EDMS for real estate business expansion
- Customer
- SRS Real Estate Partners
- Project manager on the customer side
-
- IT Provider
- CMW Lab
- Year of project completion
- 2023
- Project timeline
- January, 2023 - March, 2023
- Project scope
- 25 man-hours
- Goals
-
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
-
-
The time for lease parsing was taken down from 60 to 20 days
-
X3 efficiency improvement
-
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.
-
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
-
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
-
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
April was full of new initiatives from vendors as well as some fascinating news on the technology front. With Olympics in Paris approaching, more news will be flowing in from the capital of France.
Given the current job market situation, one may find a need to maintain a strong LinkedIn profile. AI can streamline the process and make it easier to connect with the right people and opportunities.
The integration of Artificial Intelligence (AI) into business operations marks a transformative era, enhancing efficiency and innovation across industries. From revolutionizing HR with automated recruitment to aiding early disease detection in healthcare, AI's impact is profound. It enables predictive cybersecurity, personalized customer interactions, and accelerated software development in IT.
Lots of news from technology vendors and modern cases on how to use data analytics for operations excellence – this is what March brought us this year.