Role of Utility Expense Management in Enhancing Sustainability
The Crucial Role of Utility Expense Management (UEM) in Enhancing Sustainability
In the pursuit of a more sustainable future, businesses and organizations are increasingly turning their attention to the management of utility expenses. Energy, water, and other utility costs not only impact the bottom line but also have significant environmental implications. By implementing effective utility expense management (UEM) strategies, businesses can reduce resource consumption, lower costs, and contribute to a more sustainable planet.
Understanding Utility Expense Management
Utility expense management involves the monitoring, analysis, and optimization of energy, water, and other utility costs within an organization. It encompasses various practices, including tracking usage patterns, identifying inefficiencies, implementing conservation measures, and leveraging technology to optimize resource consumption.
Benefits of UEM for Sustainability
- Reduced Environmental Impact: By actively managing utility expenses, organizations can identify areas of excessive resource consumption and implement measures to reduce waste. For example, businesses can significantly decrease their carbon footprint and conserve valuable natural resources by investing in energy-efficient appliances, optimizing heating and cooling systems, and minimizing water usage.
- Cost Savings: Effective utility expense management not only benefits the environment but also yields significant cost savings for businesses. By reducing energy and water consumption, organizations can lower their utility bills and allocate resources to other areas of operation. Additionally, many sustainability initiatives, such as installing solar panels or upgrading to energy-efficient lighting, may qualify for financial incentives and rebates, further enhancing cost savings.
- Enhanced Corporate Social Responsibility (CSR): Demonstrating a commitment to sustainability through responsible resource management can enhance an organization’s reputation and brand image. Consumers and stakeholders increasingly expect businesses to operate in an environmentally responsible manner. By actively managing utility expenses and reducing environmental impact, companies can strengthen their CSR initiatives and attract environmentally-conscious customers and investors.
- Regulatory Compliance: As governments worldwide enact stricter environmental regulations, businesses face increasing pressure to comply with sustainability standards. Effective utility expense management can help organizations meet regulatory requirements by reducing emissions, conserving resources, and adopting eco-friendly practices. By staying ahead of regulatory changes, businesses can avoid fines and penalties while positioning themselves as leaders in sustainability.
- Long-Term Resilience: Investing in sustainability through utility expense management fosters long-term resilience for businesses. By reducing reliance on finite resources and minimizing exposure to volatile energy markets, organizations can mitigate risks associated with resource scarcity and price fluctuations. Embracing sustainability also future-proofs businesses against evolving consumer preferences and regulatory trends, ensuring continued relevance and competitiveness in a rapidly changing world.
Best Practices for Utility Expense Management
- Conducting Regular Audits: Regularly assess utility bills, meter readings, and consumption patterns to identify areas of inefficiency and opportunities for improvement.
- Implementing Energy-saving Technologies: Invest in energy-efficient appliances, lighting systems, and HVAC equipment to reduce energy consumption and lower utility costs.
- Employee Engagement: Educate employees about the importance of resource conservation and encourage participation in sustainability initiatives through training programs and incentive schemes.
- Leveraging Technology: Utilize energy management software, smart meters, and IoT devices to monitor and control utility usage in real time, enabling proactive decision-making and optimization.
- Setting Targets and KPIs: Establish clear sustainability goals, such as reducing energy consumption by a certain percentage or achieving specific emissions targets, and track progress using key performance indicators (KPIs).
Conclusion
Effective UEMt is a cornerstone of sustainable business practices, offering environmental, economic, and social benefits. By optimizing resource consumption, reducing costs, and demonstrating a commitment to environmental stewardship, organizations can enhance their competitiveness, strengthen their brand reputation, and contribute to a more sustainable future for generations to come. Embracing sustainability through utility expense management is not only a strategic imperative but also a moral obligation in the face of global environmental challenges.
Factors That Impede Your Inventory Efforts
Factors That Impede Your Inventory Efforts
Creating and maintaining an inventory of your telecommunications services, invoices, and vendors is a substantial undertaking that demands consistent attention to detail. Ensuring the cleanliness and accuracy of this inventory is a challenging task, often requiring dedicated daily efforts. Engaging the services of a Telecom Expense Management (TEM) company is essential in effectively managing these tasks.
Many organizations opt to outsource the periodic inventory assessment of their telecom services and invoices. While some may view this as a sporadic necessity, often with a minimal financial benefit, a more strategic approach suggests otherwise. Rather than periodic assessments, an audit encompassing a comprehensive inventory conducted once, followed by regular maintenance, offers a more pragmatic solution.
The practicality of maintaining a clean inventory on an ongoing basis is often hindered by time constraints within most companies. However, partnering with a reputable TEM provider enables the execution of this task every month. This proactive approach not only mitigates the risks of overbilling but also streamlines the recovery process for any erroneous charges. Additionally, any recovered funds resulting from the initial audit can be efficiently managed and shared, maximizing overall savings and efficiency.
Challenges in Maintaining an Accurate Inventory of Telecom Services
Many factors contribute to an organization needing help maintaining an accurate inventory.
- Absence of Corporate Contracts: When corporate contracts are lacking, employees may independently enter into agreements, resulting in higher service costs.
