Contract management or Asset /Inventory Control is the management of contracts made with customers, vendors, partners, or employees. Contract management includes negotiating the terms and conditions in contracts and ensuring compliance with the terms and conditions, as well as documenting and agreeing on any changes or amendments that may arise during its implementation or execution. It can be summarized as the process of efficiently managing contracts and analysis for the purpose of maximizing financial and operational performance and minimizing risk. Contract management is a powerful tool because of the contract insights that can be understood through reporting. A good contract management solution brings tremendous insights on tangible metrics and provides insight that can help you make educated decisions and take beneficial actions.

For companies with extensive equipment, hardware and machinery, contract management through a centralized software is gaining tremendous awareness because it can save businesses as much as 20 percent annually. These savings can be found in the reduction of both contract costs and time efficiencies allowing employees to focus on more strategic projects and responsibilities. The key advantage of a strong contract management strategy is consolidation. For IT teams, this means consolidating all of your machines and warranties into one primary location, where you quickly gain a comprehensive view of your inventory; manage warranty exit dates, additions and removals; and monitor service levels.

Increased regulatory requirements are also driving organizations to address current service contract management practices.

The primary benefits of adding a contract management strategy are as follows:

Reduce Administrative Overhead
With a centralized log of your hardware assets and contracts, time spent sifting through contracts by internal IT teams and management is heavily reduced, in turn giving management the opportunity to allocate resources elsewhere.

Long-Term Discounts
Companies in good standing with vendors can earn additional discounts.

Immediate Cost Savings
By taking unused systems, phone, machines and any other equipment that is no longer being used off of outdated contracts and warranties and placing only active ones on contracts, businesses see an immediate savings on monthly and annual fees, as well as service fees and productivity losses associated with “unused” hardware.

Central Visibility
Know exactly what is happening with your contracts at all times, monitor timely equipment and contractual data and gain an accurate picture of your assets, all via a centralized dashboard.

Direct Vendor Communication
Fully managed software means you have an expert between your company and the vendor, saving time internally and ensuring that communication is efficient and accurate.

The five benefits above clearly show how important proper management of your service contracts will increase efficiencies, improve your relationships with the service provider and drive cost savings throughout your organization. An added benefit is that you now have a greater vision into spending trends which allows you to budget and forecast more accurately for future investments.

Run a more cost-effective and efficient way to manage your service contracts with LIMITLESS Vendor Management Solutions. Our software will not only house every contract, service agreement, warranty or renewal agreement, but we will 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 or email us at info@limitlesstechnology.com.

By Todd Larsen – CEO,  Limitless Technology ~ Cost Reduction Specialists

So, it’s the end of the year…

Not  a bad one. Business has improved, interest rates have remained low, the market has done extremely well, and the economy is slowly recovering. Goods things all in all and you can feel a certain change coming. 

And then you look at your P&L. Does it reflect this years tide? Does the bottom line look as good as it could have or should have? Was there any more that could have been done? Could more have been sold, expenses reduced, delivery made more efficient or products manufactured for less cost? Questions that have been most likely bouncing around in your mind since beginning budget planning for 2014.

Ok…so questions arise to help ensure profits next year soar. Right? Planned for everything, up turn, downturn, right purchased, right trend, right color, right size, right service model, right price….everything. No doubts, no concerns, no worries. Right?

Hmmm…most likely the perfect scenario but, not the most probable one. If you are like the majority of owners and executive leaders, you worry if all the plans are correct and will be executed in a way that ensures the most profitable growth. 

So is there is one thing you can do to ensure higher profits? The answer is yes, lower costs! I am not advocating lowering service quality, or purchasing inferior goods; I am a proponent of lowering the costs of what you already are buying. Sounds simple. Just pick up the phone, call your vendors, and tell them you want the lowest price for the  best product and service. Done. You call, they jump, bring you better products, lower prices and instantaneously you improve profits.  

Unfortunately most likely not, but it’s not for lack or trying. However, do you know how to negotiate the best offering for a particular product or service? Are there questions in your mind like…

– Where do you start? 

