On average, Telecom Audits save businesses between 20% to 35% due to overages, errors and billing for disconnected service.
Research shows that the Small to Medium Sized Business market is spending billions of dollars each year in telecommunications costs. Telecommunications costs are not only the second biggest indirect expense, but ranks as the third or fourth largest overall operating expense for a business. Worse, 8% to 12% of those costs are in error; from disconnected services that continue billing, charges for unused services and other billing mistakes including excess fees and surcharges.
With difficult to read bills ranging from dozens to thousands of pages, where do you begin to identify potential savings? A third-party network audit is an excellent place to start. A comprehensive audit can uncover unused or under-utilized services, detect and resolve billing mistakes, and isolate inconsistencies in usage and costs. Once you have a full understanding of your services and usage, you can optimize your existing lines and bandwidth, renegotiate plans and contracts, and even engage new technologies to further reduce expenses.
Below are the top five areas for cost savings that a telecom audit will address:
1. Billing errors: In many cases, services that have been disconnected can still appear on bills, or lower rates that were previously negotiated haven’t been adjusted.
2. Out-of-term contracts: If your service contracts are running month-to-month, there could be a rate increase that you’re not aware of or you could be paying rates that are a few years old or have fallen under tariffed rates. In either case, there is a strong chance that current rates are significantly lower.
3. Unused or under-used services: It’s not uncommon to find companies paying for phone lines that are no longer in use to unneeded excess capacity and features that you never use. Companies of all sizes can often uncover unnecessary expenses that can be reduced.
4. Competing carriers: There are plenty of carriers that are willing to compete for your business, and likely some are a better fit for your specific business needs than others. Finding the right match can often lead to a better opportunity to reduce telecom costs.
5. Product & Service offerings: With the constant changes happening in telecom today there are newer cutting edge products and services that can offer significant benefits to your business. Services you brought a couple of years ago may not meet the needs of your business today. Adjusting your services can have a substantial effect on the bottom line.
Like most businesses, you probably don’t have the time or resources to take on an audit on your own. Engaging the help of a telecom professional not only saves you time and money, but ensures that your telecom needs are fully understood and allows you to take advantage of a host of solutions that fit both your needs and your budget.
To learn about billing audits, call (813) 343-0440 or send an email to email@example.com