A multitude of specialist vendors exist to manage and optimize technology spend for mid-market enterprises. Blue Hill Research, an independent research and advisory firm focusing on the enterprise technology marketplace, released a report that discusses key trends in mid-market Technology Expense Management (TEM). Titled, Mid-Market TEM Vendor Landscape, it contains useful information for those mid-sized enterprises looking to take the plunge into IT spend management. Click here to get your free copy of the Blue Hill Research Report, Mid-Market TEM Vendor Landscape.
Below, we highlight the top three things to know about mid-market expense management coupled with our insight and experience, after 15 years in this business.
- Mid-market TEM Solutions Providers Understand the Status Quo
- Unique, Niche Players Create Opportunities for Customized Solutions
- Many Options for Mid-Market Enterprises
- 1. Mid-market TEM Solutions Providers Understand Status Quo
According to the report, many smaller enterprises are still unaware of TEM – and those that recognize the need for it often debate whether to outsource or take it on, in-house. Mid-market TEM Solutions Providers are uniquely positioned to educate and help even the most cost-sensitive enterprises start down the TEM path with solutions that meet their wired and wireless management needs.
The single biggest challenge we see is a lack of awareness that TEM exists. CIOs in the Fortune 500 space are aware of large TEM providers and the associated cost with implementing such a management solution, but their counterparts in the mid-enterprise space often didn’t know about this revolutionary way of managing IT spend. Once they understand it, we’ve seen engagement levels improve and satisfaction rates soar – up to 99% as of this year
“The client has seen a “domino effect” in which vCom treats its employees well, with opportunities for education and professional development, and these benefits are transferred to end-customers in the form of strong customer relationships.” – Blue Hill research
The Blue Hill researchers found that mid-market TEM Solutions Providersoffer a wide range of niche services and capabilities – from traditional functionality such as mobile usage management and carrier bidding services, to supporting emerging technologies such as IoT. Given the range of offerings available, they assert that smaller enterprises should be able to find the TEM Solutions Provider that’s a good fit for their particular needs.
We speak with many IT leaders who, because the market is so fragmented and there is a vast range between service providers, don’t understand the total value a managed services delivery model for TEM and full lifecycle IT spend management could bring to their IT strategy. In our experience, when clients approach TEM from a full lifecycle management perspective, rather than as just a niche solution, the financial value proposition is much stronger. We’ve seen this borne out, time and again, regardless of the industry or the size of the organization.
The IT landscape and the plethora of spend items we manage is ever increasing. We argue that it will serve your organization better in the long run to have a comprehensive lifecycle management platform in place, along with subject matter experts, spanning from IT planning and procurement, inventory and invoice management, to financial accounting and smart business intelligence reporting.
Too many mid-market enterprises choose the status quo because they are overwhelmed by the number of providers and their niche custom solutions. We advise not to look at vendors based on geography, or module, or pricing, etc. –It’s almost impossible to compare the various types of products and services they offer. Rather, look for TEM Solutions Providers whose offerings encompass both professional services and software. We’ve found that a full lifecycle management as a service approach better serves the needs of the customer –– not a little bit of one and none of the other, or vice versa.
“vCom approaches TEM in three major areas of focus – planning/procurement, operational, and expense management – but each stage of its offering is included as part of full IT lifecycle management.” – Blue Hill research
Summing it all up
Take advice from pioneers like us in this market, a full lifecycle IT spend management model creates superior results over custom, piece meal solutions. There are many large (and expensive) providers offering a similar approach, but mid-market enterprises can escape the status quo without having to pay a hefty price tag.
Some organizations can do this more competitively than others, leveraging our carrier relationships to reduce the burden on the end-user. Mid-market enterprise clients can access the same opportunities that were previously reserved for larger organizations with larger budgets. More importantly, clients get total visibility and control of their IT spend down to the employee level giving them actionable insights to make smart decisions.
vCom is a cloud-based software and managed services company focused on helping enterprises manage IT spend from procure-to-pay. vCom improves visibility and control within a single software while decreasing expenses for wireline, mobile, cloud and collaboration technologies.
To learn more about vCom, visit vcomsolutions.com.