– What’s reasonable? 

– What’s good? 

– What price is right?

– What terms are best? 

– Am I protected against business trends? 

– Are my contracts flexible?

Quite honestly there an endless stream of questions and doubts. Ok…so how can I get all the questions answered, and moreover, improve my vendor positioning while improving my price points, flexibility and profitability? The answer is easy, but it’s not. Sorry to be ambiguous but that is the truth. In order to have the best positioning and pricing you will most likely need to look for a resource outside your company which has the skills, knowledge and experience to help you gain this positioning. Ok…now the tough question. Who do you trust? I believe when you can answer that question, you are on your way to having your problem resolved. First lets look at some points you should inspect when selecting a “trusted advisor”.

– Does the firm have inside industry experience?

– Do they have several written testimonials from other companies in your industry?

– Will they quickly provide a list of references?

– Can they show you a proven process to ensure success?

– Do they offer a money back guarantee? 

When you find that trusted resource, which can provide the above answers and position you best with your vendor, the questions will go away and peace of mind will take their place. You will allow them the opportunity to help lower your costs and provide the bottom line results your were looking for at the end of this year, last year and the year before. And this way when you look at next years P&L, you’ll know you could not have done anything more in those areas to be more profitable. 

Now… it’s an end of the year.

www.limitlesstechnology.com

US Based Executives ‘question business value’ of tech spend.

Recently I was exposed to a survey taken by multiple senior finance executives regarding their opinions and facts surrounding the cost of IT and communications. Overall the “gist” of the information gathered clearly shows technology is needed,  but do not believe they are getting the types of info they need, and the spend or “burn rate” was grossly negligent to the ROI.

Below are some of the highlights or the articles finer points.

After reading…what are you opinions or thoughts on high communication spend rates or the mismanagement of technology costs in business?

• Senior finance executives say their companies are weak at converting business spend to technology value.

• Almost none of those surveyed (3%) rate their companies as “excellent”, according to a new survey of more than 150 senior finance executives by CFO Research in collaboration with consultants AlixPartners.

• The survey also finds that more than two-thirds of financial executives (66%) give their companies a “C” or “D” grade when it comes to measuring financial returns from discretionary IT projects, such as big data ones, designed to improve or add to a company’s business and profits. Only 5% gave their companies an “A”.

• Meanwhile, at the other end of the IT spectrum, the survey reveals that “keep-it-running” IT costs – non-discretionary support and maintenance systems – are cannibalizing funds available for business-improving IT.

• A plurality of respondents (49%) estimates that, over the past two years, their company has maintained approximately a 70-30 ratio of keep-it-running to improve-the-business IT spending, and of that amount, a solid majority – 63% – believes that their company’s spending is weighted too heavily toward keep-it-running IT services, and that a greater share should be directed to improve-the-business IT projects.

• The survey goes on to show that, despite massive IT investments in recent years, companies are not getting enough of the kind of information they need to successfully run and grow their businesses.

• “The message from CFOs and other senior finance executives is loud and clear – companies are spending too much on IT, and they’re not getting the business information that they truly need,” said Meade Monger, managing director at AlixPartners and co-lead of the firm’s Information Management Services unit.

By Todd Larsen CEO Limitless Technology~CRS  April, 10th, 2013

Limitless Technology~CRS

Delivering expert results on: telecom auditing, telecom contract management, telecom expense management, and telecom billing optimization services.

www.limitlesstechnology.com

US Based Executives ‘question business value’ of tech spend.

Recently I was exposed to a survey taken by multiple senior finance executives regarding their opinions and facts surrounding the cost of IT and communications. Overall the “gist” of the information gathered clearly shows technology is needed, but finance executives do not believe they are getting the information they need, and that the spend or “burn rate” would be grossly negligent to the ROI.

Below are some of the highlights or the articles finer points.

After reading…what are your opinions or thoughts on high communication spend rates or the mismanagement of technology costs in business?

