BALTIMORE and CINCINNATI, Nov. 9, 2004 (PRIMEZONE) -- Cost Management Performance Group LLC (CMPG) (www.cmpg.us) is celebrating six years of helping Baltimore-based Provident Bank channel millions of dollars in cost savings into its regional expansion throughout Maryland and Northern Virginia, and into the metropolitan areas of Washington D.C. and Richmond.
Since 1999, Provident Bank has leveraged CMPG's information, knowledge and skills to optimize its relationships with suppliers in areas that range from IT hardware and telecommunications to service contracts. As in Provident's case, CMPG helps companies better leverage their buying power and strike better deals with suppliers by utilizing benchmark data to reveal opportunities and by applying advanced sourcing techniques to evaluate market alternatives. CMPG shares its benchmark data with Provident to help the company understand how its supplier contracts compare to best practices in pricing, total cost and performance. "With CMPG, we get valuable insight into how our relationships with suppliers measure up against our peers and the market," said Jay Fitzhugh, Group Controller, Operations, adding, "CMPG's people are very talented and we use their experience to help us implement sourcing programs that reflect best practices and that reduce costs while delivering significant improvements in service from our suppliers."
According to Grant Karnes, CMPG's President and Executive Partner, Provident recognizes the value of building strong, profitable supplier relationships, and is benefiting from that understanding. "Provident has always displayed a superior understanding of how sourcing- and purchasing-related costs are essential to profitability. Our benchmarking capabilities and sourcing skills add value to their decision making and help them continually challenge their operating costs," Mr. Karnes said.
Pivotal to Provident's expansion has been CMPG's leadership in managing costs, said Russell Johnson, Provident's Group Manager of Operations. "CMPG brought the right talent to the table, so we didn't have to reallocate our own people," Mr. Johnson said. "More importantly, CMPG contributes to our decision making as we evaluate deals with suppliers," added Chairman and CEO Gary N. Geisel. "Their strong knowledge of marketplace dynamics and benchmarking capabilities complement our efforts to select top suppliers to support our business. As Provident's footprint and market presence expand, it is critical that we have cost management disciplines in place and that we work with our suppliers to strengthen our business for the benefit of our customers. CMPG helps Provident manage this expansion by saving money on the purchasing side to help fund our growth." Earlier this year Provident bank successfully completed the integration of Southern Financial and Essex Savings Bank, adding thirty branches, located in Virginia and Washington, D.C.
In addition to Provident Bank, CMPG has helped manage costs for such Baltimore-area companies as Baltimore Gas & Electric and Ciena Corporation. For more information about CMPG, visit www.cmpg.us or call (513) 533-4144.
About CMPG
Headquartered in Cincinnati, Ohio, CMPG uses detailed benchmark data and advanced sourcing and supplier management methods to help companies of all sizes achieve earnings growth by reducing operating costs and improving supplier performance. The company has offices in Cincinnati, Ohio; Charlotte, NC; Naples, FL; and Salt Lake City, UT. Since its inception in 1998, CMPG has contributed more than $150 million to the profitability of its clients.
The Cost Management Performance Group LLC (CMPG) logo is available at: http://www.primezone.com/newsroom/prs/?pkgid=1294