Analysis fatigue is created when there are many components that need to be a part of your reporting however those components are not immediately available or easy to retrieve. Having your Telecom, IT and Utility expenses and invoice data in an easy to retrieve database creates an environment of stress-free and easy to analyze reporting.
A Quick Service Restaurant (QSR) needed telecom, IT and utility reporting by location to compare to monthly sales to assist them in making quick business decisions. With the profit margin for selling a hamburger being very small, it is of the utmost importance to operate efficiently and as lean as possible. This company has 240 locations in five major metropolitan cities and various smaller cities across the United States.
Areas of concern were:
- Inadequate ability to track the kWh and Therms
- Inability to identify monthly cost of telecom services
- Undetermined IT Assets at each location
- Understaffed personnel couldn’t keep up with the monthly invoices
There has to be a consistent focus on capturing the needed data from each vendor on a monthly basis however there must be a tool utilized to not only capture the needed data but to also report as required. There were several opportunities for savings identified by RadiusPoint and a phenomenal ROI was created once each component of the telecom, IT and utility invoices was captured and analyzed. Having the right level of support to ensure that the correct information is entered into ExpenseLogic was a huge part of the automated process.
Partnering with RadiusPoint and utilizing their automated software tool, ExpenseLogic, this company was able to have the much needed reporting all in one place and on one software platform. RadiusPoint redirected the monthly telecom, IT and utility invoices to eliminate the need for their staff to handle the invoices each month. In addition, the invoice data was entered into ExpenseLogic to provide the monthly cost reporting that had to be compared to the sales reporting for further analysis.
RadiusPoint’s solution involved:
- One Software Platform for all reporting
- Eliminated the monthly invoices
- Eliminated the need for further research with Electric and Gas usage spikes
- Identified areas of hardware improvement at older locations with cost comparisons
RadiusPoint’s Accounts Payable services allowed this management team to focus on cost savings measured identified with the detailed invoice reporting provided by ExpenseLogic. In addition, reporting the telecom, IT and utility invoices as one operational expenditure at the location level, created a robust level of comparison and analysis against the cost of doing business.
This QSR was able to identify multiple locations that:
- Could eliminate the DSL for customers use that was no longer needed
- Needed upgraded HVAC equipment to lower monthly Energy costs
- Could eliminate regular business lines for POS for a more cost effective solution
Contact RadiusPoint today to learn how we can augment your Accounts Payable team to create a positive ROI while providing you exceptional Telecom Expense Management (TEM) and Utility Expense Management (UEM) services!