• Senior finance executives say their companies are weak at converting business spend to technology value.
• Almost none of those surveyed (3%) rate their companies as technologically “excellent”, according to a new survey of more than 150 senior finance executives by CFO Research in collaboration with consultants AlixPartners.
• The survey also finds that more than two-thirds of financial executives (66%) give their companies a “C” or “D” grade when it comes to measuring financial returns from discretionary IT projects, such as big data ones, designed to improve or add to a company’s business and profits. Only 5% gave their companies an “A”.
• Meanwhile, at the other end of the IT spectrum, the survey reveals that “keep-it-running” IT costs – non-discretionary support and maintenance systems – are cannibalizing funds available for business-improving IT.
• A plurality of respondents (49%) estimates that, over the past two years, their company has maintained approximately a 70-30 ratio of keep-it-running to improve-the-business IT spending, and of that amount, a solid majority – 63% – believes that their company’s spending is weighted too heavily toward keep-it-running IT services, and that a greater share should be directed to improve-the-business IT projects.
• The survey goes on to show that, despite massive IT investments in recent years, companies are not getting enough of the kind of information they need to successfully run and grow their businesses.
• “The message from CFOs and other senior finance executives is loud and clear – companies are spending too much on IT, and they’re not getting the business information that they truly need,” said Meade Monger, managing director at AlixPartners and co-lead of the firm’s Information Management Services unit.

By Todd Larsen CEO Limitless Technology~CRS April, 10th, 2013

Limitless Technology~CRS

Delivering expert results on: telecom auditing, telecom contract management, telecom expense management, and telecom billing optimization services.

www.limitlesstechnology.com

CRAMMING IS ILLEGAL – and reprimand-able with full recovery of false charges in some cases.

“Cramming”: Is when monthly charges pop up on your telephone bill for services that you never approved such as voice mail, paging, or club membership, it’s called “cramming.”  This seems to happen on all services but far more often on cellular billings, landline, long distance and 800 number services too!

Here one way it happens…You or someone in your Company may be asked to return a missed call because it’s ‘Your lucky day’ and you or they’ve won a trip to some exotic location. When you/they make the the call, an automated system is activated and you are unknowingly enrolled in a club or program, and the charge then appears later on the phone bill.

The “cramming company” or “individual”  may not need to do anything except take or  pick one of your phone numbers out randomly and place false charges on your bill through your local telephone company, claiming that you/they agreed to buy  these “mystery” services.

Bottom line is…Look at your bill closely every month. Charges for optional services should be itemized and state the name of the company providing the unknown service, how it is described and its phone number. If you or someone in your Company did not order or approve the services, call that number and insist that the services are canceled and the charges removed from your bill.

Also,  putting a third party block on your phone service accounts could save you a lot of angst. It’s often free and it does not let any third party add charges to your phone bills. Should you be unsure of how to do these processes and requests, give us a call and we can help. (866) 504 4050.

Delivering expert results on: telecom auditing, telecom contract management, telecom expense management, and telecom billing optimization services.

Bottom Line…We Improve Bottom Lines.

www.limitlesstechnology.com

(866) 504 4050

However, there is a group out there that has a head phone obsession. They pay hundreds of dollars for the ear phones the have the perfect sound and comfort. Neither of these groups are what I want to focus one, I want to focus on the group that doesn’t want to spends hundreds on ear phones but also want something a little more comfortable than a small piece of plastic shoved in their ear.

For that group of people, Grado iGrado-Behind-the-Neck Stereo Headphones is the good that will satisfy your wants. Grados go around the ear instead of inside it and are cushioned for comfort.

Instead of having the cords laying in front of you, like the iPhone, and wrapping around bags, clothes, and even door handles and ripping them out of your ears (yes, that has happened to me) Grados wrap around your neck and have one non dangling cord.

They also produce a high-quality natural sound that allows you to hear the sharpest of sounds in music and the clearest language for audio business books.

The best part is that they only cost $50 retail! So, spend a little bit more money and, I promise, your ears will thank you.