What's the Goal of Financial Management in 2023?

31 January 2023 | Posted by Don Kiernan

This year presents more financial challenges for business than most. With the threat of a global recession looming, keeping tight control of your company’s budget is more important than ever. So, what are the goals of financial management in 2023? And what can you do to achieve them?

What Are the Financial Challenges This Year?                 

We are undoubtedly living in challenging financial times. At the very least, 2023 threatens an economic downturn calling for businesses to tighten their belts. At worst, the possibility of a worldwide recession is on the cards. Inflation has been creeping up globally, raising operating costs, and energy prices have gone through the roof.

Experts predict that ongoing supply chain issues will also continue to make daily business for enterprises far from straightforward in 2023. These issues began with difficulties caused by the pandemic but now, other factors, such as extreme weather and war, are expected to impact availability of supplies.

Enterprises are therefore set to face an array of business challenges in 2023. Although this will no doubt mean cut-backs in many areas, spending on IT products and services is forecast to grow, as forward-thinking companies use software solutions and services to boost efficiency, cut costs and future-proof their businesses. In fact, Gartner predicts that global IT spending will reach a total of $4.6 trillion in 2023, as organizations push ahead with digital initiatives in response to the economic situation. This amounts to an increase of 5.1% from 2022.

Download The Complete Guide to Telecom Expense Management. Get a summary of TEM  in the 21st century.

What Are the Goals of Financial Management in 2023?

In this challenging financial landscape, it’s vital for businesses to keep a close eye on their finances and strengthen their defenses against the threat of recession. This inevitably makes effective financial management in 2023 no mean feat, as chief financial officers will need to work harder than ever to achieve stability.

Accurate budgeting and forecasting will therefore be an important way to ensure your business succeeds in this year’s economic reality. So, good financial management in 2023 will mean tightly controlling expenditure and allocating your company’s available funds effectively to ensure you can meet all your costs. Having a reliable financial strategy will help your company to achieve its short- and long-term goals, enabling your business to ride out the lean times and come out booming on the other side.

Maximizing value from the essential services your organization needs is also crucial. For example, companies spend a significant percentage of their IT budgets on telecoms, and this is likely to include an element of unnecessary expenditure. Global enterprises now depend on complex telecom networks of fixed-line, mobile, and IT services, provided by multiple suppliers, across numerous geographies. Such complexity means that many enterprises will be overspending on telecom services.

This is therefore an important area for you to review and ensure your organization is getting the maximum value possible from its services. However, this can be a time-consuming and complicated procedure to carry out in-house, so it’s wise to get expert assistance from a good telecom expense management service. This helps you reduce telecom expenses, maximize efficiency, and free up your own team to work on business-critical tasks, rather than troubleshooting telecom issues.

Factoring in telecom expense management services to your financial management in 2023

If you want to streamline your company’s finances and get the greatest value possible from the services you receive, it pays to factor in a reliable telecom expense management solution to your financial management in 2023. This can help you keep track of your voice, wireless, and data services across suppliers, and help simplify your bills.

With today’s hybrid workplace dependent on reliable communications platforms, it’s become increasingly important to manage the security, compliance, and support functions of a growing telecom environment. And some telecom expense management services can support your internal teams with managing compliance and security, all controlled via a single, convenient portal.

In fact, a dependable telecom expense management partner will help you get your house in order with audits and accurate inventory management. It can also unlock considerable savings, by detecting billing errors, identifying redundant services, and cutting costs wherever possible.

However, just how much you save will wholly depend on the standard of service you receive from your provider. Some partners can supply a fully managed service with dedicated support, while others may only offer limited, basic services, that leave you to do all the hard work. The best providers can work as an extension of your team, auditing all invoices and pursuing every dispute to keep costs down.

With the right telecom expense management provider, you can optimize your spend on telecom contracts, cloud technology, and software as a service (SaaS) licenses. You can also improve the telecom services you receive, with better procurement and end-user support. These invaluable services can deliver big savings for your business, helping you to ensure your financial management goals for 2023 are so much easier to achieve.

Download the complete guide to telecom expense management

Topics: TEM

Get regular Telecom roundups direct to your inbox.