Companies’ tech expenses reside at an all-time high, and as innovation opens new avenues for businesses to transact, these data storage platforms continue to complicate expense management. Companies want to save money (don’t we all?), but identifying cost-cutting opportunities isn’t as easy as it used to be. In many cases, expense data is stratified across multiple systems based on how or where the transaction occurred (telecom, mobile, cloud, etc.).
At the foundation of the issue is infrastructure. IT infrastructure includes every component required to manage and continue operating IT environments. It touches every aspect of the business. As it stands, due to rapid innovation, many companies are using cobbled-together multi-platform infrastructure—adding a new platform for each new transaction type or solution.
Not only does this create inefficiencies, but it also does more to obscure the flow of funds than it does to reveal it. It’s time to adapt to emerging tech and uncomplicate the flow of funds.
Identifying Unnecessary Spending by Looking at Data Holistically
Many companies look to cut spending in obvious ways, like cutting back on high-cost initiatives, but slashing your marketing or outreach budget isn’t going to pay off in the long run. Many issues are hidden in extensive monthly payments that seem small individually, but when combined, make a huge dent in your company’s spending.
In order to see effective change, every bit of IT spending data needs to be accessible from a single platform in order to be viewed holistically. This approach allows you to see where small costs are adding up and helps identify redundancies or nonessentials in your budget.
Controlling cost and spending are essential to the health and longevity of any company. In order for the industry to truly evolve, TEM (Technology Expense Management) and ITFM (Information Technology Financial Management) systems must merge and be fully integrated into your tech stack.
Working with a lackluster TEM or ITFM partner, or at least partners who are not fully integrated, won’t get your company the results needed. The average IT team changes TEM providers every few years—and there’s a reason for this show of dissatisfaction. Having one fully-integrated system and alleviating TEM turnover is essential to sustained growth.
Use Automation to Cut Costs and Strategize
When you have a holistic, integrated system, automation becomes attainable. One emerging platform, brightfin, uses automation as a means to streamline processes, reduce effort and manpower, and reveal cost-cutting strategies. Much like the way Salesforce integrates with sales systems to break down silos in customer service management, brightfin offers one piece of technology that brings all mobile, telecom, and cloud expenses into one platform. That one piece of technology is natively integrated with ServiceNow, creating a true TEM and ITFM partner for your business.
Using a system that is natively integrated with IT Service Management platforms helps allocate IT costs to specific departments, initiatives, and projects—a huge win for businesses. Brightfin stores IT invoice data in the same system as IT Service Management data. Because their invoices are in the same system as their locations, they can easily say that these invoices should be attributed to this location, region, office, and so on. Or that these invoices are for strategic projects versus operational projects. With other platforms, this process of allocation is extremely manual because data has to be pulled out of different systems and entered into spreadsheets to do the allocations.
Traditional players in the TEM space continue to add on new platforms and technologies without creating a method for these systems to integrate and interact with one another. This leaves customer data fragmented between systems, and it requires IT and finance leaders to stand in the gap between systems to manually catch errors and inconsistencies. A united platform like brightfin allows for automation that is holistic and isn’t at risk of missing transactions or invoices.
Through centralizing data and comprehensive automation, you can build a long-term financial strategy that enables you to save on IT expenses through fully integrated software. And it doesn’t just save your company time and money—it sets you up for success by creating a scalable business model that can easily adapt to accelerated growth.
Image Sourced from Pixabay
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Visit Benzinga's Crypto Homepage - 1,000,000+ depend on Benzinga Crypto every month