The objective of every mobile expense management practice is baked into the name – managing mobile expenses. However, this is typically code for ‘help us save more money.’ Therefore, practitioners’ core performance metrics focus on controlling and optimizing expenses to generate savings though technology management practice activities. Thinking specifically about this central responsibility, there seem to be four activities that generate the most mobile expense savings.
According to an enterprise study conducted by AOTMP® Research, the average annual savings generated by a mobile expense management practice is 10%. This is significant considering today’s organizations tend to pay more year-over-year on mobility due to the growing volume of equipment inventories and services consumed. Every opportunity to control and optimize expenses helps keep budgets in check — and that means more savings that can be used to fund other initiatives.
Enterprises indicate contract negotiations as the single biggest money-saving practice of mobile expense management. If performed optimally, contract negotiations can contribute as much as 36% in total savings generated while rate plan adjustments for individual and pooled users can contribute an additional 20% to the savings total. Meanwhile, disconnecting unused services accounts for 24% of total savings achieved and correcting invoice billing errors accounts for 12%.
These research findings illustrate that expense management is a multifaceted practice. Sourcing, auditing, optimization, invoice processing, and end-of-life management each contribute to maximizing the total amount of savings generated. And that means maximized savings requires multiple tools.
Fortunately, AOTMP® University has your budget’s back — check out our TEM Management Tools Bundle today to see how we can help you save money, enhance efficiency, and drive business performance improvements!