- Decentralized Spending: This occurs when employees make equipment purchases without organizational oversight, leading to inefficiencies.
- Inaccurate Inventory: Without proper tracking of telecom and IT services at each location and for each employee, overspending is likely due to duplicate or unnecessary services.
Addressing these factors is crucial for effective inventory management of telecom services. Implementing corporate policies and contracts can help control spending. Engaging a reputable Telecom Expense Management (TEM) company is the initial step in assessing service distribution through a comprehensive Inventory and Audit. This process necessitates a thorough examination of services beyond superficial refunds, providing detailed descriptions of phone or circuit numbers, monthly charges, service types, and features.
Enhancing Cost Reduction Strategies with Comprehensive TEM Solutions
Upon establishing an accurate inventory, a Telecom Expense Management (TEM) system empowers organizations to consistently drive cost reductions by offering comprehensive visibility into their communication ecosystem and invoice lifecycles. Centralizing all telecom-related data in a unified repository, accompanied by robust reporting tools, facilitates precise cost assessments, aids in identifying and disputing billing discrepancies, streamlines contract management including contract imaging and auditing, and uncovers optimization opportunities. Additionally, capacity planning and call accounting functionalities mitigate resource wastage within the network.
This goes beyond just telecom. A good TEM vendor will provide a comprehensive cost reduction management strategy that includes both telecom and IT, managing the complete communications lifecycle. The accuracy behind these transactions is vital to the overall efficacy of the organization.
Steps to Maintain a Clean Inventory
Keeping the inventory clean will be affected by the following:
- Monthly services being added.
- Monthly services being disconnected.
- Employees moving to different departments, being hired or terminated.
- Vendor’s changes in monthly fees.
To maintain a clean inventory every month, it is imperative to establish an order process that fosters transparency throughout the organization. Integration of a Help Desk module within the TEM provider’s software is instrumental in capturing all moves, additions, changes, or disconnects effectively. This ensures a seamless transition of new invoices to accounting without delay for coding, thereby preventing overpayment for previously disconnected services.
The next critical step in maintaining inventory accuracy is invoice and service validation. Conducting a monthly audit of each invoice and charge is essential for any TEM company. This line-item audit enables prompt identification of overcharges and provides an efficient mechanism to notify vendors for dispute and recovery. Rigorous tracking of disputes to ensure proper crediting on invoices is paramount in the recovery process facilitated by TEM services.
Optimizing Inventory Accuracy
Maintaining the accuracy of your monthly inventory relies heavily on verifying it against the established baseline inventory. A reputable TEM provider should offer validation services with select telecom vendors, enabling swift identification and rectification of discrepancies to prevent recurring overcharges on subsequent invoices.
Leveraging its proprietary SAAS platform, ExpenseLogic, RadiusPoint facilitates the creation of a concise list of invoices and services for monthly validation against the baseline inventory. This validation process provides organizations with a clear overview of services at each location, streamlining interactions with telecom vendors and pinpointing opportunities for cost reduction by identifying unnecessary services. Partnering with the right TEM provider can significantly save time, money, and resources while empowering internal teams to take control of expenses.
Diving Into Your Trash
Diving Into Your Trash
Waste management stands as a sizable industry that is essential for every company. In the United States alone, a staggering 624,700 metric tons of trash get discarded daily, incurring an annual expense of approximately $11 billion. Businesses shoulder a substantial 80% of these expenses. Across the board, companies are actively seeking strategies to curtail costs while simultaneously minimizing waste generation and maximizing recycling opportunities wherever feasible.
Invoices and Fees
The initial phase of cost reduction in waste management involves scrutinizing usage patterns and existing services. Numerous companies grapple with expensive monthly waste services, often burdened by additional charges appended to their regular service bills. These fees often include:
- Management fees
- Environmental fees
- Gas surcharge fees
- Lock fees
- Extra Pick-up fees
- Contamination fees
- Overage fees
- Locked gate fees
By comprehending the invoice details and extra fees, you can effectively optimize your cost savings.
Questions to Ask
Some of the above fees can be eliminated or negotiated just by asking the right questions including:
- Do we need a separate bin for environmental waste? This could involve quick-service restaurants discarding spoiled food or spent grease.
- Can we recycle cardboard, plastic, and metal? Breaking down boxes for recycling might save both money and the environment.
- Is there a vendor we can use to collect scrap metal? This move could cut costs for larger roll-off bins and potentially lead to rebates.
- Are any bins situated behind locked gates? If trash collection is hindered due to inaccessibility, expect additional fees. To avoid this, place bins outside locked areas or coordinate gate access on pickup days.
- Are extra pickup fees a routine on your invoices? A quick review of the invoice can help resolve this by adjusting bin size or pickup frequency.
- Is there a corporate contract governing waste services? Ensure your team is aware of this contract to benefit from agreed-upon rates when ordering services.
Given the array of questions, it’s evident that most companies will require support in overseeing trash invoices and managing multiple service providers. Generating detailed, precise information crucial for optimal business decisions demands dedicated time and meticulous attention to detail from a skilled team.
