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In headlines everywhere, the threat of a recession looms for the U.S. But that isn’t deterring most organizations from staying on track with their digital transformation initiatives. In fact, 83% of business leaders polled in a recent PwC Pulse survey say they are focusing the business strategy on growth.

To ensure their goals are achieved, SpyGlass — the industry leader in technology expense management (TEM) — offers some tips on how to keep your tech spend on budget for ongoing investments. 

How 99% of Industries Experience Savings with a SnapShot Audit

Tip #1: Analyze Your Expenses With SpyGlass’ SnapShot Audit

When you don’t know what you’re spending your budget on, it’s easy to overspend. That’s why it’s important to analyze all technology service expenses to see exactly what you’re spending to eliminate unnecessary expenses when possible.

When First Harvest Credit Union wanted to uncover technology expense savings, they reached out to SpyGlass to see what the SnapShot Audit difference was all about. Almost immediately, SpyGlass analyzed the credit union’s expenses and identified:

  • Overlooked improper tax and tariff applications
  • Old telecom services that were not deactivated
  • Unknown landline charges
  • And outdated pricing promotions

The result? First Harvest saved $120,000 annually on tech service expenses. Each SnapShot Audit client receives a thorough analysis of tech service costs across voice, data, internet, cloud services, SaaS license, and mobility to determine areas of unnecessary expenses that can either be eliminated or lowered.

Tip #2: Identify Potential Savings and Streamline the Path for $$$

As with any budget, making cuts needs to make sense and ensure the business continues running efficiently. When the 23rd largest bank in Texas needed to save on tech expenses, they went straight for a SpyGlass SnapShot audit.

Since its founding in 1926, CommunityBank of Texas experienced several mergers and acquisitions that resulted in increased technology service costs, which led to leadership’s decision to make significant changes. Enter SpyGlass and the simple, powerful SnapShot Audit.

Once the TEM experts performed their comprehensive SnapShot Audit, they were able to determine the bank had numerous extra expenses including unused/excessive landline services including internet connections and data connections, along with excessive fees/pricing surrounding phone lines.

What do clients think of the process? Community Bank’s Executive VP, Walt Wilkerson explains: “The SpyGlass team weren’t overbearing, and they didn’t call me every day asking for something. We’d have a meeting, go over a section of the bills, and then follow up a couple of weeks later. It was about a six-month process, and it was very painless.”

To get the savings underway, SpyGlass was able to assist the bank in eliminating many large and unnecessary expenses while getting technology service finances organized for the future. As a result, CommunityBank saved more than $300,000 annually.

“We’re probably going to add staff and then do some more upgrades on our network with the savings that SpyGlass found,” explained Wilkerson.

By accessing carrier billing details, we create industry-leading telecom and technology service savings and recommendations. It also establishes clearly defined technology benchmarks and trends that can be used to identify additional savings opportunities.

Did you know one SnapShot Audit is never enough?
Don’t miss out on the benefits of a repeat TEM audit.

Tip #3: Optimize Services and Implement Approved Recommendations for Savings

Once your technology expenses have been identified and analyzed, it’s time to optimize services to maximize savings.

As many business leaders know, when the workforce shifted to remote work as a result of the pandemic, it became hard to track added technology and the related service costs associated with this equipment. Case in point: A West Coast medical care and wellness provider relied heavily on recommendations from SpyGlass’ SnapShot Audit findings to manage the technology service costs of the thousands of wireless devices used by staff.

The surprising savings outcome? More than $129,000 annually by identifying and reducing their telecom spend.

Are you ready to reduce expenses, brace for any impacts from the recession, and start your digital transformation?

Start today and get valuable tech service cost-saving recommendations. SpyGlass experts are standing by.