Top 3 Best Practices in Technology Expense Management

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.