The Canadian oil and gas industry has been under serious pressure. Energy companies have taken cost cutting measures to weather the storm, and some decided to rationalize asset spend rather than engaging in mass layoffs. A heightened focus on IT andtelecom expense management (TEM)is an especially sustainable, recurrent way of reducing costs. In fact, our latest free eBook, “Telecom and IT Cost Cutting Initiatives for the Energy Industry” outlines how we helped energy companies achieve hard dollar savings in just one year. How did we do it?
A summary of the savings
We always survey the full state of spending on IT and telecom assets in search of billing discrepancies and other standout items for our customers. After we finished, in one specific customer we found annual savings in:
- Hard dollars – we identified $150,000 in annualized charges from billing errors and zero usage devices;
- Recouped costs by increasing the company’s inventory accuracy – we found approximately $10,000 in annualized charges spent on items that were not being tracked in inventory at all; and
- Time savings – Cimpl’s powerful automation tool allowed the company to reallocate over $50,000 in annual full-time IT employee salary to other more demanding IT tasks and projects.
These results are very obvious and salient payoffs. After all, achieving six-figure savings is not a trivial feat for any organization, especially for a time span as short as a year. The best part of this result is that a good chunk of the savings are recurring. In “Telecom and IT Cost Cutting Initiatives for the Energy Industry”, we cover this process in more detail.
Optimization techniques that benefit everyone
I don’t want to give off the impression that such huge cost savings are unique to this industry or to one particular customer. Far from it. Although the free eBook focuses on this particular industry as its primary illustration, “Telecom and IT Cost Cutting Initiatives for the Energy Industry” is full of examples that can be applied to other companies interested in cost savings by optimizing their Enterprise Digital Footprint.
In the end, using good IT and telecom expense management is a strategic way to cut costs. Because of the capacity for identifying recurring cost savings, it empowers customers to better understand and plan their IT and telecom spend and use. Demonstrating this fact is at the heart of “Telecom and IT Cost Cutting Initiatives for the Energy Industry”.