Problems with Billing Complexity
The billing intricacies present a convoluted mix of charges that necessitate monthly and long-term analysis to pinpoint the most optimal services at the most favorable prices. Monthly invoices might vary, with additional charges appearing one month and none the next, leading to potential confusion. It’s crucial to meticulously identify each charge on the invoice every month to ensure informed business decisions for each location.
Vendors contribute to this complexity by offering multiple trash haulers within a single area. This approach proves more advantageous than having only one hauler since multiple options enable bidding and price competition. However, managing these multiple vendors requires a dedicated effort and a specific finesse to navigate pricing and negotiate contract terms effectively.
Optimization Solutions with RadiusPoint
Having a partner who can break down the invoice monthly is critical to effectively managing your trash or waste services and meeting your sustainability goals. RadiusPoint’s Waste Optimization process involves a deep dive into the waste invoices and current business programs and policies to provide a multi-point approach to managing waste services. This inventory and audit process delivers an environmentally responsible waste management program that assists in reaching waste initiatives and provides unmatched value.
RadiusPoint’s optimization involves investigating services with the current vendor and determining best practices to provide a cost-saving program to our clients. Many multi-location organizations have ordered services as needed with no thought given to contract terms, bin size, or the frequency of pick-up. All of these factors determine the monthly cost and could result in huge savings if managed with cost savings, efficiency, and program goals in mind.
During our inventory and audit of the waste services, RadiusPoint would:
- Obtain a copy of the vendor’s current contract.
- Validate the contract rates against the current invoice.
- Comparison of services across all sites for any anomalies.
- Identifying any overage charges or other charges beyond the normal pick-up charges.
- Identifying better rates for those locations not under contract.
- Identifying better rates and possible early termination penalties, if applicable, for those locations under contract.
- Identify and recommend service changes to eliminate overage charges.
- Provided consolidated report for Request for Proposal (RFP).
- Provide analysis once the RFP is returned to show savings.
- Assist with contract negotiations for each contract or global contract.
- Assist with issues that arise at the location during the term of the agreement.
Once the inventory and audit is complete, RadiusPoint employs our exclusive software, ExpenseLogic, to handle and settle the monthly invoice. Simultaneously, continued auditing is conducted to guarantee precise billing according to contracted rates.
Connect with us to learn how RadiusPoint can support you in achieving your business’s waste service savings goals.
Why Your Company Needs a Managed Mobility Service Provider
The Strategic Imperative: Why Your Company Needs a Managed Mobility Service Provider
Is your company struggling to keep up with the rapidly evolving mobile landscape? Are you overwhelmed by the complexities of managing a growing number of mobile devices and applications? If so, it’s time to consider partnering with a managed mobility service provider. In this article, we will explore why your company needs the expertise of a managed mobility service provider to stay ahead of the game.
With the proliferation of smartphones, tablets, and other mobile devices, organizations are facing a multitude of challenges when it comes to managing their mobile ecosystem. From device procurement and provisioning to security and support, there are numerous tasks that need to be handled efficiently and effectively. A managed mobility service provider can help streamline these processes, allowing your company to focus on its core competencies.
By leveraging the expertise of a managed mobility service provider, you can ensure that your company’s mobile infrastructure is optimized for productivity and cost-effectiveness. These providers have the knowledge and experience to implement best practices, ensuring that your mobile devices and applications are secure, up-to-date, and fully utilized.
Don’t let your company fall behind in the mobile revolution. Partner with a managed mobility service provider and stay ahead of the game.
Benefits of partnering with a managed mobility service provider
Managing a growing number of mobile devices and applications can be a daunting task for companies of all sizes. The complexities involved in device procurement, provisioning, security, and support can quickly become overwhelming. Without the right expertise and resources, companies may struggle to effectively manage their mobile ecosystem. This is where a managed mobility service provider can make a significant difference.
How a managed mobility service provider can help optimize your company’s mobility strategy
Expertise and Knowledge
Managed mobility service providers specialize in the management of mobile devices and applications. They have the expertise and knowledge to navigate the complexities of the mobile landscape, ensuring that your company’s mobile infrastructure is optimized for success.
Cost Savings
By partnering with a managed mobility service provider, you can reduce the total cost of ownership of your mobile devices. These providers have the resources and relationships to negotiate favorable pricing for device procurement and support services. Additionally, they can help you identify and eliminate unnecessary expenses, saving your company money in the long run.
Enhanced Security
Mobile devices are vulnerable to security threats, making it essential to have robust security measures in place. Managed mobility service providers have the expertise to implement comprehensive security solutions, protecting your company’s sensitive data and mitigating the risk of cyberattacks.
Streamlined Processes
Managing a large number of mobile devices and applications can be time-consuming and resource-intensive. A managed mobility service provider can streamline these processes, automating tasks such as device provisioning, software updates, and application deployment. This allows your IT team to focus on more strategic initiatives, improving overall efficiency and productivity.
Key features to look for in a managed mobility service provider
When choosing a managed mobility service provider, it’s essential to consider the following key features:
Expertise and Experience
Look for a provider with extensive experience in managing mobile devices and applications. They should have a proven track record of success and a deep understanding of industry best practices.
