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‘The Garden Shed’ of Expense Management
Mary Finnimore, Infoview’s CEO, reveals why effective inventory management involves more than the occasional ‘spring clean’
Over my years in Technology Expense Management, I’ve heard every excuse from business leaders for not upgrading their inventory management solution. They always lack the need, desire, or time to bother with implementing an automated system – after all, the spreadsheets work ‘just fine’.
I’ve always found these reasons to be strikingly similar to excuses for not doing work around the house, which led me to a realisation:
Many businesses treat Expense Management like their derelict garden shed
A tin box that, sure – does the job, but is dark, untidy, and has a few rusted nails protruding out of the walls. And just like Expense Management, the excuses to avoid refurbishing remain the same.
Why fix what’s not broken?
The spreadsheets that many businesses use lack the visibility and control of an automated system, and also pose a potential a risk to the business as a whole. Just like a dark shed, the lack of visibility in spreadsheets can make inventory management challenging, which can create security risks. Additionally, the labour required to control spreadsheets leaves room for human error, as well as resulting in increased administrative overhead. As opposed to struggling to navigate the mess of your shed, automated systems do the heavy lifting for you and identify the patterns and trends hidden in the data.
I’ll just fix it later
It is commonly believed that implementing technology expense management processes can be delayed without consequence. However, by delaying implementation, the shed’s condition only worsens, and the work required to fix it increases. Furthermore, it only prolongs the time a business can be scratched by a rusty nail and pay for services not in use, or worse still, pay more than the contracted rate.
It’s too much effort
Like home-improvement, the idea of building a technology inventory for your company sounds onerous at first. Particularly if you think it means physically inspecting every billing point on your books. Thankfully, however, this process has been simplified by many Technology Expense Management providers through analysing the carrier billing data to account for inventories. In this way providers operate as a contracted tradesman, working to build a shed that is safe, well-organised, and tailored to your needs.