Case Study: Large Financial Company achieves over $20M telecom cost reduction with IQ Telecom

IQT Drives $20M Cost Reduction for Large Financial Institution

Large Financial Company was struggling to manage telecom costs amid closures, acquisitions, and staff relocations, which led to inactive services continuing to bill, new services not matching contracted rates, late fees, and little visibility into what services were in use or where. Vendor IQ Telecom (IQT) stepped in with its IQ 360° platform and telecom inventory management approach to bring control and transparency to the environment.

IQ Telecom built a location-based inventory of services and costs from provider invoices and other records, reconciled contract rates, removed unnecessary services, secured refunds, and put change-management processes in place to keep the inventory current. As a result, Large Financial Company achieved $3 million in savings in year one and more than $20 million in reductions over three years, including a 23% reduction in monthly invoices processed and a 19% reduction in costs over three years.