage their telecommunications and IT environments, their service providers, and all the costs related to their operations. TEM is a huge undertaking, but with the proper providers and infrastructure, putting a strong system in place can yield massive savings that can be put back into your business. 

Let’s look at some of the ways you’ll improve your bottom line.

Elimination of Invoicing Error

When tech expense management includes reviewing invoices manually invoicing, human error is a major contributing factor to overspend. Your IT managers don’t have time to carefully comb through every invoice to check for mistakes or extra charges. Automating your complex invoicing with an experienced TEM provider will eliminate all that money slipping through the cracks of your IT department.

Inventory and Policy Enforcement

Let’s face it – very few IT managers enjoy enforcing policies with their colleagues, and it’s a task that often gets pushed to the back burner. Switching to automated policy enforcement protocols will ensure that your company’s devices are used within your company’s terms. That means no more unexpected charges, and more time freed up for your IT team to focus on other things. 

You’ll also get a clear picture of all the devices in your department and how much you’re spending on equipment, usage, and even inactive devices. With that knowledge you can easily optimize your inventory to be better performing and less costly.

No More Extra Charges

When it comes to the entire tech environment of a company, small charges here and there add up. Taking control of your tech expense management will help you locate all the money lost to things like duplicate charges, unnecessary third-party charges, and any services you no longer need.

Contract Management

Taking control of your IT landscape includes looking at your providers and contracts to see if they’re the proper fit for your business and the direction it’s heading. It’s definitely possible that you’re overpaying for services you no longer use. Renegotiating your contracts will ensure you’re only paying for what your business needs.

Increased Efficiency

The money saved through the amount of time that will be given back to your IT team is difficult to measure, but cannot be overlooked. An efficient, automated technology expense management plan can free up hundreds of hours for your employees. That time can be spent finding other ways to innovate your IT environment and improve your company’s overall competitive advantage.  

TEM with Cannon Group

When you’re ready to rein in your tech expense management, Cannon Group is ready to help! Using our Expense and Mobile Management technology, we can reshape your tech environment to be more efficient while finding cost saving opportunities at every turn. You’ll gain a clear understanding of where your money goes, eliminate costly inefficiencies, and automate your complex invoicing process. 

Working with Cannon Group’s TEM experts means you’re not just getting data reports; our experts have a strong business acumen that enables them to give you insights to make further improvements as time goes on. Better yet, Cannon Group experts are able to execute their recommendations for you. 

We’ll also take care of ensuring all your contracts are properly suited to your business’s needs and monitored; you’ll no longer have to deal with money lost to bogus charges or services you don’t use.

Contact Cannon Group today

Discuss all the ways we can help you take control of your tech environment.

Top 3 Best Practices in Technology Expense Management

Your IT and mobile assets are an essential part of your enterprise, and managing those resources is not an easy undertaking. Without an organized approach to technology expense management, your business can suffer decreased efficiency and lost profits.

Technology expense management, or TEM, is defined as the effective management of an enterprise’s entire mobile devices, telecom assets, and cloud services. TEM is a complicated task that requires tracking, managing, and optimizing a telecom environment while attempting to stay up to date on new technology. 

Proper technology expense management will give your finance and IT departments a clear understanding of your business’s services and assets, from device maintenance to contract management, invoicing, and policy enforcement. Bottom line: technology expense management can save a company time and money, while creating efficiencies that give employees time back to focus on finding other ways to grow your business. 

So how can you ensure that your TEM is being handled effectively? Here are some of the best practices when it comes to technology expense management.

Inventory Management

Knowing exactly what’s in your IT and mobile environment is the most important part of effective technology expense management. Tracking devices and their usage will help you understand how your tech is being used, create/enforce policies, and eliminate inefficiencies.

Invoice Automation

Manually inputting and tracking invoices is one of the biggest ways money can slip through the cracks in an IT environment. Invoices are often incorrect, and their management often falls on employees who are already spread thin. Automation ensures that invoices are properly tracked and calculated, and keeps your vendor channels running smoothly. 

Contract Management

Make sure you are working with the best providers and that the contracts are properly tailored to your business’s needs. Experienced negotiators can help with this. Then, having a system that gives you full visibility of all your IT contracts can help keep everything up to date and, ultimately, help to avoid overpaying.

How Cannon Group Can Help

Working with Cannon Group’s Expense and Mobile Management technology ensures your TEM is properly handled and optimized. Our technology gives executives and IT managers a clear picture of how money is allocated, and provides consistent policy enforcement and billing/invoicing automation that eliminates revenue lost to human error. 

Cannon Group doesn’t just set you up with TEM automation software that sends you monthly reports. Our hybrid approach to technology expense management means our work is executed by TEM experts who not only continuously review your infrastructure to find savings opportunities, but who go a step further to execute actionable recommendations based on the insights they gather. At the same time, their extensive knowledge of mobile technology and carriers guarantees your service contracts are tailored to your needs and sharply negotiated so you get the best prices possible.

Other TEM providers give you data. We give you solutions.

Talk to a Cannon Group expert today to learn more about how we can help optimize your mobile environment.

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