Telecom, Utility & Technology Services are necessary but also very complex 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 and utility services, with whom and why.” The study also notes that 85 percent of mid-market companies pay their telecom bills in full without auditing and 75% of organizations have errors or savings opportunities on their utility bills.
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 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!
Most of our Clients had previously started some type of cursory in-house review, however faced a few challenges…
- Lack of time and expertise to uncover all issues and savings ( big $$$ misses)
- Understanding USOC codes, bill layering, fees, tariffs, taxes and what baseline/benchmarks should be used
- Misconceptions when a company makes use of a GPO or a Consultant, expecting that they are also getting an “audit” exercise performed
- Fear of retribution – (no department can typically expect to be auditor)
So here are a few helpful points when making a decision on outsourcing an expense management solution:
Why our clients find value and entrust LT~CRS in this type of due diligence and review:
- Deep understanding of your industry where budget cuts, lower reimbursement and increasing costs, poses a real challenge on how best to keep profitable and sustainable.
- Granular Review to optimize, maximize go forward pricing, recoveries from errors, better positioning contractually –SLAs, MTTR, Clauses
- Purists in process, we do not sell/resell the very services we review (telecom/technology, power, waste/recycle, water)
- Stopping overspend in the 17-36% range, averaging at 25% (nice to save ¼ of your spend)
- Work strategically in your current process
- Noninvasive, contingency based
- A Granular unbiased audit performed from a non-selling resource
- Provide a dedicated team for Telecom, Wireless Internet, Cable and all recurring telecom expenses. This can also include Power, Waste, Recycle, Water
- Provide help with inventory of circuits and lines
- We provide “After Care” – once bills and contracts are healthy, we have additional ongoing managed help to stay healthy with our Telecom Expense Management Svc
- We streamline services and contracts as new communities become part of your portfolio from what may be inherited from M&A activity
- We bear the burden and time it takes to implement desired changes from our findings
- We provide a solution and process which minimizes your staff’s time.
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 an 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 expensive 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 of your Telecom, utility and technology providers.
At LIMITLESS we are your Trusted Partner and understand how to best help our Clients reduce costs, while ensuring you stay highly effective and efficient with your services. We strive daily to help you become more financially sound, putting more money back in your wallet. The average savings we find our clients is between 17% – 36%.
We use our Powerful Process to identify cost savings, improving and negotiating contracts, finding billing errors and obtaining refunds. Our Clients realize that they derive the most benefit by concentrating their efforts on their core business. Realistically, most organizations simply do not have the time or in-house expertise to analyze all the multitude of bills, contracts, suppliers and national pricing alternatives potentially available.
Our Proven Results have saved companies tens of thousands and in some cases even millions on their telecom, utility and vendor expenses with our proven cost reduction process. This “found money” allows our Clients to reinvest the “savings” into growth initiatives or apply these “found profits” to their bottom line.
Contact LIMITLESS today for a FREE CONSULTATION to discover how to get control of your unmanaged spend and reduce expenses in your business.
Other Ways to Connect with Us.
Request more info: https://www.limitlesstechnology.com/contact-us/