Telecom Audit Benefits You Can’t Afford to Miss
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Running a telecom audit on your business isn’t only about the financial benefits, although that is a driving factor. Telecom audit solutions are crucial for achieving cost savings and operational efficiency by optimizing infrastructure and reducing overspending. By consistently running an audit, you learn about changes in your business and the industry at large, which can keep you moving with the industry instead of continually using expensive and outdated systems. A telecom audit benefits your organization as a whole by getting the biggest bang for your buck.
Throughout this article, we’ll give you actionable tasks to find every benefit that can be achieved with a telecom audit. Additionally, we’ll include real savings our customers have experienced through our audits. It’s time to jump in and learn about telecom audit benefits that can enhance your business.
Hotel: Tripled guest internet bandwidth, updates Wi-Fi and phones while saving nearly $2,000 monthly.
*** Disclaimer*** Every business and the savings and upgrades you can access are different. So, try various options and see what works for your specific situation.
What is a Telecom Audit?
A telecom audit systematically reviews and assesses a company’s telecommunication expenses, contracts, and infrastructure. It ensures that a business is only billed for the services it utilizes, identifies outdated or redundant services, and ensures contracts align with market standards. The audit is a thorough examination to optimize a company’s telecom expenses and infrastructure, and this extensive examination aims to lead to ideal telecom expense management.
Telecom auditing services play a crucial role in this process by leveraging recent technological advancements to transform the telecom landscape, allowing for significant cost savings and improved business financial outcomes.
Benefits of a Telecom Audit
A telecom audit can lead to significant cost savings for businesses of all sizes; enterprises often overspend by 30 percent annually. By identifying and focusing on common areas of overspending, such as late fees, billing errors, or outdated service plans, this diligence is where the savings are found.
According to Hometown News Brevard, as much as 15 percent of telecom bills contain mistakes, costing a business thousands monthly. A telecom audit reviews a company’s telecommunication bills, devices, and systems to identify areas of inefficiency. By conducting a telecom audit, a business can reduce its telecom expenses and optimize its telecom infrastructure.
Car Dealership: Uncovered and resolved $54,000 internet and telecom errors.
How Does a Telecom Audit Work?
A telecom audit begins by collecting all telecom bills, contracts, and service agreements. When you work with The Maynard Group, our expert auditors analyze the data, looking for billing errors, unused services, or areas where better rates can be negotiated with telecom service providers. Selecting the right service provider is crucial for achieving savings and efficiency, as they can address specific business needs, offer transparency, and deliver ongoing support.
Recommendations are made based on findings, including renegotiating contracts, eliminating redundant services, or transitioning to more cost-effective solutions. The goal is to identify potential financial drains and optimize communication infrastructures. Ideally, this telecom audit benefit is best realized if the audit takes place annually.
Importance of Telecom Audits for Businesses
Effective telecom expense management can be the difference between growth and stagnation, especially as every business is looking for ways to reduce costs while maintaining a high level of service quality.
Choosing firms with extensive experience in the telecom industry is crucial, as telecom expense audits identify potential financial drains and optimize communication infrastructures. Keeping with regular audits guarantees that businesses get the best value for their money. Companies must stay agile, connected, and ahead of their competition in every way possible.
Public Agency: Identified $1,200+ per month in excess legacy technology, which was alleviated by a simple update.
Critical Parts of a Telecom Audit: Identifying Billing Errors
Whether you work with a telecom auditing professional or decide to see what you can do on your own, a comprehensive telecom audit encompasses several pivotal components, including:
· A review of telecommunication bills and contracts.
· A complete analysis of telecom spending and usage patterns, focusing on managing and optimizing telecom assets.
· Build steps to identify billing errors, cost-saving opportunities, and how to address them.
· Research and recommend ways to maximize telecom infrastructure and services.
Reducing Telecom Costs through Telecom Expense Management
Telecom cost savings strategies include optimizing telecom services to reduce costs, such as “no technology overhaul” approaches, competitive strategies that look at what competitors can do, and disruptive techniques that are more intensive and likely to require removing and replacing equipment.
Determine the best course of action for your business’s telecom needs and the overall goal you’re trying to achieve. The Maynard Group can help manage transitions to new providers or technologies if necessary. Consider our complimentary, no-obligation bill audit to identify cost-saving opportunities.
Restaurant: Determined that Cloud solutions would save over $100 monthly plus create a total ROI for new phones and network equipment.
An incredible example comes from the City of Albuquerque, which ran its internal telecom audit. Granted, this is from a few years ago, from FY2011 to FY2013, but what they found is still worth sharing. Here are some of the highlights:
· They realized $273,000 in annual savings with their audit efforts.
· Uncovered $240,000 they can recover from overpayment.
· 95 percent of pager services should have been disconnected years prior, saving the city $52,000 annually.
· Their telecom budget was over three times greater than that of cities with similar operations.
· Finally, the audit uncovered that they could save approximately $2 million annually by converting landline services to VoIP.
Chances are Your Business Will Benefit from a Telecom Audit; The Maynard Group Can Help
Telecom audits are an indispensable tool in getting the best price possible with the best technology possible, ensuring that a company’s telecommunication services remain cost-effective and efficient. By digging deep into telecom expenses, contracts, and usage, businesses can uncover hidden errors or overspending and realize significant savings. As technology is constantly cheaper, an annual telecom audit makes sure that a company stays ahead, optimizing its operations and harnessing the power of effective communication.
The Maynard Group has indeed found business savings with our telecom audits. They allow us to get the best prices and equipment for your business while building trust with you. Trust is the hardest thing to prove in business, and we take your trust seriously. Contact us today at 888.376.5577, and let’s find some savings for you, too.