IT costs are often seen as a small percentage of business expense, generally sitting under 5% of overall business expenses. Many leaders in the past have focused on larger areas, avoiding taking a deep dive into IT cost because there are often complexities (multiple locations, deep-dive auditing of bills, managing a renegotiating contracts) for a small return in cost savings. However, with the world constantly becoming more and more focused on Spartan-like efficiency (high productivity with while reducing bottom lines) industry leaders are becoming more aware that even a 1% reduction in costs can make a huge impact for the Organization’s bottom-line.
Those that lead IT teams should harness this urge for savings by identifying experts (internal and external) that can streamline and standardize vendor processes. At the same time, these experts can reduce the costs that leadership seeks while creating a more organized and cost-efficient structure.
Read more to see a system many IT leaders have implemented across industries to help optimize billing and produce costs savings.
Outsourcing vendor management to a third party will also help standardize processes; and consistency helps enable the transparency essential to effective governance. This helps to alleviate flawed data, and costly mistakes.
Our software will not only house every contract, service agreement, warranty or renewal agreement, but we also manage negotiations for better rates and terms saving your business from unnecessary fees and costs while maintaining quality standards. If you have questions regarding how to manage vendor contracts/agreements or would like more information regarding our fully managed vendor management solution contact LIMITLESS at (866) 504-4050.