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Cost Avoidance = Cost Savings – A Utility Tale
Making the decision to analyze your utility usage and spend in Deregulated states can provide a large return in Cost Avoidance and Cost Savings. Not every location in deregulated states can participate in a Utility Request for Proposal so identifying which locations will create those savings can take some time.
A nationwide optical manufacturer and retailer has over 800 locations that need to be analyzed for eligibility for the Deregulated state RFP. The Accounts Payable department processes each invoice with the account number and total due and no other breakdown of the kWh or therms which would be needed for the RFP. The time involved in putting this Big Data together was a roadblock in getting the RFP sent out and bids obtained.
This organization hired RadiusPoint to utilize the Utility Expense Management services that included the monthly invoice processing, allocation of expenses and a line item detail audit. ExpenseLogic, RadiusPoint’s proprietary software creates Big Data analytics that allows for this specific reporting that was needed for the RFP. ExpenseLogic has a line item field for each data point that is shown on the invoice.
Once the monthly invoice processing began for this organization the data that was needed for the RFP was readily at the RadiusPoint’s Utility Expense Management team’s fingertips.
The RFP was sent out and a monthly savings of over $20K was identified.
This savings represented a 5% reduction in their utility and gas spend!
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