The organization provides its customers with financial security, insurance, and investment products in markets across the globe, best known as a life insurance company. Managing over $730 billion worth of assets, profiting $11.73 billion annually, this financial organization needed a service that could accommodate to a large inventory. With over 28,000 employees to worry about, the financial organization had just over 100,000 assets to keep track of, 10,000 of which are wireless. In turn, the company was spending approximately $9.6 million per year just in wireline spend. The company needed a customizable solution that could offer a wide variety of services; a convenient platform was imperative for their business.
15% 28k 100,000
Monthly Telecom Savings Employees Assets
Before discovering Telecom Expense Management, they searched for a flexible solution, something that could be customized to meet their expectations. As such a large business, they knew they were often going through changes, reaching for new opportunities, and dealing with challenges. Having a flexible, convenient solution with the right features was important. Finding themselves overwhelmed with such a vast inventory and so many devices, they realized their biggest problem was the need to not only handle multiple invoices, but also the need to have an accurately managed inventory. Since their IT and Telecom technology was segmented, the company lacked an accurate scope over their assets, and needed something that could get things running more smoothly. The financial services company decided it was time to take back control over their IT and Telecom assets. They reached out to their main vendors for references, and one recommended Cimpl.
Once the organization began to implement Cimpl, they quickly gained visibility over their assets through IT and telecom inventory asset management. On a monthly basis, their invoices are imported and verified. Cimpl loaded all of their key data into an organized and well-maintained inventory. By loading PC Assets, employee information, user’s telephony inventory information, network services, and wireless services, the company was finally able to easily view everything they owned in a clear and concise way. This provided effective cost allocation and AP output, keeping the right people informed in an organized fashion. In addition, the company was now able to take advantage of an efficient provisioning system. They can now easily make order requests as well as approvals directly within the platform. By implementing Cimpl, they were able to send end-user monthly statements, giving employees’ visibility over their usage and financial impact, thus promoting accountability.
“They listen to us and think outside the box to address our challenges – very flexible.”
By automating a large portion of the financial services company’s tasks and inventory, as well as some reporting, Cimpl was able to save the organization lots of time, while maintaining flexibility according to the company’s needs. Automated billing discrepancy tasks were put into place, and reports on zero-usage devices and quarterly status reports allowed the company to quickly find and eliminate unused devices that had been racking up charges.
To provide context, over a period of 3 months, Cimpl conducted an in-depth analysis of monthly telecom bills by looking at rate plans compared to contracts, zero-usage devices, and cost optimization potential. Cimpl discovered several issues with the organization’s devices and services, noting that over 180 services were zero-usage for several months, and rate plan features weren’t serving the needs of users, leading to many hefty overcharges each month. In assessing these factors, and seeking out rate plans that would better serve the customer for a better price, Cimpl was able to reduce their monthly telecom bill by 15%. By continually implementing this process, recurring savings have been created for the insurance company over and over again.
Overall, the organization quickly gained significant results in cost analysis. They gained a much better grasp of their inventory as well as their costs by introducing IT and telecom inventory asset management. The organization was able to attain significant savings in all areas that Cimpl made changes to, including things like zero-usage devices and improved auditing of IT assets. Employees were able to view their end-user statements with ease, creating a culture of cost transparency and in turn creating savings.
In leading the revolution in telecom, IT, and cloud expense management, Cimpl brings three brand promises to the table for all of our customers;
- Save Money: Through cost allocation and transparency, Cimpl seeks out billing discrepancies, zero-usage devices, and helps you optimize costs in order to achieve the greatest cost savings.
- Save Time: By automating several everyday processes and lengthy tasks, Cimpl saves you time that can be spent elsewhere while improving process efficiency.
- Accurate Inventory: Cimpl keeps track of and maintains an accurate inventory of all of your IT and telecom assets.
Cimpl provides a beyond TEM Roadmap, bringing you step-by-step through the process of going beyond Telecom Expense Management in order to manage your Enterprise Digital Footprint more efficiently. While the roadmap reflect the path customers typically take through implementing and achieving results through our TEM platform, we can help you no matter where you land.
If you’d like to learn more about our services, or just about TEM in general, feel free to contact us.
We have many more customer stories to come!
- Why One Company Switched Telecom Expense Management Provider
- How We Helped an Insurance Company Reduce IT and Telecom Costs
- Telecom and Wireless Cost Management bring savings to a Resource Company
AUTHOR: Victoria Lewin