To answer this question, we need to understand the value that each of these services provides.
VMS is an acronym for Vendor Management Solutions. A true fully managed VMS solution is one where a 3rd party provides your business with support for each component of your complex indirect spend and vendor documentation. It requires technology, tools, process, expertise, time, commitment, and resources. As a business grows and spreads, the need to aggressively manage vendors can grow considerably as well. There will be a greater volume of contracts, suppliers, staff and potentially geographical coverage. At this point there’s a strong case to be made to centralize and standardize the vendor management process so that the business can get the most out of its contractual agreements.
TEM is a version of VMS that focuses specifically on telecom/technology related management. Telecom expense management (TEM) is an evolving discipline dedicated to understanding, controlling, and, ultimately, reducing an enterprise’s communications spend. Traditional TEM solutions focused on fixed-line networks, but have grown to incorporate mobile and are now expanding into other tech categories. These include the cloud based services, IoT, and SaaS. TEM services provide an enterprise’s IT, procurement, and finance departments the ability to order, provision, support, and manage costs of large-scale corporate communications. All associated IT services and their inventories (such as fixed and mobile telephony and data, cloud license tracking, and emerging IoT connectivity) are properly documented and monitored over time, to provide the proper management tools required for C-level strategic decision making.
A good TEM partner can help ease the burden of working with telecom vendors. It can help organizations determine which vendor best fits the company’s needs while keeping in mind relevant features, price, availability, risk and security, and compliance regulations. The question is…why stop there? You should consider a partner that is focused on managing all your critical vendor relationships, allowing a strong dynamic partnership to be formed. Other benefits of an effective vendor management process include:
- Creating more choices for your organization and finding better choices to create a vendor strategy that best suits the company’s budget and needs.
- Choosing between multiple vendors can create bidding wars, giving your company better rates and prices.
- Building stronger relationships with vendors will improve collaboration and communication when implementing technology or outsourcing resources.
- Better support for IT governance, helping organizations keep a close eye on compliance and risk management.
- Identify any vendor issues before they become a bigger problem.
Vendor management allows your organization to remain proactive instead of reactive by staying on top of vendor performance and efficiency.
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