EDMS for real estate business expansion
- Customer
- SRS Real Estate Partners
- Project manager on the customer side
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- IT Provider
- CMW Lab
- Year of project completion
- 2023
- Project timeline
- January, 2023 - March, 2023
- Project scope
- 25 man-hours
- Goals
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1. Track and speed up the document approval process
2. Deliver legal notifications to the tenants linked to their leases dates and terms timely3. Optimize the lease parsing process to reduce managers’ workload
4. Having 285+ employees across US and globe, to track their performance and help them to succeed
- Project Results
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The time for lease parsing was taken down from 60 to 20 days
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X3 efficiency improvement
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Transparent KPI and motivation system for the employees
Now the Client's real estate brokers are sure to service their customers in a quicker and accurate manner. All the documents are tracked and approved online via CMW Lab process automation solution; the paperwork is kept to a minimum.
The company gained more flexibility and now feels more adaptive to legislation changes: any legal updates in the real estate industry can be introduced to the system right away with drag and drop simplicity. Granting access to the system or its parts for new team members and clients can be done without deep technical department involvement.
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The uniqueness of the project
The project was built for #1 largest real estate services firm in North America exclusively dedicated to retail.
The volume of document workflow that they had include 830+ clients with 1700+ property units, each with different lease dates and notifications.
The additional complexity of the project was preconditioned by the distributed team with 285+ real estate specialists in 25 offices around the globe.
- Used software
- CMW Lab Document Tracking Solution, CMW Lab BPM Suite (CMW Platfrom, ex - CMW Tracker)
- Difficulty of implementation
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The project connected thousands of manual operations in a large real estate company into a single automated environment within a business process management suite. The volume of document workflows that had to be automated included 830+ clients with 1700+ property units, each with different lease dates and notifications. The additional complexity of the project was preconditioned by the distributed team with 285+ real estate specialists in 25 offices around the globe.
- Project Description
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SRS Real Estate takes full responsibility for the key notification dates of the real estate leases 20 to 50 years long for all of their partners, who are now counting more than 830 commercial buildings owners. Each retailer attracts tens of tenants to be further notified about any changes happening to their agreement. The Client's real estate brokers have to keep a track on a vast amount of legal documents and notify partners timely about any changes occurring within their lease agreements.
Previously, notification procedures were performed with an Excel-based approach that wasn’t scalable. As the company started to expand, the growth point of switching from manual lease parsing to an automated one became vital. Handling such a volume of services in leases and representing so many properties had to be guaranteed by a sufficient level of sustainability.
Solution:Without changing their business model, SRS built a system within CMW Lab business process management suite to get the highest performance over multiple leases, key dates and notifications, as well as to get even better partners’ experience than they had.
The project was built within 60 days.
For these purposes CMW Lab (IT supplier) designed a fully automated tracking and approval process that served a rapid and easy transition from manual work and workload decrease.
Based on the CMW Lab reporting tool the company also built a metrics system to measure their success: turnaround time, burn rate, employees KPIs.
- Project geography
- Worldwide with an accent to North American region
On November 30, the professional IT community GlobalCIO hosted a large-scaled international conference "Global CIO Insights: Digital Transformation with AI". During the event, leading experts shared their practical experience in launching projects utilizing artificial intelligence (AI) and highlighted approaches that helped elevate their companies to new heights.
Voting for projects participating in the "Project of the Year" contest is open. The voting began on December 1st and will continue until January 15th inclusive. The winners will be announced on February 7th, 2024.
According to the statistics agency, the number of telecommunication and IT companies has increased 1.8 times in the last five years. At the beginning of 2023, there are more than 12 thousand ICT companies operating in the country. More than 100 thousand people are employed in the industry. At the end of 2022, the volume of ICT services grew by 125.5% and amounted to 22.9 trillion soums, of which 4.2 trillion soums were programming services provided by Uzbek companies and specialists. The total revenue of Uzbekistan's IT sector for the first quarter of 2023 reached 2.38 trillion soums - almost four times more than in the same period of 2022. Exports of digital services increased to $57.2 million. According to IT Park, net income amounted to more than 90% of revenue or 2.158 trillion soums.
According to the statistics agency, the number of telecommunication and IT companies has increased 1.8 times in the last five years. At the beginning of 2023, there are more than 12 thousand ICT companies operating in the country. More than 100 thousand people are employed in the industry. At the end of 2022, the volume of ICT services grew by 125.5% and amounted to 22.9 trillion soums, of which 4.2 trillion soums were programming services provided by Uzbek companies and specialists. The total revenue of Uzbekistan's IT sector for the first quarter of 2023 reached 2.38 trillion soums - almost four times more than in the same period of 2022. Exports of digital services increased to $57.2 million. According to IT Park, net income amounted to more than 90% of revenue or 2.158 trillion soums.
The IT strategy of a large number of companies includes the automation (digitization) of not only accounting processes but also production and logistics processes.