Expense management is a very important part of every business whether it is small or big. But managing all the resources of a business can require a huge amount of work. To help make this task easier for businesses, Telecom Expense Management System is introduced or what people call it TEM System. This blog is for people who don’t know what TEM System is. We will break down this topic for you and help in making it easily understandable. So, let’s learn what this is and how your business can benefit from it.
Understanding Telecom Expense Management System
Telecom Expense Management System or better known as TEMS are an important part of a business management. This system is used by businesses as a way to manage expenses related to their telecom services, such as phone lines, internet, mobile devices, and software subscriptions. As businesses are highly dependent on telecom services for a smooth workflow, with the help of this service business can keep track that they are not overcharged for any kind of telecom service that they are using.
Things Covered Under Telecom And IT Services
Before understanding further about telecom expense management systems, firstly you need to understand what services are covered under a business’s telecom and IT expenses. Here is a list of all the major expenses covered under telecommunication service:
- Broadband and internet
- Telephone services
- IT and cost of equipment
Features Of Using Telecom Expense Management System
There are a variety of benefits that businesses get from using the TEM system. Here is a list of the variety of benefits which makes these system helpful for them:
- Management Of Invoice: The first feature of the TEM system is that it helps in automatically collecting the invoices of your IT expenses and validating them.
- Management Of Inventory: With the help of the TEM system, companies can easily manage the inventory of their IT and telecom resources.
- Looking Out For Underutilization: By using TEM Systems, the IT and finance department of a company can take a detailed look at their telecom resources and see which services are not needed and can save the expenses on these types of resources.
- Management Of Telecom Contract: TEM Systems also provides the resources to manage contracts of vendors of telecom related resources that includes the resources and services mentioned above.
Importance Of Telecom Expense Management System
Now, that we have taken look at the features of this system let’s learn about the benefits that we can get from TEM System:
- Checking For Cost Cutting: It happens many times with business, especially in the telecom service part that there are many services that are not being used properly by business or they have been paying more for a service. Which they get for less money. This is where the TEM System helps us. With the help of this system, businesses can get transparency of their IT and telecom expenses and get a transparent look at these expenses. With this transparency they can cut costs from the services that they are not using or can get a cheaper and better alternative for.
- Helps In Saving Time: Another benefit of these systems and this is especially for employees is that, with the help of TEM System. Businesses can automate various expenses related work. With the help of automation of these types of tasks, work load of both IT and finance departments is reduced. They can use the time saved on various important tasks.
- Using Data To Make Decisions: These types of systems can analyze the data of IT expenditure of a business. This data can be later used by businesses to see which telecom service might need to increase. Its expense and which services’ expense can be reduced.
- Better Negotiation With Vendors: As this system is like a centralized database which contains data of various vendors. It can help businesses to compare the charges that they need to pay. Make the negotiation process with the vendor seamless and easy.
Some Challenges Of Adapting Telecom Expense Management System
- Not Easy To Use: If you are an employee that is new to this type of system then you should keep in mind to choose the right TEM System. Not choosing the right one might create a problem for you as it can be a little overwhelming for a new user to understand the use of a complex software easily.
- Adaptability: The type of TEM software that you use changes with the scale of your business. This means that if you have a small business then you need a TEM System. Which can adapt to that and if you have a large scale business then you need to have a TEM System which can adapt to that. So, if you don’t choose the right software according to the scale of your business then it might create a problem.
- Integration With Other Software: TEM is not the only software or system that business uses for a smooth workflow. There are various other softwares like CRM, ERP, and various others. Various businesses require their TEM system to integrate with their other software which could take a lot of your time and can be a technical hurdle.
- Adaption Of Changes: One major problem that companies might face while adapting this system could be from the side of employees. Adapting new softwares can increase the technical work of employees. It might be easier for them to do the work in the traditional way.
Future Of Telecom Expense Management System
In the ever evolving landscape of technology, new things are introduce everyday to make life more easy for everyone. This also applies to the business industry. New technology is integrate with TEM Systems which helps in providing new features to the users. It make the system much useful for everyone. Here are some emerging trends in the field of TEM:
- Using Of Artificial Intelligence And Machine Learning: With the help of the latest technology like artificial intelligence and machine learning. Processes like analysis and optimization of data has become quite easier in TEM system.
- Management Of IoT Expense: With the increasing trend of Iot technology it can be seen that they might be the future of technology. And TEM systems are also developing in a way that they can manage the expenses of this type of advanced technology in future.
Some Popular Telecom Expense Management System
If you are choosing TEM System for the first time, then here is a list of some popular TEM Systems:
- Tangoe
- Gartner
- Upland Software
These are just the softwares that are getting popular in the market. We would advise to do your own research before choosing the software that you want to use.
Final Thoughts On Telecom Expense Management System
TEM or Telecom Expense Management System has become an integral part of today’s business scenario. It has become very important for the business to use the latest type of technology. To help them stay put in the market. And with the increase in the use of technology, the work of their expense management also increases. But with the help of Telecom Expense Management this work has become very easy. With the help of these types of systems, the workload of both finance and IT departments reduces. In this blog, we have discussed in detail about the TEM System. We hope that you were able to fully understand what this system is, its benefits and some of its drawbacks. So, help your business grow by choosing the right TEM system.
FAQs
Ans- TEM System stands for Telecom Expense Management System which is used by companies to efficiently manage their IT and telecom expenses.
Ans- Here are some popular TEM systems: Tangoe, Gartner, and Upland Software.
Ans- TEM systems can be very helpful for the IT and finance department because it automates various expenses related work.
