TMI is the name given to a suite of software tools designed to help companies save time and money.
The software can be used to automate tasks from making calls to setting up online accounts, setting up email addresses and sending money.
But the software also has a big reputation for being expensive.
The $5bn in lost productivity and customer service data is estimated to be $30 billion, according to a recent report by consulting firm Deloitte.
It is estimated that TMI costs $5,400 per job.
Some of the software is free.
But if you want to set up an account, pay for a premium service and get paid for those extra hours, you will pay up to $9,500 a year for TMI, according the Deloittes report.
It’s a bit like paying for an extra seat in a plane with a $1,500-per-person fee.
The cost is staggering, said Greg Latham, an analyst with research firm IDC.
“If you are an accountant, you would be tempted to say, ‘Oh, that’s not a bad deal’,” he said.
However, it is not just companies that are paying the price.
The Australian Government has recently released a national accounting policy for TMC, which has led to a number of job losses.
It estimates that TMC is costing the economy about $1.6 billion per annum.
If you have a $10,000 TMI account, that is a $600 loss.
That is why the Government has been lobbying the industry to help it reduce its cost, said Tim Southey, an assistant professor at the University of Tasmania’s business school.
“If they can get this policy passed, then we’ll be in a position where the TMC costs will come down, and we will be able to recover those costs,” he said, adding that the Government is committed to making the software available to companies.
Mr Southeys research showed that a small business could save $3,500 per annus if they set up TMI and set up a business account.
There are other problems with TMI too.
The TMI suite of tools can be confusing, said Dr Southety.
The tool does not specify exactly what each feature does.
It only has an overview, but that doesn’t necessarily mean what is happening in a task.
Another problem is that some of the tools are not designed for businesses to use for many tasks.
It may be that businesses have to learn how to use a particular tool to get the job done.
For example, there are several tools that use the Google Maps service, and they can be quite confusing.
Other tools have to be installed on a server or mobile phone to use.
This can add significant cost to the business.
While the government has made it easier for businesses using TMI to sign up, it does not make it free.
The Deloites report said the Government could not be sure if the savings would be realised, or whether businesses would need to pay more to use the software.
According to Deloits research, a company could save about $5 per hour, or $150 a year, if it was able to pay for the extra productivity and service.
But that would mean that $6,400 of productivity and $6.7 million of customer service cost per job would go to TMI.
In other words, the savings will only be realised if businesses are willing to pay the cost.
Even if businesses could afford to pay that cost, it would still be cheaper for them to just use TMI as a standard tool, said Professor Latham.
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