Financial Services Frustrations
- Ineffective Spend Management
- Lack of effective spend managing
- Poor Platform Preferences
- Primary telecom platform are not user friendly
- Lack of Cost Savings
- Poor record of invoice payments
- Fixed Telecom Visibility
- Weak building of inventory
- Not giving business managers the ability to self-service
How CBI can Help
Fortune 500 Financial Client Case Study
Fortune 500 Company is among the largest global providers of insurance, annuities and employee benefits programs. Serving approximately 100 million customers, Fortune 500 Company has operations in over 60 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East.
Business Situation - The Problem
The staff at Fortune 500 Company were dissatisfied with their current TEM Provider. The existing solution was falling short as they weren’t effectively managing spend and the platform wasn’t user friendly. Fortune 500 Company wanted increased cost savings, a more robust inventory, better record of invoice payments and deeper visibility to give their business managers the ability to self-service. Fortune 500 Company's purchasing department developed a comprehensive RFP and sent it to the top four TEM providers. CBI Telecommunications Consultants with the GTEM® Solutions Platform was selected.
Technical Situation - The Solution
CBI conducted a wireless audit and optimization and began processing Fortune 500 Company invoices for review, approval and payment. As of Q1 2018, Fortune 500 Company has 58 vendors with 1,063 active wireline and wireless accounts. Fortune 500 Company implemented CBI’s TEM offering – GTEM® Solutions – as their TEM solution. The CBI managed service solution consolidates all reporting, support and transmission of telecom expenses into one system. GTEM® Solutions handles wireline/fixed and wireless monthly bill review, invoice approval, audit and cost allocation, inventory of telecom assets and line of business reporting. Mobility and fixed cost reduction were achieved through invoice audits, optimization recommendations and MAC-D orders and support.
CBI’s managed service solution, by our experienced consultants, became an extension of Fortune 500 Company’s staff, allowing them to effectively manage their telecom spend with a user friendly platform that provided a more hands on end-user portal. Wireless expenses saw a 33% cost reduction, while wireline expenses saw a 12.5% cost reduction. GTEM® Solutions verified a 1-time cost avoidance of more than $1 Million and combined with the annualized cost avoidance, resulted in a 25% cost reduction in the first year.
Fortune 500 Company reported improved overall reporting and support capabilities, enabling them to:
• Save costs annually across our Global Technology Estate
• Provide an enhanced user experience
• Deliver higher quality information and more robust reporting
• Leverage greater innovation in expense management and reporting
An additional benefit of working with CBI Telecom is CBI’s status as a woman-owned business (WBENC), which helped Fortune 500 Company achieve additional diversity goals.
Fortune 500 Company
“CBI found a Billing Error in one of the invoices that the GTEM system processes for payment. That error amounts to an approximate $1,150,211.38 credit. We will not see that actual amount come in because we short paid the invoice as soon as the error was found, but I wanted you to know what a great job CBI is doing with their audits.”
Telecom Expense Lead/PMO Consultant