Managing IoT services and the costs that come with it is the 60th reason to go beyond TEM and manage the enterprise digital footprint.
For several years now, the popularity of the Internet of Things (IoT) has been spreading like wildfire. Essentially, the Internet of Things refers to the connection of devices to the internet, from cars to kitchen appliances. As more and more IoT platforms come about, and the impacts of IoT move into the workplace, it’s important to stay informed on the subject. The concept entails that anything that can be turned on or off, can be connected to the internet, allowing you to have access to internet capabilities from just about any device out there. As IoT grows, more and more devices are being built with Wi-Fi capabilities, and according to Gartner, by 2020, there will be about 26 billion devices connected to the internet. With this in mind, IoT seems to allow for endless possibilities
The Internet of Things will affect more than just people looking for self-driving cars and coffee makers that they can start from the comfort of their bed on voice command. There will certainly be an impact on the internet itself and data usage as a whole. The telecommunications industry can expect major changes to come with the advancement of the Internet of Things. Devices we have never imagined could possibly be connected to the internet will now be built with sensors, creating unthinkable opportunities for these non-electronic devices. With so many more devices and equipment being built with the ability to connect to the internet, more and more data will be consumed, thus creating new opportunities for telecom revenue. Telecommunications providers will be able to tap into the power of the internet of things, not only through connecting more devices to the internet but also by improving customer experiences with the predictive analytics that follow.
Leveraging Telecom Expense Management for Managing IoT Costs
Many of these devices are being built to function like any other internet-connected device. For businesses planning to or currently investing in IoT, managing the expenses associated with these kinds of assets will be another challenge on your plate. Just like any other connected device, there will be an array of costs associated with IoT devices, and things like data usage will need to be managed in order to keep things in check. Existing software, such as technology expense management, can be leveraged for just that purpose. In fact, according to Gartner, CFOs who use a TEM solution to handle connectivity services associated with TEM can expect to reduce the cost impact of IoT by at least 30%. With the right TEM vendor, everything will be considered an asset, and everything can be manageable.
While IoT is expected to be a successful investment for most enterprises in coming years, this will only hold true if the associated expenses are kept in check. Maintaining visibility over IoT expenses will be necessary to avoid the same kind of challenges we face with managing mobile devices. Internet connectivity comes at a price, and for organizations with thousands of devices connected to the internet, that price is a lack of control.
As recommended by Gartner, businesses can use TEM as a centralized hub for the following;
- Providing business units with a centralized platform for all IoT connectivity services, allowing for better optimization and visualization of the associated costs.
- Automated dispute management for IoT connections using invoice audits and contracts.
- Providing analytics to aid planning and strategizing.
Organizations should leverage their existing TEM inventory management for IoT, to help reduce the cost impact of connecting these new devices and services. Involving your TEM in managing IoT will prove to be an efficient move in the long-term, allowing you to avoid inaccuracies while saving money and time spent managing expenses.
Cimpl is an all-inclusive solution, built to help organizations take back control of their technology environment. To learn more about technology expense management, and how it can be leveraged to manage the business impact of IoT, feel free to contact us. We invite you to take a first-hand look at Cimpl’s capabilities by requesting a free demo.
AUTHOR: Victoria Lewin