Comprehensive Service Offering
Ensure that the provider offers a comprehensive range of services, including device management, application management, security, and expense management. This will ensure that all aspects of your company’s mobile ecosystem are covered.
Scalability
Consider the scalability of the provider’s services. Your company’s mobile needs may grow and evolve over time, so it’s important to choose a provider that can scale their services to accommodate future requirements.
Robust Security Measures
Mobile security is of paramount importance. Choose a provider that has robust security measures in place, including encryption, two-factor authentication, and mobile threat defense.
Flexibility and Customization
Every company has unique mobility requirements. Look for a provider that offers flexible and customizable solutions to meet your specific needs. They should be willing to work closely with you to understand your business objectives and tailor their services accordingly.
Conclusion: The value of investing in a managed mobility service provider for your company’s success
Managed mobility services will continue to play a vital role in helping companies navigate the ever-changing mobile landscape. As technology advances and new challenges emerge, the expertise of managed mobility service providers will become even more valuable. With the increasing adoption of IoT devices, the rise of 5G networks, and the growing need for enhanced security, companies will rely on these providers to optimize their mobility strategies and ensure their competitive edge.
RadiusPoint Recognized as a Distinguished Vendor in the 2024 Amalgam Insights Vendor SmartList
For immediate release:
Orlando, FL January 23rd, 2024 – RadiusPoint, a renowned name in the Technology Expense Management (TEM) services sector, proudly announces its recognition as a Distinguished Vendor in the 2024 Amalgam Insights Vendor SmartList. The SmartList, themed “Why TEM Matters More Than Ever in a Cloud, SaaS, and AI World,” serves as a testament to RadiusPoint’s exceptional contributions and expertise in the industry.
Amalgam Insights, a trusted source for technology insights, has distinguished RadiusPoint as a standout performer in the TEM landscape. This recognition reflects RadiusPoint’s position as a premier single-source SaaS platform and Business Process Outsourcing (BPO) service provider. With over three decades of unwavering commitment to excellence, RadiusPoint continues to lead the way in delivering innovative solutions that align with the evolving needs of a Cloud, SaaS, and AI-driven world.
Amalgam Insights states; “Organizations seeking to contextualize telecom, mobility, and IT spend with broader accounting activity, including facilities visibility and ESG reporting, are best positioned to get the most value from RadiusPoint. As companies worldwide emphasize spending accountability within all divisions and, at the same time, require metrics for their social responsibility efforts, they must think beyond managing disciplines in a siloed fashion. Combining telecom, mobility, IT, and facilities administration into a single practice delivers holistic insight while improving productivity, efficiency, and costs,”
“We are honored to be recognized by Amalgam Insights as a Distinguished Vendor in their prestigious Vendor SmartList,” said Sharon Watkins, CEO at RadiusPoint. “This acknowledgment underscores our dedication to providing cutting-edge TEM services and reinforces our commitment to delivering value to our clients in an ever-changing technological landscape.”
RadiusPoint expresses gratitude to Amalgam Insights for this distinguished recognition and looks forward to continuing its mission of excellence in the TEM services sector.
To learn more about Amalgam Insights, please visit their website here.
The full Amalgam Insights Vendor SmartList is available to download here.
About RadiusPoint
RadiusPoint is a leading provider of Technology Expense Management (TEM) services, offering a comprehensive suite of solutions to manage, optimize, and control technology expenses. With over 30 years of industry experience, RadiusPoint is committed to delivering innovative and cost-effective TEM services in a rapidly evolving technology landscape.
Waste Services Case Study: 28% Reduction in Trash Spend
28% Reduction in Trash Spend
Trimming expenses on waste management serves as the initial step in an organization’s sustainability journey. A prominent elevator company operating worldwide successfully slashed its monthly waste expenditure by 28%. Additionally, by securing a corporate contract, they paved the way for greater savings across their new locations, fortifying their commitment to sustainability.
Issues
Our client grappled with numerous challenges in its billing and services. Upon conducting an initial review, it became evident that over 40 locations had individually inked contracts with local waste haulers. Consequently, these contracts staggered in expiration, often incurring hefty early termination fees. This complexity rendered negotiating a unified corporate contract unfeasible within the initial twelve months of gaining contract and service visibility.
Solution
To tackle these issues, the organization teamed up with RadiusPoint. Collaborating on bill processing and payment services for their monthly waste invoices, RadiusPoint unearthed a route toward cost reduction during the standard optimization process.
RadiusPoint’s optimization process delved into scrutinizing services provided by the existing vendor, aiming to uncover contractual obligations and service specifics. Numerous locations had ordered services sporadically without considering contract terms, bin sizes, or pickup frequency. RadiusPoint conducted a comprehensive analysis across the organization, tailoring services to match the office types and specific service requirements to ensure an appropriate fit.
During our inventory and audit of the waste services, RadiusPoint:
- Obtained a copy of the vendor’s current contract.
- Validated the contract rates against the current invoice.
- Compared services across all sites for any anomalies.
- Identified overage charges or other charges beyond the normal pick-up charges.
- Identified better rates for those locations not under contract.
- Identified better rates and possible early termination penalties, if applicable, for those locations under contract
- Recommend service changes to eliminate overage charges.
