Now is the Best Time to Audit Your Vendors – Here's Why!
If you are in IT, you already know how to do more with less. These days, those skills are needed even more. So, given the increasing numbers of technologies and apps you have to manage, right now you're keeping vendor contracts on the back burner. You'll get to them when things calm down, right?
It's important not to let the disruptions caused by COVID keep you from the business of running a tight ship and keeping costs as low as possible. Distractions right now could result in leaving thousands of dollars on the table, while you attend to more pressing issues.
It's also important to understand that your suppliers are always looking for ways to sustain their revenue flows. One way is to keep charging their clients for services they may not be using and inventory that has long since been shelved in the back room. It's not always that they are dishonest, but they certainly aren't going to take the time to ask if you need everything they're billing you for!
If you are looking for ways to save moving forward, here are some areas where you should be doing a deeper dive:
- Are there any issues with connectivity, bandwidth and remote access? How are updates being handled? Are you paying for performance levels outlined in your SLA that aren’t being delivered?
- You should be able to pick up the phone and reach someone quickly. How long does it take to get to a live person who can help? How quickly is a ticket turned around? Can they answer your questions? Or do they simply refer you to online FAQs?
- Your vendors, if they are worth their salt, should also be partners. Can you discuss surrounding issues, new technologies with them? Or are they keeping the conversation shackled only to the products and services they provide you?
- When was the last time you shook the dust off your contracts and re-negotiated for a better deal? If it’s been longer than a year, it’s time to have a second look. Things change, needs change and pricing changes. Make sure you’re on top of it.
Even though you are strapped for time right now, these are key actions that need to be taken on a regular basis. Now they are more important than ever. Technology continues to evolve and pricing continues to change.
Now would be a great time to contract with a professional to go through all this for you. A professional not only knows what to look for, they have the power and savvy to negotiate for better contracts on your behalf. At TTI, we've been helping organizations save thousands of dollars on their annual IT/Telecom spend for years. Let us know how we can help!