RIOCAN is one of Canada’s largest real estate investment trusts. With a total enterprise value of approximately $15.0 billion, RIOCAN owns, manages, and develops retail- properties in prime locations where Canadians shop, live and work. Their portfolio contains 220 properties with a total net lettable area of approximately 38.4 million square feet, including residential properties and 14 property developments.
RIOCAN is growing fast and is, therefore, facing various challenges. The greatest challenge is organizing all their administrative processes. RIOCAN operates in a traditional legal world, which means much information is registered in contracts. The portfolio managers of RIOCAN spend a significant part of their day checking, supplementing, and renewing contracts. Doing so, they felt that they should be able to process data a lot more efficiently. It did not flow into suitable processes; they had to re-enter the same data in various places and therefore lost valuable time.
The delay that arose at RIOCAN caused frustration among colleagues. As a result, they regularly failed to achieve the Service Level agreed with their clients. Furthermore, the risk of a mistake was high when new clients or colleagues were onboarded. There were too many steps they had to take. RIOCAN realized that they had a valuable source, but they could not use the data in the right and in an efficient way without the right tools.
That is the reason why RIOCAN partnered up with fizor. Together they designed an application that manages lease contracts by using data more efficiently. With the right process, they could work faster and more efficiently. For RIOCAN, this means their deal approval process went down from 24 days to only 4 days.
From lead to lease in one single workflow
Efficiently managing the lead to lease process can be a challenge for any organization renting out commercial real estate, especially when taking comprehensive internal workflows into account. RIOCAN was challenged with the process cycle time. It took nearly 24 days for a rental contract to reach final approval. The ability to shorten the timeframe between real estate viewing and signed contracts would significantly impact on RIOCAN’s portfolio managers and positively affect the cash flow.
The teams of RIOCAN and fizor. started outlining the entire process. They mapped which steps the portfolio managers followed, which data was available or necessary, and where the bottlenecks turned up. The knowledge of our colleagues was very beneficial for these analyses. By combining this with the IT landscape expertise, we quickly found a solution that was meeting all the wishes.
We built a system that efficiently and safely reuses data. A system that automates from the first viewing, drawing up the draft contracts for approval and confirming the deal.
We have replaced separate individual services with a no-code platform because the cloud web services that were used could not provide the substantial basis that RIOCAN required. The organization is growing fast and needs a qualitative, scalable, and sustainable solution. The IT-solution they used was performing poorly, and the results were not traceable. As a result, RIOCAN was unable to scale-up safely and securely.
fizor. designed a comprehensive approval workflow, seamlessly integrated with the enterprise backend system Oracle Salescloud.
Seamlessly integrated with Oracle Salescloud
It took us 8 weeks to develop this solution. The result is an application built on a no-code platform. Betty Blocks directly takes all contact data from RIOCAN’s core ERP system, ensuring there is no double data entry or data maintenance. Project-, site-, and portfolio managers enrich the information as the prospective tenant views, negotiates, and signs the lease contract.
The new approach is faster and safer because contracts no longer need to be printed or sent separately for a signature. The whole process is digital and within a single platform. RIOCAN’s internal approval workflows are now initiated, taking the lease contract to the appropriate executive for approval. During the entire cycle, the relevant data is directly updated in Oracle, ensuring RIOCAN’s management can trust a single reliable source when it comes to reporting and forecasting.
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