7 Ways to Streamline Enterprise Expense Management with the ServiceNow® Platform

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In today’s high-speed business environment, managing enterprise expenses efficiently is critical for success. IT, finance, and telecommunications professionals at Director and C-level positions within large enterprises often face the daunting challenge of keeping costs under control while ensuring seamless operations. This is where the integration of ServiceNow with a robust expense management platform can make a significant difference. 

ServiceNow offers a powerful solution for enhancing efficiency and visibility in enterprise management. By streamlining processes, automating workflows, and providing real-time updates, ServiceNow helps organizations achieve better control over their processes and expenses to make informed decisions.  

In this article, we will explore seven proven strategies for effective expense management with ServiceNow, demonstrating how it can revolutionize your enterprise’s approach to managing costs.

7 Proven Strategies for Effective Expense Management with ServiceNow

1. Achieve Centralized Control Over Expense Management

Integrating ServiceNow with your expense management platform allows for centralized control over all expense-related tasks. This centralization is crucial for improving efficiency and reducing complexity in managing telecom, technology, and utility expenses 

With all management tasks streamlined into a single platform, IT, finance, and telecommunications professionals can oversee all aspects of expense and change management in one place. 

  • Improved Efficiency: Centralizing management tasks reduce the need for multiple platforms, making it easier to track and manage expenses. This leads to faster decision-making and reduces administrative overhead. 
  • Reduced Complexity: By bringing all expense and change management activities under one roof, ServiceNow simplifies the process, reducing the likelihood of errors and ensuring consistency across the board. 
  • Enhanced Monitoring: With a centralized platform, it’s easier to monitor and analyze spending patterns, identify inefficiencies, and implement corrective measures swiftly. 

Centralized control not only streamlines expense management but also provides a clearer overview of all financial activities, leading to better-informed decisions and enhanced operational efficiency.

2. Maximize Efficiency with Automated Workflows

ServiceNow’s integration with an expense management platform like Tellennium’s MoT® allows organizations to maximize efficiency by automating complex workflows. Automation significantly reduces manual efforts and errors, leading to more consistent and reliable operations.  Automated workflows can streamline various processes, including: 
  • Device Orders and Changes: Automate the entire device ordering process for new and existing employees, ensuring timely and accurate fulfillment without manual intervention. 
  • Service Orders and Changes: Real-time detailed visibility of existing services through the ServiceNow platform to enhance change order activities and gain automated expense validation. 
  • Invoice Management: Automate over 95% of the accounting and finance workload related to invoice management, including retrieval, uploading, cost allocations, filing, archiving, payment automation, and reconciliations​​. 
  • Approval Processes: Set up automated approval workflows for expense reports, ensuring compliance with corporate policies and reducing the time needed for manual approvals. 
  • HR Processes: Automate HR-related tasks such as onboarding and offboarding, making sure all necessary equipment and services are provisioned or decommissioned smoothly. 
By leveraging automated workflows, organizations can enhance operational efficiency, minimize human errors, and free up valuable time for their staff to focus on more strategic tasks. Automation through ServiceNow ensures that processes are consistent, timely, and in compliance with organizational standards, leading to significant improvements in productivity and cost management. 

3. Enhance Decision-Making with Comprehensive Inventory Management

Integrating ServiceNow with Tellennium’s MoT platform enhances decision-making capabilities by providing comprehensive and real-time inventory management. Accurate and up-to-date inventory data is crucial for making informed decisions regarding telecom, IT, and utility assets. 

  • Real-Time Visibility: Gain real-time insights into inventory details such as device status, usage, and location, ensuring that all assets are accounted for and managed efficiently. 
  • Detailed Inventory Tracking: Track granular inventory details, including physical addresses, device specifications, contract dates, and more. This level of detail ensures that decision-makers have all the information needed to optimize asset usage. 
  • Automated Inventory Management: Automate inventory management processes, including moves, adds, changes, and disconnects (MACD) workflows. This reduces manual errors and enhances operational efficiency. 
  • Proactive Management: Use real-time data and detailed reports to proactively manage and optimize inventory, identifying underutilized assets and making necessary adjustments to maximize value. 

With comprehensive inventory management, organizations can ensure that their assets are used efficiently, reducing waste, and optimizing costs. The integration of ServiceNow with an expense management platform provides the necessary tools and insights for better asset management and informed decision-making. 

4. Stay Informed with Real-Time Updates and Enhanced Visibility

ServiceNow provides real-time updates and enhanced visibility into all aspects of enterprise expense management, which is essential for maintaining operational efficiency and making informed decisions. This capability allows IT, finance, and telecommunications professionals to stay on top of their expenses with up-to-date information. 

  • Real-Time Tracking: Monitor expenses, orders, and inventory in real-time, ensuring that all data is current and accurate. This reduces the lag between data collection and reporting, allowing for quicker response times and better decision-making​​. 
  • Enhanced Communication: Real-time updates facilitate better communication between departments. For example, finance teams can instantly see when an order is placed or when an invoice is processed, enabling more coordinated and efficient operations​​. 
  • Operational Oversight: With real-time visibility into expenses and inventory, managers can easily track performance against budgets, identify discrepancies, and take corrective actions promptly. This level of oversight helps in maintaining financial control and accountability​​. 
  • Accurate Reporting: Generate accurate and up-to-date reports that reflect the current state of expenses and inventory. This ensures that all stakeholders have access to reliable data for strategic planning and analysis​​. 

