Managing finances in today's fast-paced business world can be overwhelming, especially when it comes to handling telecom expenses. With the proliferation of remote work and digital communication, the complexity of Telecom Expense Management (TEM) has increased significantly. For businesses to stay ahead, modernizing their Telecom Accounts Payable (AP) processes is no longer optional—it's a necessity.
In the era of digital transformation, traditional methods of managing telecom expenses are proving to be inefficient and error-prone. Companies are dealing with numerous invoices from multiple vendors, often in different currencies and languages. This complexity can lead to delays, errors, and increased costs.
Businesses need to modernize their telecom AP processes to ensure accurate and timely payments, reduce manual intervention, and gain better visibility into their telecom spend. Modern TEM solutions offer automation and data-driven insights that streamline these processes, making them more efficient and less prone to errors.
Automated payment solutions are revolutionizing the way businesses manage their telecom expenses. These solutions leverage advanced technologies like AI and machine learning to automate invoice processing, approval workflows, and error detection. By reducing manual intervention, businesses can save time, cut costs, and enhance accuracy. They can also promote more sustainable workflows that reduce your negative impact on the planet.
Let’s look at some of the key benefits of modern (and proven) telecom spend management solutions.
Goldman Sachs, a global investment banking, securities, and investment management firm, faced significant challenges in managing its telecom expenses. With offices in 33 countries and over 1,000 locations, the firm handled more than 3,000 telecom invoices monthly, covering 65,000 unique service line items billed in over 15 currencies and languages.
The disparate processes and resources used across the globe led to chaotic and inefficient invoice intake, chargeback, and payment processes.
Goldman Sachs brought Sakon on board to transform its global telecom spend management practice, starting with the AP invoice automation process. Here’s how Sakon helped Goldman Sachs achieve remarkable improvements:
Step 1: Data Ingestion and Translation
Sakon’s platform ingests invoice data as vendors publish the bills, translating it into English and USD where needed. This ensures that all spend details are captured accurately down to the service level.
Step 2: Vendor Integration
Sakon integrates with all of Goldman Sachs’ global vendors, including major telecom providers like China Telecom, Orange, and Verizon. This integration ensures seamless data flow and consistency across all invoices.
Step 3: Automated Validation
Once the invoices are in the Sakon platform, they are automatically validated for accuracy using Sakon’s automated rules and workflow engine. This process includes a three-way match, checking the invoice against the contract and current inventory.
Step 4: Charge Allocation and Approval
The platform then allocates charges to cost centers, business units, GL codes, and locations before routing them for payment approval. The user interface provides efficiency and ease, allowing designated approvers to quickly review and push payments through.
The transformation led to several key benefits for Goldman Sachs:
Modernizing telecom expense management is crucial for businesses aiming to stay competitive in today’s digital landscape. As shown in the Goldman Sachs case study, Sakon's TEM solutions can significantly improve efficiency, accuracy, and cost control. By automating and streamlining telecom AP processes, businesses can achieve better financial performance and operational resilience.
Ready to transform your telecom expense management? Discover how Sakon can integrate AI into your TEM strategy for better efficiency and cost savings. Schedule a free demo today!