WHAT IS A TELECOM EXPENSE AUDIT?
Telecom services are an essential part of any business. It includes services such as internet, landline, cellular, and data. A telecom audit is an inspection of a company’s telecom services, typically conducted by a professional telecom audit firm. It looks at contracts and agreements between your company and service providers, analyzes payment plans and then identifies cost-saving measures that can be implemented.
Telecom expenses can often be ignored by companies, or it can simply be a matter of not having enough resources internally to do a telecom audit. These service companies see that and capitalize on it with overage fees, and automatic contract updates that you are blind to.
THE ULTIMATE TELECOM AUDIT CHECKLIST
So how do you, as an organization, know when you have fallen victim to such tactics? Now, we will go over the 6 signs your company NEEDS a telecom audit in this telecommunication audit checklist.
A CHANGE IN THE BUSINESS ENVIRONMENT
Sometimes it’s easy to forget about your telecom expenses in a rapidly changing business environment, like the one we see today. As an example, in a recent infrastructure bill, $65 billion is earmarked to change the way some telecom services function between federal and state governments.
A change like this can have significant implications to the quality and cost of the services you pay for. But with a telecom audit firm by your side, you will be able to meet all challenges moving forward.
YOUR BUSINESS HAS CHANGED
Your business is thriving! Employee numbers are growing, you’re expanding and opening new offices and that’s great. However, in the midst of this growth, you can get caught with unfavorable service agreements. If you are adding new lines and using up more bandwidth, it’s possible to start seeing overage charges and other hidden fees.
Another example is the impact of remote working on organizations. This is a big change, that if done properly, can not only result in improved efficiency but also in lots of money saved.
Who has time to sit down and go through hundreds of pages of service contracts? Many companies don’t have the time or patience to do so. Even if you happen to find an issue with billing it becomes even a bigger hassle to do something about it.
You will end up spending hours on the phone with a representative, which most of the time gets nothing accomplished. Service companies tend to kick the can down the road and use many different stall tactics so that eventually you give up and sweep the problem under the rug. This is when a telecom audit company becomes your best friend. They know all the tricks of the trade and how to actually fix these painful problems.
IT’S BEEN YEARS SINCE YOUR LAST TELECOM BILL AUDIT
If you have to think about the last time your company did a telecom bill audit, it has probably been too long. This would be the best time to engage with a telecom expense management services company. As time goes on, not only is it possible that your company is losing money, but it’s also losing out on better service from other providers. Better service that could boost business.
Whether it’s cell towers, internet or landlines, service providers are constantly updating their hardware. This happens almost yearly. And if you don’t have someone performing a telecom audit you can lose out on better service. Not only that, but as more and more companies enter the service market, they are competing for your company’s business. This brings prices down so you can also be losing out cheaper rates.
NO DESIGNATED TELECOM AUDITOR AT YOUR COMPANY
Most companies do not hire a specific person to perform telecom audits inside a company. It’s not a typical career and there is no schooling for it. And it becomes a problem if you assign someone within your company to perform this task because it takes precious time away from other duties.
Telecom audit firms have decades of experience in this field. They know the ins and outs about service providers, contracts and they know how to optimize and save you money. Let them go to work while you can figure out where to reinvest the potential massive savings.
Case studies show that large enterprises can save up to $1 million (36%) in costs with a simple telecom audit. But it doesn’t only benefit the big corporations. Medium size businesses can find savings of up to $50,000 per year.
So, whether you’ve thought about doing it or have simply been putting off the task, it’s clear that telecom audits are absolutely necessary. No matter the size of your company or the industry it’s in, there are huge savings to be discovered.