What to Expect from Great TEM Software
Managing efficiencies in technology spending continues to challenge businesses, especially in this fast-paced, globalized, IT-focused economy.
A majority of companies overspend on telecom by 21%, according to market intelligence reports from International Data Corporation (IDC). Sadly, 85% of companies who overspend by 21% have a telecom expense management (TEM) software on their enterprise application list that isn’t finding them the money they are entitled to.
Why the Wastefulness?
There are many reasons for the mismanagement of technology and telecom expenses:
Dark Ages AR
Even enterprises that provide state-of-the-art products and services can and do suffer from account receivables departments that remain stuck in the dark ages. Some Fortune 100 companies still use manual AP processes, spreadsheets, and legacy systems. Far too often, companies don’t utilize any TEM software, utilize a lackluster one, or pay a lot of money for an overblown TEM system they don’t use.
The Fog of Telecom Bills
Telecom invoices are notoriously difficult to understand. A clear picture of what you are paying for gets lost in the maze and haze of acronyms, recurring vs non-recurring charges, taxes, and esoteric codes. Finding ways to cut telecom costs is like shooting in the dark. Opportunities are missed for dollars that could be spent on moving to cloud architecture or other tech tradeoffs. Sparrow cuts right through.
Failure to Optimize Savings
Maximizing savings is impossible without a technology expense management system.
But what about businesses that have a TEM solution and still miss the mark? User adoption of the TEM tool, TEM vendor support, and API integration capabilities are the key success factors for a solution that enables an enterprise to achieve savings.
Moreover, to fully optimize technology spend, TEM strategy and objectives must be established.
How to Choose the Right TEM
TruNorth’s TEM solution, Sparrow, has the power to manage all aspects of your technology and telecom expenses and quickly identify exactly where and how to optimize savings.
TruNorth’s proven Onboarding process drives rapid results: an average of 25% cost savings within the first 6 months. This includes clients that had a previous TEM solution with another provider.
Sparrow 2.0 TEM Features
Our company mantra is: We listen to our clients. Many of our rapid-cycle TEM feature releases include improved or new functionality asked for by our clients, the everyday users of the software.
With Sparrow, you can:
Eliminate the Noise. Track your inventory based on customized attributes that are unique to your business and create meaningful inventory reports critical to asset management.
Visualize Data. Analyze technology cost and spend through Sparrow business intelligence. Deliver reports and analytics to governance, procurement, IT, and Finance teams.
Take Control. Retrieve monthly vendor PDF invoices and payment histories from inside your Sparrow dashboard with a single click. Securely, automatically and accurately pay bills on time.
Pull the Plug. Easily turn on new services and cancel old services. Eliminate wasteful double-spending and non-payment service interruptions. Understand and know exactly what you are paying for and when new or eliminated amounts will hit the bottom line.
Experience Powerful Design. User-driven, human centered design makes Sparrow easy to navigate end-to-end expense management by guiding users based on what the eye is attracted to.
What Makes Us Different: Software + Consulting
It’s no secret that companies using a TEM solution effectively are reducing costs. But are they maximizing their cost reductions? In other words, are they taking advantage of all possible opportunities for savings?
Even the best accounts receivable managers and accounting departments lack the resources to find and justify every technology expense. Not only does TruNorth put every piece of inventory and associated cost in Sparrow, but there is a plain English name for each item to easily reference when considering tradeoffs.
The Sparrow solution prompts technology resources to continuously, iteratively, and actively justify business use of technology and telecom components. Once the inventory is built in Sparrow, it doesn’t sit there waiting for someone to update it. It prompts practice and action to effectively marry IT to the rest of the business by prioritizing visibility and control.
More than Software
We take pride in being a SaaS provider — Software as a Service. We don’t take the word “Service” lightly.
Our team of experts helps you develop and create a healthy technology expense management program to take every advantage of every possible opportunity for cost-avoidance, tech savings, asset management improvement, and payment accuracy. The service comes with an enterprise system that effectively manages the procure-to-pay process for technology and telecom.
Our objectives are to empower you to
- improve your bottom line,
- refocus on your core business, and
- better serve your customers.
At TruNorth, our mission is to provide an effective and enjoyable technology expense management program fit for your organization. We help companies transform their operational processes and digital experiences, and utilize data to make clear and controlled budget decisions.
Opportunities & Crises
Expansion is enabled by insight to the bottom line and controlled cash flow. For every dollar saved, our customers can invest it and increase their earning capacity manyfold. Sparrow makes scaling up, down, or sideways achievable sooner and with more confidence.
Some of our customers have invested their savings in new technology, new locations, and product development. Since Sparrow automates many accounting tasks, some clients were able to shift parts of their accounting teams from traditional AP to exciting business strategy projects.
Our cost-cutting TEM solution has also helped clients in times of unforeseen crisis.
During the early months of the 2020 COVID-19 pandemic, many of our clients were able to weather the uncertainty because they had cash reserves through technology and telecom savings.
The pandemic has also demonstrated the importance of a sound telecommunications infrastructure. More people worked from home and customers clamored for ways to acquire goods, services and customer service through online means.
Our TEM program has been instrumental in our clients’ technology and telecom pivots and budget decisions.
Start Today: Talk to a TEM Expert
Smart businesses are meeting the demands of a globalized marketplace through TEM solutions. Contact our experts today and see our powerful solutions in action.
- One Source-of-Truth
- API Integration
- Customer Service