Reminet – Improving lease and cost management in Retail
Today, we look at the success that our partner, Reminet, has had in meeting specific requirements for Retail clients.
The impact of Archibus in the Retail Sector is often overlooked, due to the confidential nature of that industry. Reminet are a great example of a partner who understands the business first. Then they apply their expertise and technical knowledge to create the solution.
Based in Tallin, Estonia, Reminet provides solutions throughout the Baltic region and to Retail clients. The combination of their technical and business knowledge has helped them address many challenges met by their clients.
Understanding the Sector
They have also enabled the response to some key performance indicators that underpin the business. These include:
- Improving time to cash
- Meeting billing and cost recovery time limits
- Improving tenant retention rates
- Meeting ease renewal targets
- Reducing asset and Maintenance costs
“Cost proration can be time- consuming and error prone, because some of the calculations have multiple inputs. This can impact cashflow and time to cash for both the Landlord and the Tenant” – Mihkel Metsala, CEO, Reminet
The number of sites, and the complexity of the client’s supply chain made the process a complex one. In addition, the solution had to cope with revenue-based rent charges at different rates and a variety of indexation rates for fixed costs. Add to that many different chargeback agreements within leases and the problem becomes one that is not easy to solve manually, or with traditional tools such as spreadsheets.
As Mihkel Metsala, CEO of Reminet puts it: “Cost proration can be time- consuming and error prone, because some of the calculations have multiple inputs. This can impact cashflow and time to cash for both the Landlord and the Tenant”.
“We have helped our client to manage their KPIs by simplifying a complex process, applying our knowledge of Archibus, and their business”
– Mihkel Metsala, CEO, Reminet
The Solution
In summary Reminet provided the client with a solution that took advantage of the Archibus software and their expertise at many levels.
In the first instance, Archibus applications took care of the management of the Leases Assets and Utility billing.
Archibus as a platform enabled Reminet to configure appropriate workflows to match the complexity of the business. This enabled the Client to simplify the billing and cost recovery process, and to meet monthly deadlines.
What’s more, Archibus APIs enabled Reminet to help the client to take advantage of BMS, smart meters and vendor portals to secure billing data. It also allowed them to feed the calculations into ERP and produce electronic invoices. These invoices are a format that met the local standards for digital communications.
Metsala goes on “We have helped our client manage their KPIs by simplifying a complex process, applying our knowledge of Archibus, and their business”
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