By providing real-time updates and enhanced visibility, ServiceNow ensures that organizations have the necessary tools to manage their expenses effectively and respond quickly to changes. This leads to improved operational efficiency and more informed decision-making. 

5. Optimize Expense Management with Broad Service Coverage

ServiceNow, when integrated with an expense management platform like Tellennium’s MoT, offers broad service coverage that optimizes expense management across various domains. This comprehensive approach ensures that all types of expenses are managed efficiently under a single platform. 

  • Mobility Management: Oversee mobile devices and related services, ensuring optimal usage and cost-effectiveness. Automate tasks such as provisioning, billing, and reporting for mobile services. 
  • Wireline Services: Manage fixed-line telecommunications and network services, maintaining control over expenses and service quality. This includes tracking usage, negotiating contracts, and ensuring service compliance. 
  • Utilities Management: Handle utility expenses such as electricity, water, and waste management, optimizing costs and ensuring accurate billing. ServiceNow can integrate these utility expenses into the broader financial management system for better visibility and control. 
  • SaaS Licensing: Manage SaaS subscriptions and licensing software-as-a-service applications, ensuring that all licenses are up-to-date and used efficiently. This includes tracking renewals, usage, and compliance to avoid unnecessary costs. 
  • IoT Management: Oversee Internet of Things devices and services, ensuring that they are deployed effectively and cost-efficiently. Monitor usage patterns, manage device lifecycles, and optimize related expenses. 

By covering a wide range of services, ServiceNow helps organizations streamline their expense management processes, reduce inefficiencies, and achieve significant cost savings. The broad service coverage ensures that all expense categories are accounted for and managed efficiently, leading to better financial control and optimization.

6. Scale with Ease Thanks to ServiceNow's Flexibility

ServiceNow’s integration with an expense management platform like Tellennium’s MoT offers the flexibility and scalability needed to adapt to growing organizational needs. This capability ensures that as your enterprise expands, your expense management processes remain efficient and effective. 

  • Seamless Integration of Additional Services: Easily integrate new services and expense categories as your organization grows. This flexibility allows for the addition of new telecom services, utilities, and other expenses without disrupting existing processes. 
  • Scalable Solutions: ServiceNow’s platform is designed to handle the increasing complexity and volume of data associated with growing enterprises. This scalability ensures that your expense management system can grow with your organization, maintaining efficiency and control. 
  • User-Friendly Interface: A centralized access point for managing telecom and mobility operations enhances self-service tasks, improving efficiency and productivity for all users involved. 
  • Regulatory Compliance: Ensure ongoing compliance with regulatory requirements as your organization scales. ServiceNow’s robust compliance features help manage legal standards and data protection guidelines, maintaining operational integrity across various jurisdictions. 

By leveraging the flexibility and scalability of ServiceNow, enterprises can ensure that their expense management processes remain robust and efficient, regardless of organizational growth. This adaptability is crucial for maintaining financial control and operational excellence as the business evolves. 

7. Ensure Enhanced Security and Compliance

Centralizing telecom management within ServiceNow significantly enhances security and compliance for enterprises. This integration helps avoid the pitfalls of using multiple third-party platforms, thereby maintaining tighter control over data and processes. 

  • Enhanced Security: By consolidating telecom management into a single platform, ServiceNow reduces the risk of data breaches and unauthorized access. Centralized management ensures that security protocols  are consistently applied across all telecom operations. 
  • Regulatory Compliance: ServiceNow helps organizations adhere to various regulatory requirements by providing tools for monitoring and managing compliance. This includes ensuring that all telecom activities meet industry standards and legal obligations. 
  • Consistent Protocols: With all telecom management activities centralized, it’s easier to enforce consistent security protocols and compliance measures. This reduces the risk of non-compliance and ensures that all processes are in line with corporate and regulatory standards. 
  • Audit Trails: ServiceNow provides comprehensive audit trails, making it easier to track and document compliance efforts. This transparency is crucial for audits and regulatory reviews, demonstrating that the organization meets all necessary requirements. 

Enhanced security and compliance through centralized telecom management not only protects the organization from potential risks but also builds trust with stakeholders. By using ServiceNow, enterprises can ensure that their telecom operations are secure, compliant, and efficiently managed.

Closing Thoughts on the Value of ServiceNow for Enterprises

Managing enterprise expenses effectively is crucial for success. Integrating ServiceNow with an expense management platform like Tellennium’s MoT offers a robust solution for handling telecom, technology, and utility expenses. 

ServiceNow centralizes control, automates workflows, provides real-time updates, and enhances visibility, leading to significant improvements in operational efficiency. Its broad service coverage ensures all expense categories are managed efficiently, while the platform’s scalability and flexibility allow for seamless growth and adaptation to changing needs. 

Enhanced security and compliance capabilities ensure that all processes are secure and meet regulatory standards. These strategies for effective expense management with ServiceNow provide a clear path to better financial control and cost optimization. 

risks. 

If you’d like to include Tellennium in your TEM/MMS vendor comparisons, reach out to us to schedule a brief demo of our solution.

ServiceNow and the ServiceNow logo are registered trademarks of ServiceNow, Inc.

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Rob Halik is a Senior Analyst at Tellennium, specializing in Managed Mobility Services, Telecom Expense Management, and Utility Bill Management. With over 25 years of industry experience, Rob provides enterprise expense management insights to help businesses optimize their operations and reduce costs. This article is a collaborative effort by our expert team members at Tellennium, including Greg McIntyre, Shawn Veitz, Matt McIntyre, and Todd Givens, who collectively bring over 100 years of industry experience.

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