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Cimpl Blog

Your Weekly Insights on How to Manage your Enterprise Digital Footprint.

Our Advice on IT Cost Transparency

Posted by Henry Cheang | September 26, 2014 7:00 AM

Implementing a Culture of IT Cost Transparency Can Save You Money! 

Studies show that the average enterprise’s IT investment is now more than 4.2% of its annual revenues, and that figure is still rising. Moreover, because of the way some organizations make decisions about IT investment, as little as 20% of the IT spending is actually visible in the enterprise’s overall IT budget. Fortunately, there are ways to resolve this issue.

Sharing these insights is the reason for which Cimpl published an ePaper entitled “10 Best Practices for Creating a Culture of IT Cost Transparency”. If your company is experiencing unexplained expenses, you will likely benefit from implementing an IT cost management system and changing a few workplace processes to improve visibility of assets.

With that in mind, our ePaper will provide you with information on the following pertinent subjects:

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Allocating Costs

Did you know that allocating cost is important because it breaks down expense categories into more manageable buckets of information? There are several key methodologies for achieving this task. In our ePaper we discuss one of the easiest and most straightforward methods.

Tracking Everything

More data means better, faster decision-making. This is why you will want to track all physical assets and associated services. One important thing to remember is that you must track more than just physical assets – services also have real costs attached to them. With this insight in mind, it’s time that everyone engages in something we call “Enterprise Asset Management 2.0”.

Advantages of Showing End Users What They Spend

Did you know that your company’s IT expenses are likely to be 25% higher than necessary simply because end users aren’t being shown what they actually spend?

IT cost transparency improves resource efficiency in the workplace because of one fundamental principle: By showing end-users what they spend, you will have people automatically participating in cost transparency and expense reduction (or service optimization) initiatives.

In general, employees want use company resources efficiently. Providing end-users with a means to do so will have transformative effects on your business.

The Importance of Having a Well-defined Policy

Depending on what you are trying to achieve, you may want to set up policies by role as opposed to a company-wide usage reduction program. Different employees have different needs.

Why Measuring Your Performance is Key

Having data is extremely important. However, it is also crucial that you make use of that data to measure and track your performance. 10 Best Practices for Creating a Culture of IT Cost Transparency includes a few simple metrics you can use to track the performance of your IT Cost Transparency initiatives.  Measuring these will highlight both efficiencies and inefficiencies; it will also help you justify your budget!

10 Best Practices for Creating a Culture of IT Cost Transparency covers all these aspects, and much more!

Say "no" to the inexplicable spending

Your company can greatly benefit from introducing a culture of IT cost transparency.

By reading through the "10 Best Practices for Creating a Culture of IT Cost Transparency," you will also understand the relevance of using a SaaS (software as a service). A SaaS can, at low cost and with cutting-edge technology, provide you with the combination of software and expertise that will make it easy to launch a campaign of culture transformation.

Cimpl, Canada’s leader in IT and telecom expense management, can help you implement a culture of IT cost transparency in your enterprise. Our SaaS, Cimpl, provides an all-in-one solution that provides the functionality of all the tools you need in a single interface. Our software integrates with all the vital systems in the organization to provide an accurate view of what the company has, who has what, and how much it costs. If you would like to learn more, please do not hesitate to contact us!

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Related articles:

Topics: Telecom Expense Management, Cost Transparency, Cost Allocation, Best Practices, tem

Written by Henry Cheang

Henry has a lifelong passion for science and technology. This enthusiasm is put to good use in a cutting-edge software company like Cimpl. As product marketer, Henry researches market and user needs to develop user and buyer personas, contributes to product design, and helps coordinate product messaging. Henry also writes nearly the entirety of all documentation for Cimpl’s many successful platforms. In his spare time, Henry devotes much energy to family, friends, and martial arts. Henry recently completed his Master’s in Business and Administration from Concordia University, where he specialized in the study of marketing, organizational behavior, and corporate governance. He has authored academic papers on the latter two subjects; these papers form part of his bibliography of over 20 professional research publications.

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