How do you forecast indirect expenses and drive cost reduction during the budget process? Try our VMS Platinum Cost Savings Calculator for an estimate.

Here are a few key things to consider to help you better manage both vendor performance and the overall vendor lifecycle.

1. ANALYZE: Collect Vendor Data, and Ensure Your Data is Accurate

Communication is key when it comes to vendor relationships. Instead of dictating a list of demands for the vendor, it’s in your best interest to meet face to face (or via video webinar) and discuss each other’s understanding of the relationship. This reciprocal conversation with your vendor will identify what they need from you, and vice-versa. An open dialogue fosters a mutual sense of trust and enables the vendor to do a great job for you.

By the same token, it is imperative that the expectations, documentation, and data submitted to a vendor management platform are as accurate as possible. If the data is not verified and reviewed when it is entered into the platform, it will not be reliable for benchmarking analysis in the future. 

2. IMPROVE: Establish Routines, and Be Predictable

It may seem impossible to develop tasks and schedule that track when contract rates or terms will expire or update – and try as you might, they may change when you are not paying attention. Most vendors find it easiest to meet your expectations when rates and terms are both predictable and consistent. Notification management, consistent reviews and business update exchanges will help your business avoid any potential surprises from your vendor and mitigate future risks and costly overcharges.

The use of an outsourced document management platform, coupled with knowledgeable resources and processes can help ensure these vendor rate, term, and condition criticalities are monitored. Additionally, the appropriate personnel can be provided a notification and escalation process which ensures these critical actions are continuously monitored. These 3^rd party systems and support allows your vendor management teams to better collaborate with your vendors and hold you vendors accountable to meet your specific operational and financial needs. 

3. MANAGE: Create a Service Level Agreement

Businesses frequently overestimate the value of having long-term relationships with their vendors.  In most cases, it is due to a lack of understanding of market rates or having the appropriate benchmark analytics to negotiate appropriately with your current vendors.   And because vendors take advantage of this reality, it should come as no surprise that many vendors love to add auto-renewal clauses for that reason.

Having a service level agreement (SLA) is one method to clearly document expectations from both sides. The purpose of a simple service level agreement outlines mutually agreed-upon terms and conditions between your organization and your vendor. They clearly indicate to your vendor your intention to work with them over the life of the agreement. Your vendor can then plan their business and resources to meet your needs.

4. CONTROL: Measure Vendor Performance and Start Cycle Again

“What gets measured gets done” certainly applies when it comes to your vendor lifecycle. By establishing simple and agreed upon metrics, your company and your vendors can have a much more constructive discussion about their performance.

Most vendor metrics focus on delivery in full and on time (DIFOT) and quality control metrics. DIFOT is often measured against the agreed upon lead time and deliverables, while quality may simply measure the performance of the contracted service. These metrics are typically included in the Service Level Agreement, reported, and issues are discussed as they occur, or at a regularly scheduled performance review.

Managing on the vendor management lifecycle is a critical part of any vendor management organization.  By focusing on the process, with a goal of continuous improvement, you should see improvements in efficiency, lower risk, and better compliance.

About Limitless Technology

Limitless Technology, LLC has been managing complex indirect spend and vendor documentation since 2006 for some of the largest companies in the USA saving them millions in costs.

Through our Billing Optimization and Vendor Management Solutions proprietary platforms we utilize technology, processes, expertise, time, and resources to improve our client’s bottom-line.

Limitless Technology manages your vendors, so you can manage and grow your business.

For Additional Information Contact us at:

Phone:             407.330.4466

Hurricane Dorian reached the Bahamas as a Category 5 hurricane. The storm completely encompassed the islands and stayed camped overhead for 41 hours. The impact of this slow-moving storm was devastating. With excess winds of 200 miles per hour, houses were destroyed and left businesses ripped apart.

In addition to the devastating winds, the storm caused nearly two feet of rain to flood the island. This amount of rain inundated and structurally damaged a huge percent of the Bahamas infrastructure.

