What is Technology Expense Management?

Sep 15, 2020

What is Technology Expense Management?
With each passing year, large corporations face the challenge of staying up-to-date with technology all while balancing expenses, equipment needs, and maintaining their bottom line. This challenge can put the finance and IT departments at odds with each other as they struggle to use their own separate legacy tracking systems which rarely interface with each other.

This leads to expensive manual overhead, poor data visualization, and slow response times. There is nowhere this problem is more evident than with managing mobile devices and service plans. With today’s mobile dependent workforce, there might be hundreds if not thousands of devices and dozens of applications whose management requires corporations from multiple departments within the organization.

Technology expense management can provide value by acting as an automated liaison between these groups. Put simply, technology expense management helps businesses maintain an actionable picture of all of their technological assets and services. This includes everything an asset might require from its acquisition to its deployment, to maintenance throughout its life cycle, and finally to its retirement. This includes managing contracts with providers, servicing, monitoring usage, and bill payment.

This type of expense management system must be flexible and be able to adapt to the ever-changing future of technology so it can grow with a company as it acquires new services and implements new application stacks. When this type of asset management is managed well, it not only saves the company time and money, it can also help forecast future spend and usage and help scale accordingly.

How technology expense management can streamline your business processes
Each company’s needs are unique and dynamic, which means there is no one-size-fits-all solution to help visualize IT inventory and usage. With more employees working away from the office, it has become necessary for companies to move beyond large corporate telephone systems to a model where every employee is issued a smartphone.

Legacy tracking systems are not equipped to handle these multifaceted networking solutions which have challenges including VoiP, security, and cloud-based applications. Without a technology expense management system, enterprises struggle to keep up with advances in networking in order to stay competitive while working to balance current business needs. They waste time working with outdated tools that can no longer keep up with the sheer amount of data that must be processed. Fixing this outdated system is needed but prioritized behind other, more urgent, issues.

Using legacy systems has another large drawback; they require more resources. Sifting through thousands of lines of billing data by hand to verify expense, compliance, and data usage is a time consuming and painstaking process. Automated systems can do the same work faster and more accurately.

Modern technology expense systems can deliver up-to-date information, allowing an enterprise to optimize their business workflows. This allows time and money-wasting issues to be spotted until long after the fact and are even more difficult to correct.

What are some key value propositions technology expense management solutions provide?
A technology expense management solution allows an enterprise to work smarter by centralizing and simplifying complex tasks. Key areas where the most benefit can be seen include:

  • Business Intelligence including advanced reporting and analytics
  • Automated invoice receipt, import, and tracking
  • Inventory management, change control, and compliance tracking
  • Procurement, order management, fulfillment, and accounts payable
  • Employee expense management and reimbursement

Without an organized system, collecting data from all of these elements, organizing it, and analyzing it against standards can be a labor-intensive and time-consuming process. Broken and inefficient workflows lead to costly errors which in turn can lead to inaccurate forecasting. Through a technology expense management system, these workflows can be automated which provides a huge boost in speed and accuracy, two things that are indispensable in today’s marketplace. This, in turn, reduces the demands on IT and finance teams, letting them focus on the work that matters.

MobiChord can help with technology expense management
A crucial part of a technology expense management system is having the knowledge, expertise, and technology platform to manage assets, expenses, and services in a quality way that doesn’t require vast amounts of effort and expertise. This is where outsourcing is simply the smartest choice. MobiChord takes a modern, software-based approach to technology expense management that extends the ServiceNow platform to simplify and streamline technology assets, expenses, and services. Where many software integrations can take up to a year before they are implemented, MobiChord can have a company up and running on their new software in 60-90 days.

If you are considering switching your legacy tracking systems over to a technology expense management system be sure that it’s the right fit. MobiChord tailors your program to your company’s specific needs. This maximizes the usefulness of the service while minimizing cost. You also need to make sure that it can grow with your company. MobiChord is dynamic and constantly growing its suite of services based on what their clients need. To learn more about what MobiChord can offer your company, more information is just a click away.

What is Technology Expense Management?
What is Technology Expense Management?
What is Technology Expense Management?

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