A telecom audit entails a review of an entity’s telecommunication expenses to identify areas they may be overspending. The process allows auditors to look into the organization’s local telephone and internet bills, wireless services, and other charges that may cause inaccuracies. Telecom audits have become more relevant today because internal and external communication is vital for the prosperity of any business.
For most entities, 90% of phone bills contain errors and mistakes. It is therefore prudent to ensure that all your bills are accurate. Whether the errors discovered are your fault or that of your service provider, it’s necessary to review your bills before paying them. There is no need to pay up to 25-40% in extra fees for phone bill errors when there is an alternative.
Statistics showing the relevance of telecom audits include:
- Uncovering and increasing your savings to 25%
- Ensuring optimal use of telecom resources and reducing expenditure by 37%
- Getting refunds of up to 3 years from errors in past billings
- Reducing telecom service expenses by 21%
- Saving up to $100,000 by fixing problems with the telecom infrastructure.
Merits of a Telecom Audit for Your Business
Expenditures regarding telecom services are unavoidable. Companies need a better understanding of these expenditures to create a proper telecom budget to keep track of their spending. The effective use of telecom audit resources enables businesses to improve their bottom line. The following benefits outline the need for telecom audit services:
1. Increase in Savings Percentage
Through telecom audits, you will identify incorrect rates and billing errors with ease. Any professional utility bill auditor is usually aware of the prevailing rates for telecom services. This gives the auditor the ability to identify and expose overcharges, change the rates, and spot errors in previous invoices. As a result, you get to increase your savings percentage.
Gartner shows that business entities that do not audit their telecom services end up forfeiting an extra 10% or more of their network services to their network service providers. Telecom audits will help to recover an overpayment, identify stranded assets and increase budget efficiency. While 10% may seem average, the right telecom audit services will help uncover up to 25%.
2. Optimize Telecom Resources
At the beginning of a telecommunication project, a client had an obsolete telecom service that needed to be updated to enable a seamless connection between satellite offices. So they requested a telecom audit to review all the aspects of their system and make recommendations. After the review, the team came up with advanced technologies, such as VOIP. This helped the client to save up to 37% on their expenditures.
3. Guaranteed Refunds
There have been complaints by several clients about how the various telecom service providers overcharge them. In such cases, a minor billing error can magnify as it repeats over months and years. The right telecom audit services can help you get missed refunds for up to 3 years’ worth of past billing errors from your provider. This refund plus the future savings from a telecom audit translates to a significant amount for your company.
4. Managing Telecom Expenses
Before contacting a telecom audit company, a medical facility was operating on an antiquated local telecom service and required an upgrade to meet their needs. The medical facility serves a large population, requiring them to keep track of their large number of clients. The second problem was that they also needed a system to make detailed medical and financial information readily accessible.
The telecom audit company came to its rescue by evaluating its current technology and updating it. They also conducted an inventory of all contracts and services to determine which ones were unnecessary. They automated their cost accounting by consolidating invoices and standardizing their invoice reporting tools. This medical facility reduced their annual telecom services by 21%, amounting to 185,000 dollars in savings from their services.
5. Finding and Fixing Problems in Your Telecom Infrastructure
In a recent telecom audit, the client noticed unusual calls sent overseas. The call was then traced to a company switchboard operator unknowingly transferring a hacker who claimed to be a board member to the client’s company. The problem, in this case, was phone fraud, and the company could shut down the outside transfer function after the telecom audit. Before ending the scam, the client incurred a cost of 100,000 dollars. Without the telecom audit, the problem would still be ongoing.
As much as hiring a telecom auditor has become crucial, it’s challenging to find the right one. Consider hiring an auditing company with a long history of auditing. This proves the company has enough experience in telecom audits. A telecom audit company is also considered reliable if they have positive reviews from previous clients.
For the best telecom audit services, you will need a firm that implements proprietary knowledge, technology, and methods that result in efficient services. Contact us for the best telecom audit solutions.