What Does Tech Expense Management Software Mean?
IT expense management software is programming that provides an organization with full visibility into what budget is being spent on information technology. Full visibility includes how much budget is being spent, why it is being spent and which department has authorized a specific purchase.
An important goal of IT expense management software is to help IT administrators understand when operating expenditures are not aligned with the organization’s strategic business goals. IT expense management software can help build trust between IT and the rest of the organization by helping IT and finance leaders to:
- Understand the role technology plays in successfully driving business objectives.
- Manage IT invoices from multiple companies located in multiple geographic locations through a centralized dashboard.
- Ensure transparency for surcharges and other hidden expenses, including auto-renew clauses.
- Provide documentation for how different departments across an organization are using third-party cloud services.
- Help managers identify ways the organization can save money by consolidating or eliminating specific expenditures.
- Provide high-quality historical data that can be used to forecast budget for future IT operating expenses (OPEX).
IT expense management software is a sub-category of IT Financial Management (ITFM) software. It is gradually replacing older versions of telecom expense management (TEM), IT asset management and financial information system (FIS) software applications. Popular vendors for this market segment include Brightfin, Genuity and Tangoe.