Weeks after the hurricane has passed, thirteen hundred Bahama natives are still not accounted. Currently, the death toll sits at 52, but rescue groups are still suffering logistical challenges simply entering impacted zones on the island, let alone clearing the wreckage and finding victims. In addition to challenging relief scenarios, the Bahamas will also suffer from long term health challenges such as: water contamination, mold, and risk of infection.

Here at Limitless Technology we understand the impact of a major storm. Based in Lake Mary Florida, we too were expecting a large impact form Dorian. Thankfully, Florida was fortunate enough to experience a lesser impact than expected. However, events like this remind us that devastating weather patterns can have major impact on families and businesses. Here at Limitless we know that when you have an opportunity to help a community in need, you must (as individuals or as an organization) do what is necessary to help.

September 15^th, 2019 executive and employees of Limitless Technology banded together to provide supplies to those in need to the Bahamas. Bottled water, canned goods, and other non-perishable supplies were collected to provide to those in need.

Although Limitless has begun its effort to assisting the island, a sustained effort will need to be given to assist the island with the long-term impacts of this storm. Below is a list of needed items given by the Bahamian Government:

• *Bottled water
• *Clothing
• *Food for personal consumption
• *Personal hygiene products
• Medicine and medical supplies
• Building materials
• Tents & Cots
• Bedding materials
• Mosquito nettings
• Electrical and plumbing fixtures and materials
• Household furniture, furnishings and appliance

Please review these items and consider partnering with a trusted organization to assist in the relief efforts. Your kindness will greatly impact the lives of those currently struggling to rebuild their lives.

Not sure how to/who to give? Charity Navigator can provide rating or reputable organizations currently in the Bahamas offering aid.

 

Why is a Logo so Important?

How long does it take to make a first impression? Would you guess ten or fifteen minutes? Nope. How about seven seconds? Well I am sure that you have heard that fact in a business conference before, but that is also not the answer. The Association for Psychological Science says it take a person about a tenth of a second to make a first impression just based on the features of a person’s face! You have no time to make an impression. That is why you come dressed in your nicest suit with, your biggest smile, and your best prepared discussion points and hope for the best.

However, you can’t be there all the time making a good impression for your company. So, isn’t it important that your company make a good first impression with its “face”?

A company’s “face” is how it is presented to a client. The company “face” is the first thing a potential client will see on the messages you send, your company website, and finally the building they enter as they come to see you. So it is important that your logo actually represents your services. Take for example LT~CRS’ logo.

Many of our clients ask us why we have a tilde symbol (~) in our company’s written name and logo. The answer is the tilde is a symbol for cost savings, and that is what our company specializes in. The tilde (~) was actually used back when there were scribes whose jobs were to copy books and documents by hand. In order to save money on ink, the scribes would write a tilde to replace letters. For example, “We n~d to sp~k with the doctor.” The tilde made the scribe more efficient and reduced cost. Since our company has expertise in those areas, we chose the tilde to be in the center of our name.

In the same way a logo represents your company – Your vendors REPRESENT YOU! Your suppliers and vendors control the outcomes of your business services. If your elevator stalls, if your products fail, if your electric, utility or internet providers fail to provide the services in your agreements, the FACE of your company is impacted. Select vendors and negotiate contracts that will always represent your company and make a good first impression. This is imperative to your success!

If you would like to know more about Vendor Management Solutions to protect your company’s impression on your clients contact us at www.limitlesstechnology.com.

finally bringing accuracy and order to their complicated telecom expenses and networks. Watch video to see how this is done…

Did you know that U.S. businesses waste over 38 billion dollars a year in lost telecom expense due to telephone company errors?

Since 2006, LT~CRS has successfully performed shared savings based telecom bill audit, optimization, and management services for companies across many industries, saving them hundreds of thousands of dollars.

