When LA investment firms implement new technologies, productivity and efficiency go up, but often so do internet and telecom requirements - which could mean increased costs. Is there any way you can keep your systems current without incurring huge upgrade costs in the process?
The answer is yes. This article provides suggestions on how to successfully do business in today’s technology-driven world without sending the firm’s operating expenses through the roof.
It May Not Be What You Think It Is
You may actually have enough bandwidth. It may not be a bandwidth or carrier issue. How old is your firewall? When was the last time the firmware was updated? Is it the bottleneck causing your internet speed to decrease? Rather than immediately looking to increase your ongoing operational costs, it may not be the speed of your line at all. First things first - make sure the equipment providing your internet connection is properly sized for the number of users you have and their internet connectivity needs. It may simply be a firewall or router replacement will give you all that you need.
Don’t Replace: Upgrade!
If you are looking to upgrade your line, it’s tempting to replace your present connection(s) in the name of staying “current” with changes/improvements in technology. Resist the urge to change if upgrading will serve the same purpose operationally. To reduce costs and avoid any temporary workflow disruptions, avoid switching to an entirely new carrier unless it’s absolutely necessary.
Backup, Backup, Backup
If you're looking to upgrade you circuit, consider utilizing your slower, older technology based connection as a backup connection (giving you redundancy for your internet connection). Today's costs continue to go down. So, rather than doing a complete "rip and replace" leverage the technology that's already in place to improve your redundancy.
Optimize and Re-Allocate
The widespread use of tablets and smartphones in the corporate environment continues to go up, so organizations need to properly monitor and manage their telecommunication services to avoid excessive charges. Technology partners such as Telcom Insight, UTR Global, and TEMNet can streamline the determination of options, selection, implementation, and service management process for busy investment firm managers.
- Telcom Insight: Telcom Insight specializes in reducing voice and data expenses for businesses of every size.TI is an independent consultant, providing an objective review of data and voice costs to ensure the most competitive quotes from all the players: AT&T, Verizon, Qwest, Telepacific, XO, Paetec, and many more.
- UTR Global: UTR provides a thorough framework of service and technology processes that can manage all voice, data, and wireless inventory, service orders, and billing. The simplified overview reports help managers make smart service decisions.
- TEMNet: TEMNet will audit a company’s previous 12 months’ invoices to identify vendor billing errors and secure credits. Built-in tools help establish technology use policies, and convert corporate telecom and smartphones to new and cost-effective service plans.
Staying current in terms of internet and telecommunication services is mandatory for LA investment firms, but it can be expensive if approached incorrectly. Resource allocation partners and SaaS solutions help to minimize the costs associated with progress, enabling RIAs to meet modern operating standards without breaking the bank.
What tips does your firm use to cut down on internet and telecom costs? Let us know your thoughts in the Comments box below.
And to follow-through on the tips introduced in this short article, be sure to download your free guide, Investing in High Net Worth Clients: The LA Investment Advisor's Guide to Using Technology to Manage and Grow Your Firm.