"It is an efficient, reliable package." - Glendora Moses, Cleco Investment Recovery
Cleco Corporation (Cleco) wanted to obtain better prices for the sale of equipment, vehicles and other assets, to streamline the investment recovery process, and to increase revenues. The company looked for a cost recovery solution that was simple to implement and would boost revenues while making it easier to sell assets.
Epiq implemented an auction based investment recovery system for Cleco that investment recovery personnel can access to initiate and monitor asset sales and prospective buyers can use to make real time bids and offers. The investment recovery system now increases asset sale prices, streamlines the disposal process, generates additional revenue, and lowers transaction costs.
Epiq's software helped Cleco to automate, improve and streamline the asset sale process. Investment recovery personnel could generate additional revenues by selling hard to liquidate assets, increasing the sale price of assets through competitive bidding, rapidly disposing of non-performing assets. Epiq's powerful tools enhanced buyer contact, improved event communication, and increased buyer participation. Epiq's reporting functionality also provided improved control and analysis of the entire investment recovery.
Cleco Corporation is an electric utility and wholesale energy company with power generation capabilities in three states. The company decided to automate its investment recovery process and chose Epiq Technologies' software after searching for suitable products. Glendora Moses, who is in charge of Cleco's investment recovery process, explains why Cleco elected to go with Epiq, "One of the main reasons was Epiq's speedy reply and help to be of service. Epiq was there for us. Price, courteous service, and ease of implementation were the main reasons."
After the software was installed, Cleco realized significant process improvement gains. Investment recovery personnel could now use Epiq's tools to automatically distribute asset specifications and quickly negotiate the best price. Moreover, the process of collecting offers to buy assets was simplified, significantly reducing the chances for human error. Implementation of Epiq's software also reduced paperwork and the number of documents needed for asset sales. Cleco also realized a reduction of storage and handling costs due to a more rapid asset turnover.
In addition to process improvements, Cleco was able to boost revenue. With Epiq's software, Cleco could leverage the Internet to expose hard to sell assets to a greater number of buyers. The competitive bidding process led to higher asset sale prices. In addition, Cleco was able to increase asset turnover and more rapidly dispose of assets. Altogether, the software produced a high ROI for Cleco and helps the company reach revenue and costs savings goals. Glendora Moses described Cleco's ROI, "All the investment was returned in the first year. I'm bringing in more money on the auction. A real good ROI. Its really good for companies like ours - events are really efficient and fair."
Epiq's software also allowed Cleco to build goodwill with buyers and prospective buyers of assets. The software's automated contact features keep buyers up to date and notify prospective buyers of new assets for sale. Moreover, the software improves communication and accurate dissemination of current price information throughout the purchase process. Cleco was also able to include other parties who would not normally participate in an asset sale event. With Epiq's software, the company was able to open their auctions up to employees who enjoy the opportunity to purchase certain assets. In addition, people from other geographic locations can bid to purchase assets using a standard Web browser. Glendora Moses states that the software "makes the process fair for the whole company. We have people that are on the road that can bid on the item. Fair company-wide."
Epiq's software provides Cleco personnel with improved management, control, and analysis of the asset sale process. Investment Recovery personnel can monitor auction events from a Web browser using Epiq's fully featured, comprehensive, and powerful tools. During and after the auction, company personnel can obtain real time price information, buying information, and history of the asset sale. Overall, the Cleco's experience with Epiq's software has been excellent. Glendora Moses sums it up, "It is an efficient, reliable package."