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Concerned with IT Spend? 4 Questions you need to ask.

Posted by Chris Thierry | September 20, 2016 1:01 PM

Today’s leaders are constantly under pressure to get more out of less. With uneasy economic conditions and an uncertain future, running a business draws upon unique and unexpected challenges. In order for the engine of the business to keep moving, risks must be mitigated, uncertainties must be diminished, and most importantly, costs must be kept low. 

Concerned with IT spend

You’ll find savings when you start centralizing your IT costs

Leaders understand that at the end of the day, all eyes rest upon the bottom line. In order for a company to be successful and stay successful, the value of a hard-earned dollar must be cherished. Companies today continue to be bombarded by unknown costs, bill shock, and typically, a lack of infrastructure for monitoring wireless, telecom and IT expenses.

The most important conversation to have with your IT staff:

In order to keep costs under control and ahead of the game, you must start with asking the right questions to the right people.

  1. Do you know what you have?

Do you have an accurate list of your IT inventory? Do you have multiple devices lying idle in desk drawers? Are you keeping track of what employees have what devices? When they leave the company, what happens to the hardware and services?

  1. Is your IT budget centralized or decentralized?

Is your budget being allocated efficiently by business unit?  Do you know what business unit is over budget? Can business units effectively manage their costs against the approved budget? Is the amount allocated sufficient to your specific business? Is it too large? Too small?

  1. Do you know what is spent?

Do you know which business units are spending more in IT? Do you know why they are spending more? Do you know if you are being overbilled? Are the funds spent on the right equipment? Do you have an established telecom expense management system?

  1. Are discrepancies being managed and fixed?

Are you aware of areas where you could be saving money? Can you affect consumption behaviors in order to impact the bottom line? How long does it take for you to receive a report of the discrepancies? How long does it take for your team to create it? When you receive it, is it still the right picture? Or is it already outdated?

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Financial Story

How can you equip your team with a solution to answer all these questions?

A North American financial services company that provides insurance, retirement, and investment solutions worldwide chose Cimpl as their system of record for their IT procurement. As they were looking for a solution that could fit their needs, they discovered that it was quite challenging to find a customizable and innovative way to manage all IT and Telecom inventory and expenses in one tool. The previous solution used to manage IT and Telecom costs was not centralized and did not give them the savings and scalability they needed. The company employs more than 20,000 people, produces a gross profit of $10 billion, and IT manages in excess of 100,000 assets which includes wireline, wireless, audio conferencing, and IT.

Since implementing Cimpl, the company is now able to:

  • Identify and take appropriate actions on Zero usage devices.
  • Allow employees to self-validate their invoices and in turn alter consumption behaviors.
  • Centralize the management of international cost throughout their offices in Europe and Asia.

This is quite a common story across verticals. In the financial, banking, and insurance industries, managing technology costs is becoming critical because of their asset-centric approach to productivity and customer-centric cultures. Our customers, such as the one described in this short story, rely on Cimpl to help them centralize all of the information in order to save money, save time and accurately manage their inventory. Cimpl is easy to use; it is a cloud-based multi-tenant platform that centralizes data to manage technology from a repository of more than 150 asset types. You no longer need to switch back and forth between multiple record systems. Cimpl becomes that one-glass-pane view for all your technology costs and usage. Today, you might need help to manage your wireless devices, and we can help you with that; our telecom expense management services and platform will also grow with you and help you scale the savings across multiple other technology. 

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Topics: Telecom Expense Management (TEM), Information Technology (IT)

Written by Chris Thierry

Visionary and founder of Cimpl, Christopher Thierry is a dedicated leader in the IT industry. Focused on facilitating businesses in their journeys towards digital transformation, Cimpl’s President aims to deliver a technology expense management platform that evolves with ongoing and ever-changing business needs. In offering and all-in-one, consolidated expense management solutions Christopher is taking businesses beyond TEM to manage the Enterprise Digital Footprint.

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