Issue: A publicly traded international real estate investment trust experienced extreme growth in a very short period of time. The company operates on every continent in the world and has thousands of locations on each continent. The company’s growth was so explosive its back office operations could not keep up with digitizing the lease agreements entered worldwide on behalf of the company; the amount of physical lease documentation they had consumed an entire warehouse floor to ceiling. Our client used Excel spreadsheets and access databases to capture pertinent lease terms, but the rudimentary tools quickly became too tedious and complex.
Approach: Daley And Associates was contacted to work with the company to assemble a project team of administrative professionals with experience in lease abstraction to help digitize and automate the lease agreements. Our client purchased software that would house a digital copy of the executed leases as well as the key terms of the lease such as duration, costs, rent escalations, and renewals. Getting the information into the newly acquired system was a manual process, so we worked with the company to develop a methodology to approach the project. The project spanned almost twelve months with the team escalating to as many as 25 external resources onsite to assist with the data digitization and the database population.
Result: The company now has a completely automated system that contains all lease documents entered by the company worldwide. Employees now have access to the information from any of their locations at any time without having to make a manual request. The company has saved a substantial amount of money as a result of this product and has greatly improved their operations; they reported having captured many rent escalations and costs that were previously overlooked. The automation has resulted in millions of dollars to the company’s bottom line.