News:
Veramark Telecom Expense Management Solution Helps Reduce Telecom Costs for Pepco Holdings, Inc.
Date : 04/13/2010 @ 8:00AM
Source : MarketWire
Stock : Veramark Technologies, Inc (VERA)
Quote : 0.45 0.0 (0.00%) @ 8:19AM
Veramark Telecom Expense Management Solution Helps Reduce Telecom Costs for Pepco Holdings, Inc.
PITTSFORD, NY -- (Marketwire)
04/13/10
Pepco Holdings, Inc. has selected Veramark Technologies, Inc. (OTCBB: VERA), a leading provider of Telecom Expense Management (TEM) solutions, to help the East Coast energy company process telecom invoices more efficiently and reduce telecom expenses. The Veramark® solution leverages the TEM provider's VeraSMART® Telecom Expense Management software.
Pepco Holdings, Inc. (PHI), which serves the energy needs of about 1.9 million residential and commercial customers in the mid-Atlantic region, engaged Veramark in 2009 to audit their telecom inventory and expenses and implement an ongoing TEM solution. The audit identified opportunities for telecom savings related to contracts, usage, network optimization, and third-party billing.
"An accurate telecom inventory is essential for the success of any TEM initiative," said Josh Bouk, Veramark's Senior Vice President Global Services. "Our auditors reviewed PHI's telecom bills, contracts, and customer service records to identify every line and circuit they were paying for. We discovered immediate savings opportunities in the process, but the greater value was in establishing an accurate inventory baseline from which we can manage PHI's communications network to minimize cost and maximize performance on an on-going basis."
Every month, Pepco Holdings, Inc. receives 84 telecom invoices that contain hundreds of pages and thousands of line items. Validating all those charges is a daunting business challenge. The Veramark solution allows PHI to receive and process carrier invoices electronically rather than through costly paper-based methods.
"Processing these monster invoices in paper form had become prohibitively expensive and time consuming," said Keven Fitzsimmons, who is responsible for telecom expense reporting at Pepco Holdings, Inc. "Validating each charge was nearly impossible. VeraSMART provides visibility to billing details that lets us process invoices accurately and efficiently. We saw immediate benefits when the system was implemented. For example, we were able to see where we were being slammed, and identify lines that could be eliminated."
VeraSMART is a scalable and fully integrated Web-based application platform that provides centralized data management, workflow automation, and business intelligence for telecom expense management. Pepco Holdings, Inc. is using VeraSMART components for call accounting, invoice management, and charge allocation to provide ongoing management of these TEM processes. Veramark hosts the software at its Tier 4 data center in upstate New York. PHI has complete control over the software and the processes it manages.
"In addition to enabling electronic invoice processing," said Fitzsimmons, "the VeraSMART system helps us keep our telecom inventory up-to-date. Adds and disconnects can be entered directly into the application, allowing us to validate invoices and maintain our inventory with an accuracy that was previously unachievable."
The VeraSMART system also allows Pepco Holdings, Inc. to allocate telecom charges to responsible individuals and cost centers. Charges are exported from VeraSMART and imported into PHI's SAP system.
"We're very happy with the Veramark solution and are exploring possibilities of expanding the system with optional VeraSMART capabilities, which include contract management," Fitzsimmons said.
"We're pleased that our TEM solution has enabled PHI to take control of their telecom environment," said Bouk. "We look forward to supporting their TEM efforts and helping them to achieve even greater savings going forward."
About Pepco Holdings, Inc. (PHI)
Pepco Holdings, Inc. (NYSE: POM) is one of the largest energy delivery companies in the Mid-Atlantic region, serving about 1.9 million customers in Delaware, the District of Columbia, Maryland and New Jersey. PHI subsidiaries Pepco, Delmarva Power and Atlantic City Electric provide regulated electricity service; Delmarva Power also provides natural gas service. PHI provides competitive wholesale generation services through Conectiv Energy and retail energy products and services through Pepco Energy Services.
About Veramark Technologies, Inc.
Veramark is a leading provider of innovative enterprise solutions for telecom and IT expense and performance management. Veramark solutions provide visibility into operational expenses and generate actionable business intelligence to help organizations reduce spend and optimize business processes. Veramark solutions, which include software and services for Telecom Expense Management (TEM), call accounting, and Business Process Outsourcing (BPO), enable best practices for managing complex unified communications networks on a global scale. For more information, visit www.veramark.com.
Veramark, VeraSMART, and eCAS are registered trademarks of Veramark Technologies, Inc. MySMART and VeraSMART Performance Advisor are trademarks of Veramark Technologies, Inc. All other trademarks are the property of their respective owners. This press release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. A variety of factors could cause actual results to differ from the anticipated results expressed in such forward-looking statements. These may include but are not necessarily limited to changes in general economic conditions in the United States and overseas, technological changes in the telecommunications or computer industries, the timely and successful launch of planned new products, the timely installation and acceptance by end-user customers, and the impact of competition or changes in the marketing strategies of major distributors.
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