Did you know that almost half of the $370 billion spent annually on tech costs comes from small and medium-sized businesses (SMBs)? With such a large expenditure draining the budget, it’s vital that SMBs identify ways to save, including:
➡️ Opportunities to proactively manage technology service provider contracts.
➡️ Insight into tackling new tech contract management — including managing subscriptions and extracting key information such as pricing, renewal dates, and terms.
SpyGlass experts can show you how to stay ahead of tech service contract costs with its industry-leading technology expense management (TEM) SnapShot Audit. Keep reading to learn how you can start saving. ⬇️
Why your business needs a tech contract spend review
Without a dedicated resource on staff, reviewing technology contract spending has a tendency to go overlooked, causing businesses to leave money on the table for products or services they rarely or no longer use.
SpyGlass specialists pair proprietary technology spend analytics and sophisticated software with hands-on analysis to clarify your tech contract spending. In fact, after reviewing thousands of SnapShot Audits, Owen Hood, Vice President of Business Analytics, discovered that businesses spend up to 20% of their tech budgets on telecom contracts or tech they rarely use.
In 2022, Hood identified numerous savings opportunities for SMBs that underwent a SnapShot Audit of their tech service contracts, including:
💵 27% of total savings opportunity found from cost reductions
💵 50% of total cost reduction after implementing savings opportunities
💵 34% of total implemented savings that come from cost reductions
“These savings percentages are directly related to telecom contract reviews and saving recommendations,” explained SpyGlass Vice President of Implementation and Project Management, Mike Farrell. “When we are able to reduce a client’s cost on specific services, that typically means a contract has lapsed and they are not taking advantage of discounts and promotion. We uncover these opportunities through our analysis and arm the clients with the tools to reduce costs.”
Are you ready to go beyond cost-saving benefits?
While the bottom line is always front and center for business leadership, a tech spend audit that focuses on new technology and telecom contracts can also:
➕ Enhance productivity
➕ Give you a competitive advantage
➕ Increase collaboration
According to the US Chamber of Commerce, auditing technology helps businesses effectively use the tech they have to its fullest capabilities. This empowers businesses to increase productivity while also reducing the consumption gap. Plus, these businesses have a better understanding of the technology itself and can drive future tech-based decisions, which results in eliminating ineffective tools.
Real-life SnapShot Audit savings
When the City of Richmond, Texas underwent a SnapShot Audit, they saved more than $76k annually by putting promotional pricing on their analog phone lines that had fallen out of contract.
This type of savings scenario is common for SpyGlass clients. Plus, to keep up-to-date on contract management after implementing savings opportunities from a SnapShot Audit, SpyCare can help ensure tech bills don’t get out of hand again in the future.
Let’s talk about how much your tech service contracts are costing you.