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An U.S. based Interim Professional Placement company was rapidly expanding its domestic and international market penetration. The expansion necessitated leasing of new offices to house 5-15 company professionals at each location. As the facilities count passed the initial 15 leased offices, administration became an almost impossible task. Key dates and notifications were being missed, expenses were increasingly difficult to track, and internal reporting was becoming prone to inaccuracies.
After considerable analysis, the company determined that it needed to automate the facility administration function. The first step was to evaluate different software and service provider offerings. The company analyzed whether it should self-develop an internal product, purchase a pre-packaged solution, or go in the direction of a SaaS (software as a service) model. In the end, the company decided to go with a cloud-hosted customized product that executives could access remotely 24/7.
Once the existing leases were abstracted and uploaded into the database, the company immediately began to see positive results. Key date alerts were automatically generated and sent by email to designated personnel. Executive management gained ready access to all facility related information and myriad reporting templates. Foreign currencies and space sizes were updated daily with current exchange rates for easy conversion. Though the company now has over 80 domestic and international properties to track, it has successfully reduced its facility-related headcount by more than 50%.
A West Coast retailer of active sports apparel was poised for national expansion of store locations. Internal administration of leases was being conducted in a traditional manual approach except for financial reporting. Though the company had shifted reporting responsibility for real estate from Operations to Finance, there was a disconnect of systems and methodology. Executive Management concluded that a significant change would be required in order to successfully grow the business.
The CFO initiated a process change to link Real Estate and Financial information flow and access. In order to accomplish this, the company determined that it needed leverage technology resources. Under the CFO’s leadership, the company evaluated several different software applications designed to support facility administration. The final decision was made to implement the same SaaS solution as utilized by FacilityRep.
After the software was configured to link Finance and Real Estate, the company began to benefit from faster access to more accurate information. Hours of manual accounting entries were eliminated with automatic capture of payments and related account codes. Key dates and deadlines were anticipated rather than missed. Edit reports for Audits became simple to execute and fast to produce. The CFO gained access to macro level dashboard summaries that provided drill down capability to specific detail data. The company now has the scalable infrastructure to support its planned expansion plans. It has also successfully completed an IPO that raised significant capital for its growth.