Case Study: a large financial institution achieves $20M telecom cost reduction with IQ Telecom

Large Financial Institution cuts telecom costs by $3M with IQ Telecom

The client, a large financial institution, was struggling with a lack of visibility into its sprawling telecom environment after a period of closures and acquisitions. This resulted in ongoing charges for inactive services, non-contracted billing rates, and late fees. IQ Telecom was engaged to address these challenges.

IQ Telecom built a comprehensive inventory of services and implemented its IQT 360° platform for change management. Their solution involved removing unnecessary services, reconciling contracts, securing refunds, and processing invoices to validate charges monthly. This rigorous approach delivered $3 million in cost savings in the first year and a total reduction of over $20 million across three years for IQ Telecom's client, while also providing full ongoing cost visibility.