XCEL ENERGY GOES LIVE WITH IQNAVIGATOR TO MANAGE ITS SERVICES SPENDING
Xcel Energy gains control and visibility of contract compliance using IQNavigator
DENVER, Colorado - September 20, 2005 - IQNavigator, Inc., the leading global provider of services procurement and optimization solutions, today announced that Xcel Energy, a leading electric power and natural gas energy utility, has implemented IQNavigator to manage and control its contingent workforce spending including admin/clerical, IT workers, and call center operations. The implementation went live July 2005 and Xcel Energy is already seeing many positive results.
“IQNavigator has brought visibility and control to our services spending, driving down costs through contract compliance and process efficiencies,” said Patricia Vincent, President, Customer and Field Operations, Xcel Energy. “Using IQNavigator to automate our processes, we save time and can more accurately evaluate supplier performance.”
Due to the industry’s tight regulations, IQNavigator was certified by the Xcel Energy Sarbanes-Oxley group and tested to ensure compliance with the various federal and state utility regulations. IQNavigator’s extensive reporting provides the detailed information to comply with the regulations while also providing thorough supplier analysis. Using IQNavigator, Xcel Energy can better evaluate its suppliers’ performance and associated rates ensuring the best quality for the best rate.
Before IQNavigator, Xcel Energy had to manually check each invoice with the original contract to make sure that the rates were correct. Using IQNavigator, it is now done automatically. The system delivers one consolidated invoice that guarantees the contracted rates. In addition, IQNavigator captures all the accounting codes and categorizes them by business unit giving visibility to each business unit’s spending.
Xcel Energy selected IQNavigator to manage its services spending based on its proven customer success and extensive product functionality across all service categories. Recognizing the opportunity for immediate savings, Xcel Energy first attacked the contingent workforce spend category. Given IQNavigator's demonstrated ability to handle all services categories, Xcel is now evaluating IQNavigator to manage additional service categories including legal and vegetation management.
“IQNavigator’s primary goal is to deliver immediate business results to our customers and we are happy to have achieved this once again at Xcel Energy,” said John P. Raeder, Jr., President and CEO of IQNavigator. “Now that Xcel Energy has control of their contingent workforce, we look forward to driving additional cost savings through IQNavigator in other service categories.”
About IQNavigator
Founded in 1999, IQNavigator provides services procurement and optimization solutions to Fortune 500 companies such as Shell, Northrop Grumman, Sony Electronics, Schlumberger and Alcatel. The company's award- winning suite of integrated applications enables companies to increase profitability by reducing and controlling costs for all types of outside services spending worldwide. IQNavigator has a successful track record for delivering a compelling and fast return on investment, as well as adaptable process control, enterprise-wide financial analysis and enhanced performance. The company is recognized as an industry pioneer and offers deep domain expertise in key market segments such as financial services, energy, healthcare, manufacturing and aerospace/defense. IQNavigator is headquartered in Denver, Colorado, and is found on the Web at www.iqnavigator.com.