Here are some facts:
• 80% of Business Telecom Invoices have billing errors (Gartner Group)
• U.S. Businesses have $13 Billion/year in Telecom Billing Over-Charges. (Gartner Group) Only 2% is ever recovered!
• U.S. businesses waste over $38 billion a year…mostly due to telephone company errors (Aberdeen).
• Up to 85% of mid-market company telecom bills are paid in full and are not audited by the organization.
• When an audit is conducted, billing analysts most often examine just a small subset of invoices associated with the largest spending leaving hundreds, thousands, even millions of dollars unfound in other telecom spend areas.

LT~CRS looks into every aspect of your telecom billing, assuring that you save as much money as possible.

After a comprehensive audit from LT~CRS, the next stage in the process is contract management. Contract management works in tandem with our audit process. We continue to work with your carriers on a needs basis to negotiate rates on your company’s telecommunication current growth or expansion states. We deliver your company’s go-forward contracts acquiring the best rates and services for your companies continued prosperity.

Contact us today at 866-504-4050 to speak with us about engaging in a telecom billing optimization.

Hmmm – what does the boss care about? What can you do to stand out from anyone around you? What could you do today for your boss to say WOW??? ~ so glad you had that idea!

Most CEO’s and CFO’s are looking at the bottom line. How much profit they made last year and how much more they can make this year. So how can you play a role in making a difference – HOW ABOUT an increase in profit for your company?

Well if you knew that 70% – 80% of utility bills have errors how likely do you think that your company’s billing has the potential of having errors?

Chances are your company is paying utility bills every month that are incorrect. How much is that costing every year? This may already be known by your company and may have been already addressed a time or two. But, what action took place? Was the process ever looked at? Were savings found? How much were the savings, or did this never get off the ground because it was “too time consuming” and the “expertise” did not exist “inside the company”. Truly optimizing utility and telecom bills involves so much more than quickly reviewing for anything that might obviously “stand out”. There may have been corrections in the past for obvious mistakes like charging a location twice or for services that you no longer have…but what about the fees that go undetected?

That’s not all.

• What about the incorrect fees that do not correspond with your contract agreement
• Changes in technology that now make your contract charges overpriced?
• And then taking it to the next level of renegotiating for your savings?

No one wants to make that phone call to the telecom or utility company to discuss each item and why you are being charged for particular fees. It can sometimes be overwhelming, time consuming and confusing. It’s not surprising, most companies do not have the time or resources available to locate billing errors or recover the savings.

The most common utility errors include:

• Incorrect meter readings
• Faulty meters
• Redundant billing charges
• Usage charges
• Surcharges, taxes & tariffs
• Consumption errors
• Demand reading errors

Telecom Billing Errors include:

• Other charges and credits for installations or changes that are incorrect
• Incorrect refunds and or credit adjustments
• Tax errors
• Equipment or Lines no longer needed (cancellation errors)
• Duplicate billing
• Third party charges
• Not receiving quoted rates

It takes time to review, analyze, report to vendors, recover savings and optimize billing for future savings. Hidden costs, charges for non-existing services, and complex billing codes could be increasing your company’s monthly utility bill every month.

So how can you be the hero?

1. Recognize that there are potential savings in almost all utility billing.
2. Express in your company there is a potential savings if steps are taken to audit utility billing.
3. Set time aside to collect a few bills and discuss your options with a professional, knowledgeable utility bill auditing specialist who will work to find your company savings.

Contact LT~CRS for more information about how to be your company’s hero by saving money every month on utility bills.

NATIONWIDE: 866-504-4050

Create your own user feedback survey

Bundling is a term that usually seems to be a good thing with telecom and utility services – “lots of things all provided under one big package at a better price”. However, look out for the “gotchas”.

Todd talks about a few simple tips to look out for before signing any contract and how to review current contracts for services that you don’t need.
When you start looking at the services many different ways, you start trying to analyze why wouldn’t it be a better solution to have all of these unique capabilities of services through one price, one carrier, one contract, one service provider. While that sounds good on the surface and it is – you get a great rate for a lot of services that you are using. However, the “gotchas” are the deeper ones. Often times these are promo prices that are included for a small amount of time. Those prices increase over time or during the contract period.

