Con Edison recognizes that every dollar we invest has an impact on customer bills each month. As a responsible corporate citizen and we need to invest in our system wisely, choosing which challenges to pursue and following the most cost-effective options to overcome those challenges. Choosing the best cost management strategies demonstrates that as a company we’re getting the best return possible on the dollars we spend.
To better administer our expenditures, develop business intelligence that helps us manage costs more effectively, and make purchasing methods consistent company-wide, Con Edison implemented a new purchasing protocol in July of 2012. The new Oracle system, Project One, allows employees in all company organizations to adopt a consistent, common method for procuring goods and services. This makes it easier to purchase material and services, manage inventory, report financial and purchasing data, and analyze data from recorded transactions in order to help develop business plans and budgets.
In addition to the launch of this system, effective cost management is achieved through communication, a collaborative approach to planning and implementation, and the application of ongoing and forward-looking analysis. It requires us to work each day in a more efficient and productive manner, and make a personal commitment to be accountable for the impact we have. We are also focused on cost consciousness, or the basics for productivity and cost-control. We will ensure that expectations are established, communicated and enforced, and that contracts and material costs are effectively controlled. Con Edison achieves cost management excellence through the improvements in work volume and cost efficiencies, optimized use of overtime, reduced contractor costs, service and maintenance cost reductions, procurement of the most cost-effective energy supplies, elimination of work, and reduction in tax liabilities and other assessments.