|HIGH END INTERNATIONAL CLOTHING RETAILER LEASE SYSTEM MIGRATION|
A high end International Fashion Retailer had over 500 locations and no centralized way of tracking leases. They had decided to move to a single platform for managing leases.
The problem they quickly recognized is that the lease management system had to be configured to take into account different lease terms for different locations due to local laws and regulations.
The Lease Management system Project Team needed some way to map data coming from each country to the new system. They needed a vendor that had worked with leases in multiple languages and had experience in understanding local laws and regulations as they were represented in the lease contracts.
One of the client’s Regional VPs had previously worked with NTrust on some lease abstraction work, and asked the Project Manager to contact us as a possible vendor for this project.
After meeting with the project team and reviewing samples of the incoming data from each region, NTrust’s Project Manager and Abstraction Director decided that the best approach was to create a data dictionary that would include all lease terms for all regions, and then perform a Gap Analysis between the data dictionary and the base Lease Management system configuration.
Creating an International Lease Data Dictionary
he Client Project Team was formed such that all regions and countries had local representation and access to NTrust’s iManage system for review of Data Dictionary that was being created through the abstraction of representative leases.
would take 12 weeks, however NTrust’s knowledge of International Lease Terms and the use of a real-time collaboration tool like iManage accelerated this process and allowed the Gap Analysis to be started well ahead of schedule.
From International Lease Term Data Dictionary to Gap Analysis
The final International Lease Term Data Dictionary included 1,170 lease terms, of which 276 were unique to individual countries and regions. The base configuration of the Lease Management system included 500 lease terms, each of which allowed the addition of sub-clauses and terms.
As part of the Gap Analysis, NTrust was asked to make recommendations as to how best to configure the lease management system such that meaningful reports could be developed making use of the application’s native Report Writer. This required NTrust to conduct Business Requirements sessions with client personnel to define what types of reports were desired as well as using the Report Writer to determine its flexibility in creating drill-down reports.
Recommending a Data Hierachy
With client requirements clearly defined, NTrust went through the Lease Management System Entity-Relationship documents and determined where terms and clauses should be mapped, based on the types of reports the client needed.
Once the client had approved the Data Mapping document, NTrust created a training document so that client personnel from each operating unit would be able to understand how to enter new lease data into the modified Lease Management system. This, combined with a robust and well documented Lease Term Data Dictionary, became the core reference documents used for the transition from a distributed to a centralized Lease Management System.
The Bottom Line
The International Fashion Retailer was successful in implementing their new Lease Management system because of an excellent project management team with a deep understanding of the issues they were facing and selecting a vendor that had deep experience in abstracting and analyzing leases in 40 languages for a range of tenants.
Strong project sponsorship from Corporate management, realistic project timelines (all of which were able to be compressed), and selection of a process centric vendor all contributed to a successful implementation of the new system.