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The Importance of Effective Inventory and Asset Management in Today’s Economy

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A complete and accurate inventory of telecommunications products and services is more vital than ever today. With the challenging global economic situation, companies are even more focused on results.

The market is constantly changing. Mergers, acquisitions and divestitures have resulted in changes in corporate dynamics as business units, services and suppliers are added to or removed from the existing service base.

Features and configurations may vary to suit a company’s needs – whether it is when addressing the new normal, in a hybrid work environment or when simply replacing legacy services with newer options – which requires an effective process to control all these moves, additions, changes and exclusions to keep inventory current and avoid additional costs.

Economic and competitive factors are forcing companies to take a closer look at their telecom and technology services to understand what they have today, what they really need, and what they will need in the future. Keeping a comprehensive and accurate inventory helps businesses ensure they are not paying for services they do not want, need, or even know about.

Driven by the abandonment of older technologies and the desire to improve services for employees, enhance customer experience and create more efficient and effective organizations, IT and telecom services transformations are accelerating as companies digitize their voice and data networks and move more services into the cloud, seeing mobility and technology as essential tools for the daily activities of corporations.

Why are companies looking closely at IT and Telecom inventory?

Rising costs of legacy services are directly impacting corporate bottom lines. Opportunities to avoid service migration are becoming more difficult to achieve.

Features and functionality that improve employee productivity and satisfaction in a hybrid and increasingly dynamic work environment can only be achieved by taking advantage of the latest technologies.

To be competitive, companies must offer speed, features and functionality that have a direct impact on the customer experience, which can be achieved through these technologies.

As companies transform, they must ensure that the services they need are in place and that obsolete technologies are phased out in a timely manner. It is very common to see companies with services installed but never used, older services that are not completely disconnected and continue to be billed, and customers changing locations without disabling these connections.

An accurate inventory of existing resources is essential to this process and to achieving the ROI of the transformation project. It is only through a detailed understanding of current inventory that a company can be sure it is paying exclusively for the services that it needs. Only with a detailed view of this inventory of new and legacy products and services can this be achieved.

Companies are looking for the most capable and cost-effective solutions on the market, leveraging dedicated Internet, broadband, and cloud-based collaboration and communication systems to replace voice services, in order to connect employees and customers. Businesses that fail to keep an up-to-date inventory can face millions in unnecessary additional costs.

If you are not able to keep your inventory up to date and your IT and Telecom services within your company’s needs and adjusted according to your budget, look for a company and specialized tool to help you out. Are you ready to get your inventory in order and stop paying for unnecessary or unused services?