You see commercials that raise the attention and awareness to those specific facts especially when you talk about cable companies and telecom providers that are offering bundled long distance services or promo rates for the first year. Then the next year comes into play and your rate goes up by two times especially in your business service contracts. So while bundling can be good, it can also be very bad because it can drop your rate initially but increase your rate over time based on your contractual agreement.

The other thing is there are services in bundled packages that are unnecessary or what we call “up-sold” or “oversold” such as unlimited long distance packages. Sounds great – PROTECTION! “I don’t have to be concerned that I’m going over my limit or over my minutes or my rate will increase”. Yet people don’t really look at the actual amount of utilization they have so in turn they buy way more than they need in a bundle package effect to decrease any possibilities that they may be in an overage or overpay situation. Yet they may never come close to the threshold they pay on a monthly basis. This is particularly important for you to understand prior to signing any agreement that bundles all these services together.

Lastly, but not least many of the service offerings in these bundled package include additional items that you are not aware of and are unnecessary. Because these bundled packages have – one price, one offer, one promo they make you feel like you’re getting much more than you need when often times there are charges inside that are not necessary that are costing you year-over-year.

So the advice with every person who engages in a contractual negotiation for their business is to really look at:
• What does this bundle offering contain?
• What are the unique individual components?
• How is it taxed?
• How is it priced?
• What are the benefits?
• What are the deterrents?
• Do I really need all of it or do I only need a portion of it and I just think it may be a better deal?

At the end the day it is your decision to make or you can contact us at Limitless Technology ~ Cost Reduction Specialist to help guide you through the process. www.limitlesstechnology.com

If you have questions regarding business cost reduction contacts Limitless Technology ~ Cost Reduction Specialists today.

NATIONWIDE
866-504-4050

Like everyone else all companies are looking to trim expenses without losing efficiency, quality and prompt service. Primrose Retirement Community recently worked with LT~CRS for just that reason and had a few words to say about their cost saving experience.

We would like to share that with you …

Primrose Retirement Communities contracted with LT~CRS to audit our total telecom spend. Our company has worked diligently to keep these expenses under control, however, we decided to use the services of LT~CRS to drive out any additional costs and correct any billing errors that had not been identified. We were very pleased with the process. After an initial collection of all our bills which our accounting department conducted, LT~CRS completed the remaining part of the audit with little to no work on our part.

Once they had determined cost savings opportunities they presented their findings in a form of a clear and concise email and Primrose either approved or declined the changes. It was only after the first month of proven savings did we get a bill from LT~CRS.

Our total savings was over $70,000+ in the first year with recovery errors at over $18,000+.

From my experience using LT~CRS is a no brainer as Primrose only paid for savings once they were proven and documented either on our current invoicing or in the form of a refund check or credit back to the account. As the Director of IT I would suggest to any IT department they use LT~CRS to ensure they have optimized rates and accurate billing.

Ian Zens
Director of IT
Primrose Retirement Communities

Few organizations like Primrose Retirement work so diligently to have excellent costing contracts and technology at their locations. Even though Primrose was so relentless in their pursuit of high quality low cost services, LT~CRS was still able to investigate further and find additional cost saving opportunities, present these savings and findings to Primrose, and once those recommendations were approved by Primrose actually implement these outstanding savings. Which to say the least delighted the customer highly!

LT~CRS drives out cost by;
1. Analyzing where costs are being overspent
2. Removing the overspend go forward
3. Getting customers back credits and refunds for the overspend

Even though companies, organizations and firms have a strong centralized telecom system and a picture of the resources spent on them, firms like LT~CRS that specialize in this expertise are able to uncover more dramatic savings and capabilities.

Managing telecom expenses also requires the ability to interpret contracts, escalate disputes and negotiate resolution of claims.

You may be asking or saying to yourselves…”I understand the audit, optimization and contract review benefits… But then what?”

That’s were TEM follows. Unlike many of our competitors, our Telecom Expense Management (TEM) service begins after a telecom audit is complete.

