RioCan is one of Canada's largest real estate investors. The company engages in managing and developing commercial real estate within the Canadian market. Based on research, strategy and entrepreneurship, RioCan's ambition is to create vibrant public spaces in which their tenants can live and work to their fullest potential.
An old-fashioned workflow management process that took (too) much time to complete
For an organization like RioCan, it is often difficult to manage internal workflows as efficiently as possible. The so-called lead-to-lease process is one in which a lot of information needs to be collected and housed in the right place. The turnaround time of RioCan's process was time-consuming: it took an average of about 24 days for a lease to receive final approval. This problem meant that tenants often had to wait longer than necessary before they could move into their living or working space. Something that caused RioCan to lose much-needed revenue. Not surprisingly, RioCan was looking for a way to shorten the length of time between viewing the site and signing the lease.
An application easily integrated with RioCan's core system
For the design of a new approval flow, RioCan knocked on fizor's door. After a thorough analysis of the current work processes, fizor. was able to develop a new workflow management system in a short period of time with the goal of almost completely automating the approval process - wherever possible. Moreover, this new system could be seamlessly integrated with RioCan's current ERP system: Oracle JP Edwards E1.
During development of the application, the fizor. team ensured that it could pull all contact information directly from RioCan's existing core system, so there would be no duplicate data entry or fragmented data flows. The application was set up so that RioCan's project and portfolio managers could easily complete the information while the prospective tenant viewed, negotiated and signed the lease. All digitally from one clear platform.
A workflow management system for lightning-fast leases
Once a prospective tenant has requested a viewing, RioCan's internal approval flows are initiated. The system now automatically ensures that the prototype lease reaches the appropriate executives for approval.
Because the system records real-time updates because of its link to the JD Edwards E1 system, RioCan employees have a transparent and reliable source for creating their reports and forecasts throughout the process cycle.
Shortening the lead-to-lease process had a significant impact on RioCan's portfolio managers. For example, the average approval time could be reduced from 24 days to just 1 working week.
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