- Provided consolidated report for Request for Proposal (RFP).
- Provided analysis once RFP is returned to show savings.
- Assisted with contract negotiations for each contract or global contract.
- Managed the transition project.
- Assisted with issues that arose at the location during the term of the agreement.
Results
Partnering with RadiusPoint empowered the client to leverage our exclusive software, ExpenseLogic. This tool facilitated the seamless processing and payment of monthly invoices while concurrently conducting an audit to guarantee precise billing per contracted rates. This meticulous approach culminated in an impressive 28% decrease in monthly waste expenses. Embracing transparency in management paves the way for astute business choices, fostering cost-effectiveness, operational efficiency, and the achievement of sustainability objectives. Entrust RadiusPoint to guide you toward attaining your business savings targets, specifically with your waste services.
The Future of Cost Optimization: TEM Services are Leading the Way
How RadiusPoint Telecom Expense Management Services are Leading the Way
As RadiusPoint Telecom Expense Management (TEM) services continue to revolutionize cost optimization in the telecom industry, businesses are now equipped with the tools they need to stay ahead of the game. With its cutting-edge technology and innovative solutions, RadiusPoint has positioned itself as a leader in helping companies streamline their telecom expenses while achieving significant cost savings.
In this article, we will delve into the future of cost optimization and how RadiusPoint TEM services are paving the way for businesses to optimize their telecom expenses like never before. By leveraging their extensive experience and industry knowledge, RadiusPoint provides customized solutions tailored to each client’s unique needs.
With cost optimization becoming increasingly crucial in today’s competitive landscape, businesses need a reliable partner like RadiusPoint to navigate the complexities of managing telecom expenses. Their proactive approach, coupled with their innovative software, helps businesses identify potential areas of cost savings and implement effective strategies to optimize their telecom spend.
Stay tuned as we explore how RadiusPoint TEM services are leading the way in cost optimization and discover how your business can benefit from their expertise.
The challenges of cost optimization in telecom expenses
Cost optimization plays a vital role in the success of any business. In today’s highly competitive market, where every penny counts, companies are constantly seeking ways to reduce expenses and increase profitability. Telecom expenses, in particular, can be a significant drain on a company’s resources. With the increasing reliance on telecommunications for business operations, companies must optimize telecom spend to remain competitive.
Effective cost optimization allows businesses to allocate their resources efficiently, ensuring that every dollar spent delivers maximum value. By identifying and eliminating unnecessary expenses, businesses can free up capital for investments in growth opportunities, product development, and innovation. Cost optimization also helps businesses improve their bottom line, increase profitability, and enhance their overall financial health.
How RadiusPoint’s TEM services work
Cost optimization in telecom expenses presents unique challenges for businesses. The telecom industry is complex, with multiple service providers, various billing structures, and a wide range of services and technologies. Managing and controlling telecom expenses can be a daunting task, especially for businesses with multiple locations or a large number of employees.
One of the main challenges in TEM is the lack of visibility into telecom spend. Without a centralized system to track and monitor expenses, businesses may struggle to identify inefficiencies and cost-saving opportunities. Additionally, the ever-evolving nature of the telecom industry means that businesses need to stay up-to-date with the latest technologies, services, and pricing plans to ensure they are getting the best value for their money.
Another challenge is the complexity of telecom invoices. Telecom bills can be confusing, with multiple line items, different rates, and various fees and surcharges. Without a thorough understanding of telecom billing, businesses may miss out on potential cost-saving opportunities or fall victim to billing errors and overcharges.
Key features of RadiusPoint’s TEM services
RadiusPoint’s TEM services offer a range of key features that set them apart from other TEM providers. These features include:
- Invoice Processing and Auditing: RadiusPoint’s proprietary software, ExpenseLogic, automates the invoice processing and auditing process, ensuring accurate and timely payment of telecom bills. This eliminates the need for manual invoice processing, reduces the risk of errors, and improves overall efficiency.
- Expense Tracking and Reporting: ExpenseLogic provides real-time visibility into telecom expenses, allowing businesses to track costs, monitor usage, and generate detailed reports. This helps businesses make informed decisions, identify cost-saving opportunities, and optimize their telecom spend.
- Contract and Vendor Management: RadiusPoint helps businesses manage telecom contracts and relationships with service providers. They negotiate favorable contract terms, monitor contract compliance, and ensure that businesses are getting the best value for their money.
- Cost Allocation and Chargeback: ExpenseLogic enables businesses to allocate telecom expenses to different cost centers or departments, making tracking and managing telecom spending across the organization easier. This feature is particularly useful for businesses with multiple locations or complex organizational structures
The benefits of outsourcing telecom expense management services
RadiusPoint has helped numerous businesses achieve significant cost savings through their TEM services. Let’s take a look at a few real-life success stories:
- RadiusPoint assisted a multi-location nonprofit by identifying the existing local telecom service utilized across six locations, meeting specific landline requirements. They successfully identified all needs and found a superior service at a reduced monthly cost, resulting in a $12K reduction in total monthly expenses across the six locations.
- RadiusPoint’s software, ExpenseLogic, found a contract overcharge on local phone lines for a discount retailer, ongoing for months. RadiusPoint collaborated with the carrier to secure an $82K credit and prevent a $12,000 monthly expense.