You see…once this poor billings and contracts are cleaned up TEM provides an ongoing process and expense measures check ad infinitum.

This continuance of the ongoing savings TEM provides, either on a monthly or quarterly basis, ensures your telecom provider is keeping your best interest and costs in mind by having expert resources reviewing it continually.

If you have questions regarding our Auditing, Billing Optimization, Contract Management, Consulting or Telecom Expense Management for your organization contact LT~CRS today.

NATIONWIDE
866-504-4050

With school just around the corner and kids starting back to a new year filled with friends, homework, extracurricular activities and oh yes the anxiety of the “POP QUIZ”. LT~CRS would like to applaud the teachers that love to throw in those unexpected quizzes by giving out one of our own. So did you solve the missing percentage?

Let’s provide some clues. Did you know that 80% of telecom invoices have errors in them? 80% – that is HUGE! With that high of a percentage … what are the chances that you are paying too much for telecom services and/or telecom contract management? How often do you review your telecom billing and more importantly how can you recognize those mistakes or where can changes be made? Careful analysis and conducting a telecommunications audit would be the first step towards telecom cost reduction.

A Telecom Billing Optimization audit is the process of analyzing your complete telecom spends including reviews of your contract rates, terms and conditions through forensic – like process.

A telecom billing optimization would cover:
• Wireless
• Data circuits
• Land-line inventory
• Cellphone / smartphone
• Telecom tax analysis
• Telecom expense management
• Telecom billing studies
• Phone bill audit investigation services
• PBX investigations
• VOIP
• Telecommunication security services

Then after conducting an initial audit, Telecom Expense Management (TEM) can be provided – an ongoing monthly review of your complete telecom spend is put into place.
The Telecom Audit and Optimization provides a solid set of cost saving recommendations on some key areas of your telecom spend. Some of the savings recommendations cover the following:
• Hidden Charges
• Overage Charges
• Unused (Zero Usage)
• Optimization of Plan Minutes
• Cramming
• Slamming
• Text Plan Optimization
• Data Plan Optimization
• Missing or incorrect discounts

In addition to the above Telecom Savings recommendations, the following set of additional savings opportunities are also factors, each of which can save on your telecom spend.
• Alternative Plans (within a contract)
• Rearrange Users
• Standby/Pay as you go plans
• Association discounts/plans
• Government plans
• Group Purchasing Organizations or Consortiums
• High/Low Strategy
• Older/Unpublicized plans
• Seasonal usage
• Unpublicized Features
• Tax exemptions
• Suspension of devices

Now for some Telecommunications Homework!

Know your Telecom Acronyms!! Here are just a few:

MRC:
Monthly Recurring Charge – The monthly fee that is charged for a product or service component.

NRC:
Non-Recurring Charge – A one-time fee that can typically be attributed to an installation, a service set-up, or a service call.

ETF:
Early Termination Fee – The fee that is administered when a contract is broken prior to the date the contract ceases.

MUTM:
Make Up to Minimum – You will see this charge when there is a shortage between the contractual minimum that was agreed to be spent in a month or a and what was actually spent during that month.

MARC:
Minimum Annual Revenue Commitment – This is the amount of money that your company has committed to spend with your telecom vendor per year.

MUG:
Minimum Usage Guarantee – This term is another way of saying an annual commitment or agreement of how much will be spent by a company for services.

ARC:
Annual Revenue Commitment –Another way to express an annual commitment or agreement. Telecom Service Providers are big on your company committing to spend money.

Here are some facts to highlight:

• 80% of Business Telecom Invoices have billing errors (Gartner Group)
• U.S. Businesses have $13 Billion/year in Telecom Billing Over-Charges. (Gartner Group) Only 2% is ever recovered!
• U.S. businesses waste over $38 billion a year…mostly due to telephone company errors (Aberdeen).
• Up to 85% of mid-market company telecom bills are paid in full and are not audited by the organization.
• When telecommunications audit is conducted, billing analysts most often examine just a small subset of invoices associated with the largest spending leaving hundreds, thousands, even millions of dollars not found in other telecom spend areas.

