Industry research has shown that Telecom Expense Management (TEM) solutions can help organizations manage their communication networks more efficiently and save money, but where do these savings come from?

 

“TEM solutions generate value in many ways,” said Tony Mazzullo, president and CEO of Veramark Technologies (News - Alert). “And invoice management is a major component. The hard dollar savings generate rapid ROI.”

 

There are many ways that Veramark solutions for telecom invoice management enforce best practices and generate savings through verification of invoice accuracy, dispute resolution, process improvement and assistance with contract negotiation, according to Mazzullo.

 

One way is verifying accuracy of bills. As business communications networks have grown more complex, so have invoices for the services that make up those networks, including wireless, mobile and data services. While some invoices still arrive in paper form, more and more invoices are sent and paid electronically. By simply examining each invoice – paper or electronic – for accuracy, cost savings can be achieved by identifying unused trunk lines and services you thought had been discontinued.

 

Another way that invoice management saves money is dispute resolution. It’s one thing to find errors in your invoices, but another thing to quickly and efficiently work with the carriers to achieve credits and/or corrections for those errors, he says.

 

A service provider with extensive experience in managing carrier relationships – or an experienced member of your internal staff – can help you save money by facilitating quick resolution of invoice inaccuracies to your best advantage.

 

A telecom invoice management solution provides a consolidated view of all of your telecom invoices and enables you to process them more efficiently. You can eliminate the late fees, which are caused by manual invoice processing time, and line items can be compared from bill to bill and from carrier to carrier to make sure you are not being overcharged.

 

By consistently viewing your service and carrier invoices month after month, you’ll be able to identify billing mistakes and irregularities, and find new areas where cost savings can be gained. New service and equipment charges can be flagged, as well as any increases in taxes or surcharges.

 

You’ll be able to simplify and automate many reporting tasks, and make more efficient use of your human resources. Finally, you’ll be able to establish improved enterprise connectedness and reduce redundancy through powerful data integration tools.

 

With contract negotiation can have a huge impact on billing rates and long-term savings, though it’s not strictly a component of invoice management.

 

“Invoice management puts extra teeth into a TEM solution,” Mazzullo said. “Our customers appreciate the impact it has on their bottom line.”

 

For more information on Veramark’s TEM solutions and invoice management software and services, visit http://www.veramark.com/TEMSolutions/.