Leveraging IoT for Enhanced Client Relationship and Business Efficiency in Real Estate
Technology Category
- Sensors - GPS
Applicable Industries
- Buildings
Applicable Functions
- Product Research & Development
- Sales & Marketing
Use Cases
- Inventory Management
- Time Sensitive Networking
About The Customer
The customer is one of the largest commercial real estate companies in the UK. The company operates in a highly competitive market and routinely pitches for large multinational contracts, which can be valued at over £100 million. The company has a wide range of services, including property management, sales, and investment planning. It serves large, multinational organizations with properties in hundreds of locations. The company has 35 teams of market researchers across Europe, studying trends and events in the European real estate market. The insights provided by these teams are vital for determining business strategy, evaluating risks, and identifying new business opportunities.
The Challenge
A leading commercial real estate company in the UK was facing challenges in winning and retaining clients in a highly competitive market. The company was struggling with inefficient client relationship management, marketing research, and legal processes. The process of gaining authorization for changes to standard terms and conditions (T&Cs) was slow and relied entirely on email exchanges, with no way of tracking the progress of approvals. This often resulted in delays of up to three weeks. Additionally, the company had 35 teams of market researchers across Europe, each presenting market intelligence in different formats. This led to a time-consuming process of collating, standardizing, and verifying data to create market research reports. The company also faced difficulties in managing client relationships due to limited information about key clients and the services delivered to them.
The Solution
The company adopted K2 Software to streamline its business processes. More than 40 applications were developed to accelerate response to new business opportunities, improve market insights, and enhance customer relationship management. A Nintex K2 Five-based workflow was implemented for the authorization of changes to standard T&Cs. This allowed approvers to review, approve, or reject a request online, significantly reducing the time required for approvals. The new process was also more transparent and auditable. For market research, a standardized method was developed using K2 Software. All teams used the same spreadsheet to present their research, and the data was automatically combined into one report using a K2 Software process. This removed at least five days of manual data processing for each report. The company also created an online app using K2 Software for improved client relationship management. The app allowed employees to record and share information about client engagements, requirements, and services delivered, providing senior managers with real-time client relationship information.
Operational Impact
Quantitative Benefit
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