Digital transformation isn’t just a buzzword anymore – for many businesses, innovation is essential for staying competitive. But with 90% of companies overpaying between 20% to 30% on cloud-based SaaS technologies,1 meeting digital transformation goals may cost even more than anticipated.
The cloud isn’t the only area where organizations are overspending, either – many businesses overpay on telecom services by 30% or more.2 If your company is struggling to keep up with the latest technology demands, it’s likely time to optimize your IT and telecom costs with an expense audit.
What Is an Expense Audit?
Expense audits are a comprehensive review of a company’s IT and telecom expenses to identify areas where costs can be reduced. The goal of an expense audit is to identify opportunities for cost optimization, such as eliminating unused features, correcting billing errors, and consolidating services.
During an expense audit, an expert technology advisor reviews all aspects of your technology ecosystem, including your IT and telecom spending, budgets, contracts, and vendors. They’ll identify areas where your company has redundant or unused services and provide vendor-agnostic recommendations on what you can do to optimize your expenses.
How Can Businesses Benefit From an Expense Audit?
Expense audits offer a range of benefits to businesses of all sizes, from startups to enterprises. Here are some of the ways your business can benefit from an expense audit:
An audit can identify areas where you’re overspending on IT and telecom services, uncover billing errors, and identify unused or unnecessary services. Addressing these issues and potentially recovering your overpayments can significantly reduce expenses and improve your bottom line.
An expense audit can help streamline your IT and telecom infrastructure by identifying and eliminating redundant or unnecessary services. This can improve efficiency and productivity by ensuring your teams use resources in the most effective way possible.
Better Vendor Relationships
An expense audit can actually help you build better relationships with your IT and telecom vendors. By negotiating better rates and consolidating services with fewer vendors, you can develop closer relationships with your trusted providers, leading to better service and support.
Expense audits can help your financial teams develop a more accurate and effective IT and telecom budget. By identifying current spending patterns and trends, you can more easily predict future expenses, allocate resources more effectively, and avoid unexpected costs.
Many businesses are subject to regulatory compliance requirements, which can be challenging to navigate. An expense audit can help you identify any compliance issues, while your technology advisor can help you find the solutions needed to meet all relevant regulations.
What Are the Advantages of IT and Telecom Cost Optimization?
Once you’ve optimized your IT and telecom costs with an expense audit, you’ll have room in your budget to meet your digital transformation initiatives. Use your savings to invest in essential technologies and services that drive your business forward, such as:
- Connectivity – A fast, reliable internet connection is vital for today’s businesses. If you haven’t upgraded your connectivity solution in a while, you’re likely missing out on the increased productivity, cost-savings, and dependability of modern internet solutions.
- SD-WAN – SD-WAN, short for software-defined wide area networking, has risen in popularity as more businesses adopt cloud systems and applications. The right SD-WAN solution can help your business enjoy improved internet performance, enhanced security, centralized management, and cost savings.
- Cloud Communications – Cloud communications include unified communications as a service (UCaaS), contact center as a service (CCaaS), VoIP solutions, and other cloud-based tools designed to boost team collaboration. As companies embrace remote and hybrid work models, cloud communication solutions are key for supporting work-from-anywhere teams.
- Microsoft Teams – Many organizations today are familiar with Microsoft Teams, the popular cloud collaboration platform. By voice-enabling MS Teams or integrating it with your existing communication software, you can create a seamless collaboration experience no matter where your team is working.
- Cyber Security – Hybrid work environments give workers the flexibility they demand – but also create new threats for IT teams to overcome. Keep your dispersed workforce secure with cyber security solutions that meet your company’s unique needs.
- IT Services – Even companies with in-house IT teams can struggle to keep up with day-to-day remote work technology issues, maintenance, and system updates. An IT services provider can help your team stay ahead of technology problems and get more time back in the day to focus on projects that help your business grow.
Optimize Your IT and Telecom Expenses With OnDemand
Make room in the budget for bigger and better IT and telecom technologies by focusing on cost optimization. No matter where your business is on your digital transformation journey, a technology advisor can help you find opportunities for significant savings.
OnDemand’s technology advisors can help you optimize your IT and telecom costs with an expense audit and provide vendor-agnostic recommendations to help you drive your business forward. Trust OnDemand for knowledgeable experts who will sit on your side of the table – and do what’s right for your business. Get in touch today to learn more.