Challenge To Save Energy Costs, Resources Eclipses Five Million
October 28, 2004
Cincinnati, OH -- October 28, 2004 - Energy prices are going through the ceiling. Gas prices are consistently over two dollars a gallon, and elements of the trickle down theory will force the cost of doing business to continue to increase. Yet, since issuing his Call To Arms initiative two months ago, even in this volatile environment, Cadence clients have already saved in excess of $5 million dollars.
This partnership has created a “one stop shop” for clients to centralize disparate information and develop better tracking methods for utilities, telecommunication, lease management and waste expenses. An integrated line of products will now be offered so clients may create a customized solution that best meets their needs.
Cadence CEO Jeffrey Hart stated that consumers might have to bear the brunt of the growing volatility in oil prices if businesses are not proactive in their management of these expenses, thus the drive to his Call To Arms initiative. The program challenges operations executives and CFOs of major multiple site organizations throughout the United States to save not only hard dollars but also finite natural resources.
“And it’s working,” Hart said. “Since issuing the initiative, we have saved clients over $5 million in hard dollar savings through better procurement of energy in regulated and deregulated markets, through the use of the most sophisticated auditing system to find and rectify billing errors, and our proprietary energy expense management framework. We have processed over 500,000 invoices in this short time period, and the savings in time and hard dollars are real and are available to any organization willing to take me up on this challenge.”
Hart spoke proudly of four recent examples of savings by Cadence Network experts and software:
$100,000 in utility reimbursement for a major grocery chain who was being charged for utility fees, however did not own the site;
$20,000 in water surcharge reimbursements for a major automotive retailer due to sophisticated auditing that found the surcharge was out of parameter from where it should be;
$15,000 in reimbursement for a major apparel retailer for faulty gas meter readings;
$80,000 in reimbursement due to lease overcharges for a major clothing retailer.
“There are many companies out there that I applaud for doing the right thing - proactively managing their expenses, auditing and finding waste, and taking a strong performance management approach to their energy expenses,” Hart said. “But, sadly, I have seen too many organizations that continue to overspend on energy, or worse, don’t know that they are overspending.”
Hart states that his organization has assisted in saving hundreds of millions aggregately to date for Cadence clients, by spotting waste and inefficiencies in billing rates, billing errors, and simple overspending.
“Volatility in energy costs is not a reason for a knee jerk reaction of raising prices on consumers, which will serve to do nothing but throw water on a growing economy,” Hart said. “In answering this call, multiple site businesses are better able to focus efforts on core competencies and continue their growth. In addition, a byproduct of bringing performance management into expenses and energy management is the savings of time, money and our all important natural resources.”
About Cadence:
Cadence Network, Inc. is an expense management firm that delivers comprehensive expense management solutions for chain store and multiple site businesses in the banking, government, restaurant, retail and grocery industries. Cadence is recognized as an Energy Star Partner by the United States Environmental Protection Agency. The people and products of Cadence allow successful businesses to monitor and manage the third largest costs of doing business – electric, gas, water, sewer, trash, lease and telecommunications. The solutions designed are customized to address the unique business requirements of companies with many sites and many departments managing many vendors across many geographically dispersed locations. Cadence offers accounts payable outsourcing, web based software applications and professional services.
CONTACTS
Cadence Network Contact: Ben Dolan, Cadence Network, Inc. 866-CADENCE (866.223.3623) bdolan@cadencenetwork.com