The number of employees telecommuting, working remotely and communicating via the internet continues to rapidly grow ─ in financial services and many other industries. The research firm Strategy Analytics projects that by 2022, 1.87 billion people will be working remotely across the world, a 29 percent jump from 1.45 million in 2016.
This means that organizations like yours must further embrace employee mobility and develop a strategy that scales for the future. However, enterprise mobility can quickly become a taxing expense.
While the upfront costs may seem steep, the benefits far outweigh the costs. Mikako Kitagawa, principal research analyst at Gartner, says in a press release, “While it's true that the cost of providing mobile devices can quickly escalate, proper usage of mobile devices can increase productivity, which can easily justify the extra costs.”
Financial services companies require a mobile strategy that can maintain high security and productivity, yet keep costs manageable. Here are four strategies to help your organization minimize its mobility costs.
1. Implement reviews of data charges
Be vigilant and review your mobile contracts to see where you may be overspending. With several smartphones and other mobile devices to review, along with varying data needs across these devices, it’s easy to miss a billing error or erroneous cost. Consider using a telecom expense management solution to help you identify and recover credit and savings.
2. Look for deals from your wireless or IT solutions provider
Avoid getting locked into an expensive, long-term contract. Wireless providers often offer discounts for clients who purchase substantial quantities of cellular devices. To avoid a large price tag when acquiring devices, shop wireless providers for deals or discounts. Or, find a solutions provider that will purchase Apple and/or other mobile devices at competitive prices for you, while handling the entire device lifecycle.
3. Establish employee expectations on data usage and more
Prior to rolling out new mobile devices at your company, set expectations with your employees on data usage, IT support and applications for these devices. Items such as expenses for using employee-owned phones, retirement of company devices and data overages can quickly add up, especially when formal policies have not yet been established and communicated. Don’t underestimate the importance of a well-planned and thought-out deployment phase.
4. Choose a BYOD strategy over strict use of company-owned devices
According to a 2017 report from the Pew Research Center, approximately 95% of the U.S. population have cell phones. A BYOD (Bring Your Own Device) strategy authorizes employees to choose using the devices they prefer ─ their personal devices versus company-owned. However, BYOD also necessitates that tight security measures be in place to protect sensitive data within your organization. As your IT team becomes taxed with an influx of devices and plans to support, consider using an IT solutions provider that offers device management and services for all your mobility needs, including those created by your BYOD strategy.
How mobile-friendly is your financial services organization? Take our quiz to find out.