Maturation of Real Estate Process
& Data Management
Maturation of Real Estate Process & Data Management
Overview
A publicly traded real estate investment firm had developed a portfolio of properties comprised of more than 10 million square feet and spanning the United States.
The firm develops, acquires, and operates multi-tenant office buildings and employs a distributed workforce of in-market, regional, and corporate resources to meet deliver leasing, development, and management services to their partners and tenants.
Challenge
While the firm had scaled from both a portfolio and staffing perspective, its process and data management solutions had not matured accordingly. Processes were largely manual and paper driven. Given the geographically distributed workforce, this resulted in processes that required significantly longer than should be required to complete with significant amounts of waste specific to areas such as status tracking, shipment, lost documents, and document retrieval.
In addition to the reduced efficiency, the firm was falling behind the capabilities of peer competitors resulting in decreased satisfaction of both tenants and employees.
The end result was a 50%+ reduction in offsite document storage fees, and 20%+ reduction in shipping
The end result was a 50%+ reduction in offsite document storage fees, and 20%+ reduction in shipping
The end result was a 50%+ reduction in offsite document storage fees, and 20%+ reduction in shipping
Solution
Addressing this challenge started with gaining a solid understanding of the needs of the business, its employees, and external stakeholders. This enabled the definition of a comprehensive solution strategy and use cases focused on closing gaps and addressing the needs of each stakeholder group vs simply replicating an existing paper-based process.
Following the definition of the strategy and use cases, solutions were evaluated based upon the defined requirements and implemented to support a proof-of-concept implementation in a low-risk department that mirrored many of the requirements of the property management and development teams. This approach enabled a rapid win while at the same time building champions within the business that served as advocates for future phases and partners in guiding the organizational change management activities.
Following the successful proof of concept, a phased enterprise-wide implementation was completed, enabling the business to consistently realize value while at the same time minimizing the risk of implementing more change at a single time than the enterprise could handle. The end result was a reduction in the time required to complete core enterprises processes from days/weeks to hours, greater than a 50% reduction in offsite document storage fees, greater than a 20% reduction in shipping, and most importantly – providing all stakeholders with immediate access to process status and documents in a secure manner from any location resulting in improved employee and end customer satisfaction.