- ExpenseLogic discovered services billed for three months despite being closed and disconnected for a restaurant group. RadiusPoint collaborated with the vendor, resulting in a $5,761 credit from the vendor.
The future of cost optimization in TEM
Outsourcing telecom expense management to RadiusPoint offers several key benefits for businesses:
- Expertise and Industry Knowledge: RadiusPoint’s team of experts has extensive experience in the telecom industry. They are well-versed in the latest technologies, services, and pricing plans, enabling them to provide valuable insights and recommendations to optimize telecom expenses.
- Time and Resource Savings: Managing telecom expenses in-house can be a time-consuming and resource-intensive task. By outsourcing to RadiusPoint, businesses can free up their internal resources and focus on core business activities, while leaving the complexities of TEM to the experts.
- Cost Savings: RadiusPoint’s cost optimization strategies and negotiation skills help businesses achieve significant cost savings. By identifying inefficiencies, eliminating unnecessary expenses, and negotiating better rates, businesses can reduce their telecom spend and improve their bottom line.
- Improved Visibility and Control: ExpenseLogic provides businesses with real-time visibility into their telecom expenses, allowing them to track costs, monitor usage, and generate detailed reports. This improved visibility and control enable businesses to make informed decisions, identify cost-saving opportunities, and optimize their telecom spend.
How RadiusPoint is leading the way in telecom expense management services
The future of cost optimization in telecom expenses looks promising, with technological advancements and the rise of innovative solutions. As businesses continue to rely on telecommunications for their operations, the need for effective cost optimization will only grow.
One key trend in cost optimization is the increasing use of artificial intelligence (AI) and machine learning (ML) technologies. These technologies can analyze large volumes of data, identify patterns, and make intelligent recommendations for cost savings. By leveraging AI and ML, businesses can automate the process of identifying cost-saving opportunities and implementing optimization strategies.
Another trend is the integration of TEM with other business systems. By integrating TEM with enterprise resource planning (ERP) systems, businesses can gain a holistic view of their expenses and improve overall cost control. This integration allows for better coordination between different departments and ensures that telecom expenses are aligned with business objectives.
Conclusion
RadiusPoint is at the forefront of telecom expense management services, leading the way in cost optimization for businesses. Their innovative EXpenseLogic software, experienced team, and customer-centric approach set them apart from other providers in the industry.
RadiusPoint’s proactive approach to cost optimization helps businesses stay ahead of the game. They continuously monitor the telecom industry for new technologies, services, and pricing plans, ensuring that their clients are getting the best value for their money. Their team of experts works closely with clients to understand their unique needs and develop customized cost-optimization strategies that deliver tangible results.
By leveraging RadiusPoint’s expertise and innovative software, businesses can streamline their telecom expenses, identify cost-saving opportunities, and implement effective strategies to optimize their telecom spend.
Healthcare Case Study: Telecom Expenses Down by 26% in Healthcare
Reducing Telecom Expenses by 26% in Healthcare
RadiusPoint collaborated with an Assisted Living and Nursing Home organization to enhance their oversight of telecom, IT, and wireless expenses. Serving as their telecom expense management (TEM) partner, RadiusPoint offered comprehensive insight into their invoices and spending and the range of services and equipment deployed across each site. This detailed visibility enabled RadiusPoint to identify and deactivate over 700 dormant business lines at various locations leading to a 26% reduction of their annual spend or $475k once the lines were disconnected and removed from the invoices.
Background
Given the healthcare industry’s focus on emergency preparedness, there’s a constant demand for reliable access to emergency personnel. Landlines play a critical role in ensuring immediate response in case of facility emergencies. Each location is mandated to have two copper lines for direct fire notification, with the option to add more lines for direct point-to-point access to the fire department. Safety for patients and staff is the top priority for this organization, necessitating RadiusPoint to meticulously validate vendor-provided information at every site.
Issues
The organization lacked previous inventory and audits of its telecom, IT, and wireless services. The service introduced detailed identification of each service type on vendor invoices, outlining all features, fees, taxes, and surcharges billed for each phone number. Various telecom vendors used different billing formats, with some providing only the total amount due without specific service descriptions or associated phone numbers. This limited visibility hindered effective decision-making regarding service removal or cost reduction through optimization.
As the costs of regular business lines escalated with vendors, the organization faced pressure to cut expenses. However, stringent regulations and safety protocols concerning patient well-being posed a challenge. Over the past two years, regular business line costs surged significantly, soaring from $50.00 to over $200.00 per line. Although newer, more cost-effective technology existed, regulatory restrictions prevented its use for regular business lines, prioritizing security measures.
Solution
RadiusPoint conducted an audit and inventory, yielding crucial information for eliminating unnecessary lines. This initiative validated services and phone lines across all sites, uncovering errors and overcharges in invoices. Some invoices continued to bill for services canceled years ago, obscured by invoice complexity or consolidation. RadiusPoint’s scrutiny pinpointed erroneous charges like features and taxes on phone lines canceled five years prior, prompting requests for credits from the vendor. In one case, even after an account was disconnected, circuits associated with it continued to bill due to a failed disconnection request.
