Following best practices and considering them in the search for a TEM vendor is 58th reason to go beyond TEM and manage the enterprise digital footprint.
Every business has its own rules and norms, but the smooth running of an organization in the long run lies in the application of best practices. This concept of “best practices” is defined as “a set of guidelines, ethics or ideas that represent the most efficient or prudent course of action” which was “set forth by an authority” in a given field. This means that best practices vary from field to field, or even from department to department in some cases.
There are some general best practices that could apply to more than one area of work, such as defining specific roles for the people in your company, valuing everyone’s input or promoting communication, for instance; they derive from common sense in a work environment.
When it comes to technology expense management, though, there are specific best practices that any business dealing with IT assets and services should strive to follow.
How to track technology spend efficiently
Let’s go through some of the best practices you should follow if your company monitors tech expenses and usage:
Visibility over your technology assets and services involves the centralization of those assets and services in a single platform. Your inventory is then just a click away, making transparency a natural step in your TEM solution.
Knowing what you have makes a huge difference when an organization is looking to stop overspending. With inventory management, you have access to what you use and what you don’t and you can evaluate what you want to get rid of much faster than without the help of TEM.
- Order management
Juggling every employees’ requests and processing them is a constant headache. That’s why an automated order process saves you time and money by doing the work for you. Adopting a standardized procedure to avoid processing orders manually helps cover all bases; managing orders through TEM frees up resources and reduces human error.
- Network management
Using some sort of incident reporting tool allows you to detect faulty devices or services and collect data to avoid losing money over defective assets. For easy navigation, reports should be interactive, configurable, simple and responsive, among others.
- Invoice and contract management
Pointing out invoice and contract discrepancies is an integral part of TEM, as it helps companies renegotiate their rate plans and contracts if they are not advantageous. It also reduces the need for human intervention during some steps, as employees don’t have to go through countless documents manually. Other benefits of managing invoice and contracts with TEM include less paper documents and a faster process.
What makes a good TEM solution?
Obviously, a suitable TEM solution is one that follows the industry’s best practices, and that can cater to your specific needs. A few points to consider is that a reliable technology expense management solution:
- Has usually been around for a while, a good sign that a vendor knows what it’s doing (and probably is appreciated);
- Knows to be available to its customers and to cater to their individual needs by offering them the most personalized service possible;
- Has the right technology to help companies, meaning that its systems are able to support what their customers ask of them;
- Provides results for their clients, which might sound obvious, but is not always the case with all TEM providers.
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