Cadence CEO Issues Challenge To Save Millions in Energy Costs, Resources
September 27, 2004
Cincinnati, OH -- September 27, 2004 – Featured throughout the news media in recent weeks are growing concerns surrounding rising energy prices and the effect it will have on consumers and businesses this coming winter season. According to a recent Bloomberg News interview, Cadence CEO Jeffrey Hart stated that consumers might have to bear the brunt of the growing volatility in energy prices if businesses are not proactive in their management of these expenses.
So today, Jeffrey Hart announced his “Call To Arms” initiative, and has challenged operations executives and CFOs of major multiple site organizations throughout North America to save millions of dollars in the coming fiscal year in energy expenses. In addition, Hart said, the byproduct is a significant savings of wasted finite resources being utilized inefficiently.
“There are many companies out there that I applaud for doing the right thing – proactively managing their expenses, auditing and finding waste, prioritizing and proactively implementing capital improvements, 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. Stop just paying the bills. Institute a comprehensive energy expense management program, auditing bills, procuring energy under optimal rates, and leveraging your capital expenditures. Together, we can save millions, protect consumer prices and conserve energy.”
Hart proudly states that his organization has assisted in saving its clients millions by implementing comprehensive expense management programs that spot waste and inefficiencies in billing rates, billing errors, and simple overspending. Specifically, Hart points to a recent situation in which Cadence rate analysts discovered a majority of sites for a client were on the wrong rate and immediately saved the client $560,000. Finally, through better energy procurement, Cadence identified purchasing opportunities in regulated and deregulated markets throughout the United States and resulted in $4 million in savings.
“Volatility in energy costs is not a reason to simply raise consumer prices, which will serve to do nothing but throw water on our economy,” Hart said. “Forecasting and budgeting is extremely difficult with this volatility, but when you add in the fact that there are multiple sites throughout the nation on differing rate structures, then further complicated by billing errors – it’s a recipe for disaster.”
“In answering this call, multiple site businesses are better able to focus efforts on core competencies and continue their growth,” Hart added. “In addition, a byproduct of bringing performance management into energy expense 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