The inventory and audit process began by verifying each phone line’s use through multiple calls and on-site visits for lines without responses. This process revealed over 700 unused regular business lines, some unconnected even in the phone rooms at various locations. Additionally, RadiusPoint offered recommendations to reduce line counts and optimize necessary lines. This enhanced visibility into remaining monthly expenses, enabling contract negotiations with vendors, and resulting in a further 10% cost reduction.
Results
Now equipped with ExpenseLogic, RadiusPoint’s proprietary software, this organization possesses comprehensive visibility into its telecom invoices and a complete inventory management system. In the Site Manager section of ExpenseLogic, a single click grants their team access to detailed invoice images, individual phone lines, circuits, wireless numbers, service features, and monthly costs for each location. Their annual savings exceeding $500k, alongside the elimination of 700 unnecessary lines, have led to reduced costs, improved services, and heightened accuracy in their monthly telecom billing.
Fraud Case Study: Tales of Fraud in the IT Department
Tales of Fraud in the IT Department
Fraud is a significant concern for organizations, with reported cases and financial losses steadily increasing according to the Federal Trade Commission. In 2021, consumers reported losses exceeding $5.8 billion, a staggering 70% increase from the previous year. 2022 numbers are still being calculated, but the trend of rising fraud cases persists annually.
Employee fraud spans various forms, ranging from small instances like expense report manipulation to larger-scale embezzlement. Instances of fraud can persist over extended periods, leaving businesses perplexed about its onset and duration. Often, fraudsters are caught not by the act itself, but due to their escalating greed for increased gains.
RadiusPoint, specializing in Telecom and Utility Expense Management, has encountered numerous instances of fraud. Some cases have been proven and prosecuted by authorities, while in others, suspicions of employee fraud have led to discreet dismissals once RadiusPoint delves into telecom and IT expenses and contracts. The company has also provided documentation and insights to prevent fraud within IT departments or telecom services.
What Kind of Fraud Can Be Lurking in Your IT Department?
Wireless device usage continues to surge annually, fueled by wearable devices and remote work policies that often provide employees with wireless phones, iPads, or similar devices. For large organizations, adding wireless devices is routine, facilitated by negotiated contracts offering discounted purchases and waivers for early termination fees.
In a striking case, RadiusPoint uncovered internal fraud amounting to over $350k tied to monthly wireless device purchases at a healthcare organization. An IT employee exploited the system by purchasing Apple iPhones and iPads through the company account, setting up monthly services under the corporate account, and then selling these devices for personal gain. The scheme involved ordering devices, arranging services, and coding the costs to a specific Cost Center with the manager’s approval. The employee then canceled these accounts without incurring early termination fees, leveraging the negotiated contract terms. The fraudulent activity went unnoticed until RadiusPoint raised concerns about unassigned devices and an outsider inquiring about the excessive device offloading. More than 700 devices were ordered in a short span, resulting in losses for the company, including device costs, the first month’s service, and the ETF. The case gained traction with the involvement of the Department of Justice, leading to the prosecution of the former employee.
Another form of fraud, albeit harder to substantiate, involves a recurring pattern where the approving party consistently selects the same vendor for significant contracts and receives kickbacks in return. This type of fraud poses challenges in proof and often leads to the discreet dismissal of the involved employee. In a recent case of this form of fraud, RadiusPoint conducted an audit for a multi-location healthcare equipment organization, examining data circuits, invoices, and contracts. This revealed multiple contract violations spanning various years and locations, encompassing data circuits, Sonet rings across cities, and an MPLS platform. Initially, the audit led to recovering $300K in contract violations and overcharges from the vendor. Subsequent audits expanded to other services and contracts, uncovering an additional $250K in discrepancies. The employee responsible for negotiating and approving these contracts discreetly vanished from the company.
How Can You Bolster your IT Department’s Defenses Against Fraud?
Establishing a standardized workflow would have significantly mitigated fraud and theft risks. However, several additional policies could reinforce the legitimacy of vendor orders:
- Implementing a uniform Workflow for ordering new services.
- Mandating cost center and individual assignments on vendor order forms.
- Introducing a secondary approval process for equipment orders.
- Verifying equipment purchases through monthly reporting by your TEM provider.
- Ensuring monthly documentation from vendors for new equipment or services approval.
- Sending RFPs to multiple vendors for side-by-side evaluations of proposals.
- Sharing agreed-upon contract rates with the team handling monthly invoice validation.
- Requiring Quarterly Business Reviews to validate billed rates accuracy.
While no plan is foolproof, adhering to specific purchasing and contracting policies can significantly diminish the risk of fraud. RadiusPoint can assist by scrutinizing your invoices and contracts for any potential concerns.
UEM Collaboration Saves Over $1 Million
UEM Collaboration Saves National Home Builder Over $1 Million
RadiusPoint recently collaborated with a national home builder to simplify the process of utility ordering and ensuring installations for more than 5,000 new home projects yearly. During this collaboration, RadiusPoint uncovered monthly billing exceeding $25,000 for homes sold two years earlier and identified over $100,000 in refunds from vendors holding funds for closed locations. The anticipated annual cost savings for this client are estimated to surpass $1 million, based solely on the initial six months of RadiusPoint’s services.