Did you solve it yet? Click here to see how you did on your “Pop Quiz” and for more telecom cost reduction resources?

If you have questions regarding telecom expense management contact LT~CRS.

407-330-4466
866-504-4050

Billing Optimization
Controlling your Telecom and Technology monthly expenses

It’s a new year. 2015 profits are in and accounted for in most cases, with maybe a few accrual items hanging in the balance. Big question is… were we profitable enough, and how could we have been more profitable? Most companies turn to the big items first, as they of course have the biggest impact. but how many other costs are bigger than we think? Take one large item like telecom costs.

Telecom & Technology Services are necessary but also very confusing and operationally costly. Therefore, these must-have monthly bills are likely to be overlooked when a company is looking to improve bottom-line performance. According to a study by Aberdeen, “…few enterprises have had a comprehensive and accurate way to determine what they are spending on telecom services, with whom and why.” The study also notes that 85 percent of mid-market companies pay their telecom bills in full without auditing.

Telecom & Technology service providers are not required to and, in most cases, do not audit client’s bills. It is the client’s responsibility to ensure correct contracted rates are being invoiced and that the services being billed are actually in use.

Who In Your Company Is Responsible?

Often times, companies leave this responsibility to the IT Department. The IT Department is thought to control this because, after all, telecom bills are related to “Technology”. However nothing in an IT manager’s training has prepared them to understand and keep track of the telecom industry with respect to the myriad of ever changing plans and rates. Couple the vast amount of telecom rate options with the a wide range of potential sources including CLECs, LECs, Brokers, Agents …etc. that can provide these critical services and you can see how these expenses get lost in the shuffle. So IT continues ordering lines, phones and other related services based on requests from a wide variety of managers, department heads, directors and locations without regard to cost controls or contracts that may be in place. The end result is telecom bills continually spiral upwards without anyone ensuring that services being paid for are actually necessary or even used!

Add to this to the fact that the accounting department, who pays the telecom bills, simply does not have the time or expertise to adequately scrutinize these invoices and cost escalate without evaluation.

The honest answer to the question “Who in your company is responsible?” often is that there is no person whose job description matches that responsibility…but don’t you think that it is still necessary to eliminate costs you do not need?

What is the solution?

Companies who engage with an independent, recommended, and expert 3rd party Billing Optimization Provider experience average saving of 25% or more and are positioned recognize and prevent the constant upward spiral for 3 – 5 years after the process is complete. How do you know which company to choose? Ask any billing optimization company approaching you this question:

“Do you make 100% of your company income by optimizing companies’ telecom expenses or do you also represent the very companies or their competitors that will be scrutinized?”

If they are reps for the carriers that they are talking about auditing, you may need to think twice about what you’re getting.

Do Not be fooled by brokers, agents or software companies. They all want to perform this service but do so as a way to sell you their solutions. This is not about buying more or different, but rather critically evaluating what you have vs. what you need and correcting the delivery, rates and errors. Once a comprehensive audit on the services you already have is completed, you may safely work with these companies from a position of knowledge and with the security of knowing what you are paying is correct forcing them to provide you with better and hopefully less expensive solutions in order to win your business

What should the process entail?

• Determine which services are required
• Review existing contracts, rate plans and existing services
• Confirm contracted rates, taxes, tariffs & applicable discounts are being billed
• Obtain and analysis Customer Service Records (CSRs)
• Perform “Ring no Answer” on all lines associated with every bill and inventory specific function
• Research competitive rates and plans.
• Assist you in centralizing management of the services.
• Optimize existing equipment eliminating excess and preventing unnecessary additions.

In conclusion if you’ve not had third party perform billing optimization in the past 3 years it’s time to review these critical and often times expenses services. Ask yourself what a 25% annual reduction would allow you to do. Hire, retain, expand, or simply improve your bottom line. This money is far better in your hands then in those your Telecom and technology providers.