With oil price volatility fluctuating at record highs, top executives with leading financial and banking institutions have increasingly recognized the need to develop strategic energy management programs. As part of his recent "Call To Arms" initiative, Cadence CEO Jeffrey Hart challenged executives of multiple site organizations to take the necessary steps to decrease energy, leasing and telecommunications expenses through a more comprehensive expense management program.
Wachovia Corporation is the fourth largest bank holding company in the United States based on assets. Cadence will be providing energy and expense management software and services for 2,700 Wachovia branch locations, ATM and office buildings in the Southeast United States, as well as their corporate headquarters in Charlotte, North Carolina. According to Wachovia Corporation vice president for energy management, Stuart Rose, the organization needed a "proven, flexible system" that could bring more actionable intelligence to its nearly 11,000 bills it receives each month.
"We certainly did our due diligence in finding an expense management organization that had strong capabilities, a good track record, and a fair price -- Cadence received high marks on each of those criteria," Rose explained. "We need to be able to track and measure energy usage, how much we pay and where improvements can be made. We chose Cadence because of their deep utility domain expertise and technology. Most importantly, Wachovia and Cadence approach business relationships based on trust and partnership. We have common values. Cadence has proven to be a truly strategic partner."
Rose added that they expect to save 1 to 2 percent immediately on Wachovia's energy costs because of efficiencies gained by implementing Cadence software and services in processing and payment of bills. "The switch to Cadence has been smooth, painless and a non-event for Wachovia."
Hart commended Wachovia executives for taking the initiative in finding better ways to not only protect how they use finite resources, such as oil, gas and water, but also in how they seek to bring the most value to their shareholders and customers. "There is time and money to be saved, and what are perceived as hard costs can be significantly impacted by smarter and more efficient procurement and more scrutinized bill auditing," Hart said.