With a looming recession, and increased pressure on IT spending, CIOs at companies of all sizes need to be able to do more with less. While IT spending is expected to remain stable amid economic uncertainty, there’s a growing focus on finding ways to optimize that spend. That’s where Technology Expense Management solutions come in.
In the U.S. alone, companies waste almost $250 a user on unused technology services. Even more surprising is a report that almost one-third of SaaS spending is wasted on duplicate services or inefficient processes.
What are Technology Expense Management Solutions?
The technology acquisition process is full of complexities and nuances, and with IT teams being overstretched, several mistakes and inefficiencies occur.
Organizations often are paying for duplicate services or have misallocated GL codes — which can add up to thousands of dollars of wasted technology spent a year.
A common reason this happens is due to shadow IT, where departments buy solutions without knowledge or support from the tech team. Typically, these SaaS solutions can be deployed without IT’s involvement.
While these departments are attempting to solve a problem, it can result in duplication and overspending, which compounds across the company.
These seemingly minor problems can quickly turn into big ones, especially when tech leaders are under increased scrutiny in the boardroom.
Technology Expense Management (TEM) solutions are designed to identify and address these types of problems.
TEM is a managed service that typically begins with auditing your existing technology suite and billing processes to highlight any redundancies and ensure that everything is billed correctly.
From there, Technology Expense Management services are an ongoing process that ensures you’re consistently maximizing your technology spend.
How TEM Services Saved One Hotel a Major Headache
Our client, a large hotel, came to us with the news that their T-1 services were being decommissioned within the next few billing cycles. The hotel was in danger of losing its Main Listed Number — an integral part of its brand.
After carefully auditing their existing technology suite, the team was able to create a plan to stay ahead of the impending decommissioning of the T-1 service.
Additionally, we put together proposals for alternative solutions for their voice and internet services. Within a week, the hotel had a proposal with multiple solutions to choose from, as well as a project plan and a timeline for whichever would be their choice.
During this process, we were able to increase their bandwidth (thereby increasing guest satisfaction) and reduce their monthly spend.
Plus, based on this client’s experience, we were able to proactively identify this as a potential issue for our other clients. By doing that, we saved our clients over $100k in technology spend annually.
What Bridgepointe’s Technology Expense Management Solutions Can Do For You
Bridgepointe’s Lifecycle Management services can help you optimize and, in many cases, reduce your overall technology spending.
Your IT team’s most important non-renewable resource is their time, and that time can be better spent on mission-critical tasks rather than reading invoices, and staying on top of the small details in every technology invoice.
As part of our Lifecycle Management Services, our Technology Expense Management Solutions take the burden off of your IT team by tracking and containing all of your technology spend.
Want to see how Bridgepointe can help you contain costs and drive efficiencies in your technology budget? Talk to an expert.