Complacency is the silent killer of even the best companies. While complacency feels great at the moment, there is a myriad of problems that arise from not being proactive in furthering the interests of your business. One of the most important areas to combat complacency is with your service providers and long-term telecom contracts.
It’s possible that your company is using the best providers for the best price there is, but there’s only one way to know for sure – consistent audits. You should take a comprehensive look at your expenses on a frequent basis to ensure changes in your budget, changes in the market, and changes in the economy are all being accounted for. Maybe you don’t need a service you’re still being charged for, but the only way to know for sure is to check your telecom contracts.
When you run your audit, there’s no reason to do it alone. There are many managed telecom suppliers who can help guide you through the best practices and save you money in the long run. There are many different components of any good audit, and you’ll want to secure a well-experienced partner that knows where to look from the beginning of the process to the end: billing errors, missed disconnects, annual price hikes, missed SLA credits, and more. All of these areas can be cleared up and improved in your audit, and your job as CIO will inevitably become easier with someone at your side during the process.
Focus on the Important Areas
As one of the primary leaders of your company, you can’t afford to sweat the small stuff. There are many problems that should be beyond your purview. The audit will help you focus on problem areas while you work on your daily tasks and duties. Once the results come back, you can set up a team to focus on improvements while you continue to address on the priorities of the company first and foremost.
Don’t waste your or your team’s time by making them comb through your operations; if you do, you’ll be missing out on potential profitability and the flow of your work will suffer as a result. Instead, trust a managed telecom partner to magnify the details and operate on multiple fronts. This leaves you the time and energy needed to focus on broad strokes and make sure your team is in the loop and on track at all times.
Perform First Invoice Reviews Frequently
Although billing can be a hassle at all times, most errors happen at the beginning of this process, while both companies are learning the others’ preferences. It’s imperative for your company to perform frequent and comprehensive first invoice reviews to ensure your clients are sending you everything agreed upon at the outset.
This is especially true when your company is growing rapidly. This growth can lead to multiple errors across several different billing processes and hinder the performance of your company as a whole. When you check your invoices, make sure all services you’re being charged for are being utilized, and all services you’re using are being paid on time and in full.
Start with Long-Term Telecom Contracts
A great rule of thumb to keep in mind is that the longer a contractor has been in place, the more it’s probably costing you. Many contracts today are auto-renewed; this can be fantastically convenient for your business, but horrible for your bottom line, as many new technologies are emerging every day which can do the work of your auto-renewed companies faster and more cost-effectively.
Expensive MPLS networks, for instance, are easily replaced with SD-WAN solutions which can save your company thousands a year. There are countless other examples that can be unearthed with a proper company audit.
Convenience and complacency feel great when you’re in the middle of them, but they can bite you in the long run. Repel them with an audit of your company’s services and practices. Partner with a managed telecom supplier like BlackFin Square to ensure every penny is accounted for and no corners are being cut.