Background
A national home builder faced significant challenges in various areas, particularly in handling utility vendors, invoices, and expenses. With multiple divisions under corporate management and an annual workload of over 5,000 new home projects, each division independently managed meter installations but directed the resulting invoices to the corporate office for payment. This decentralized process led to numerous problems, including multiple service outages that required division intervention to restore services.
Issues
The initial challenge for the home builder revolved around service setup. Several individuals in each division handled order placements, causing delays in meter installation and service initiation, consequently impacting the start of construction projects. Additionally, the lack of a standardized process and the involvement of multiple individuals led to vendors not sending invoices to the corporate office. Often, invoices were mistakenly delivered to empty lots without mailboxes, resulting in returns. Subsequently, vendors would disconnect services, further delaying the work of trade workers on the homes. These complications collectively resulted in significant losses, amounting to thousands of dollars due to decreased productivity.
The subsequent problem concerned accurately tracking expenses related to meter usage. Typically, builders assign charges for individual homes to different accounting codes, enabling corporate oversight across various completion stages. This accounting system also offers insights into the completion date and turnover to the Sales department. However, while the corporate office had a daily method for monitoring home progress and stages, there was no established process to align this information with monthly utility expenses.
Adding to the list of issues was the discontinuation of services after home sales. Although each division was responsible for disconnecting services, this task was often neglected. The process of transferring services to the new homeowner’s name relied on the homeowner, but due to consistent confusion around final permit approvals and multiple contacts required with the vendor, ensuring that the homeowner completed this step was frequently overlooked.
Solutions
Service Order Placement
In their initial interaction with the Accounts Payable department, RadiusPoint pinpointed various issues that could be resolved through their Invoice Processing services, offering improved invoice management and cost allocation. While assessing the current service order process, RadiusPoint identified a fundamental issue underlying most of the problems faced. Leveraging their proprietary software, ExpenseLogic, the RadiusPoint team developed a streamlined service order process for each division. This involved creating a customized order form tailored to the builder’s requirements. The form also featured a link accessible on the builder’s tablet, enabling on-site service order placements.
Another valuable feature contributing to the process streamlining was the capability for the builder and their team to include permits or necessary documents when placing orders with utility vendors for future needs. Many utility vendors require a city government-issued permit before setting up a meter at a property. RadiusPoint incorporated this ability to attach documents to the order forms tailored for each builder’s requirements. These documents are centralized in the Site Manager Dashboard within ExpenseLogic, ensuring easy access not only for the division but also for anyone within the corporate structure. This customized addition significantly reduced the hours spent searching for documents previously held by one individual.
Timely order placement and ensuring prompt meter setups were crucial, and RadiusPoint facilitated this by collaborating with vendors through ExpenseLogic’s Moves, Adds, Changes & Disconnect (MACD) module. This module provided comprehensive tracking of the ordering process and seamlessly connected with the Invoice Processing section to guarantee proper invoice setup and allocation to the correct Cost Center, ready for the first invoice. One significant corporate benefit was the RadiusPoint team’s ability to track missing invoices. Daily Missing Bill reports were generated to identify vendor invoices that hadn’t been received. RadiusPoint then contacted the vendors to retrieve and process these invoices. Prior to RadiusPoint’s involvement, missing invoices could result in the property receiving the invoice after service disconnection, causing site downtime and productivity loss.
Proper Accounting and Allocation
ExpenseLogic functions as comprehensive accounting software, enabling the allocation of invoices to Cost Centers or project codes. Leveraging the builder’s daily report illustrating the 12 stages of home completion, RadiusPoint easily devised a solution for accurate allocation. They implemented a daily import system into ExpenseLogic, aligning Cost Centers with invoice expenses. This method ensured precise monthly expense allocation corresponding to each home’s building stage, facilitating accurate chargebacks and providing enhanced visibility into expenses. Additionally, it offered improved forecasting capabilities for total costs, adding value to the process.
Disconnecting Utility Services
One frequently overlooked aspect was the essential follow-up required after home sales. Divisions were responsible for contacting the vendor two weeks post-sale to confirm the new homeowner’s transfer of electric, gas, and water services into their name. Due to difficulties in tracking the home-building stage, these follow-ups often slipped through the cracks. Compounding the issue, vendors sometimes hesitate to change the account name due to pending permits or final inspections, necessitating additional follow-ups after inspection completion. Failures in inspections further prolonged the process. These hurdles transformed what should have been straightforward into a complicated and time-consuming procedure.
RadiusPoint established a clear timeline for vendor follow-up. By utilizing the MACD module in ExpenseLogic for service orders, the follow-up, including any required documentation, became more efficient. With all stages meticulously tracked, upon receiving subsequent invoices, RadiusPoint ensured the final bill accuracy and requested any outstanding credits, streamlining the process.
Results
The custom processes established by RadiusPoint through ExpenseLogic enabled numerous end users to not just initiate orders but also track home stages, offering clearer insights into utility expenses for each home build. This innovative approach empowered the home builder to reassign staff and, within the initial six months, achieve nearly $1M in savings.