MDSL (News - Alert) announced on Tuesday that a major French bank has chosen its telecom expense management (TEM) solution. The name of the bank was not disclosed in the announcement, but MDSL claims that it is a major, multinational bank and one of the largest in the world with headquarters in Paris and one other location.
One possibility is that the unnamed bank could be is BNP Paribas. This bank is based in Paris and has another office in London. According to Bloomberg (News - Alert), the bank had over $3.2 trillion in assets as of June 2010 and is currently the world’s largest bank. Other possible banks include Crédit Agricole, Société Générale, BPCE and Crédit Mutuel.
U.K.-based MDSL has offices in several offices around the world. Its two major products are its TEM and Market Data Management (MDM) solutions.
The TEM solution allows enterprise to better manage a disparate set of telecom expenses. Large companies often go with multiple providers for telecom service and as the number of vendors increases, so does the complexity of managing the bills. MDSL has found that complexity in turn, leads to higher expenses.
One approach to dealing with this problem, which many companies have often used, is to deploy an army of personnel to track bill expenses. MDSL argues that this leads to a lot of people doing ‘busy work’ who focus on numbers and can’t see the big picture. Its TEM solution presents information in a meaningful way that lets decision makers identify areas where expenses can be reduced.
MDSL’s MDM solution is designed for financial trading firms that need up-to-date information to better assist customers and to stay ahead of competitors.
Whichever French banking giant is using MDSL’s TEM solution probably needed it in a bad way. Even the smallest of the major banks in France employs tens of thousands of people and would have incredibly complex work to do managing multiple telecom bills. This is a very useful solution to a problem that has caused many large companies to waste money.
The good thing about the concept is that it can be applied to any expenses where companies use multiple vendors and lead to even more savings.
Edited by Alisen Downey