Smarter Reporting Built from the Ground Up: Carr Properties Session ID#: 103660 Prepared by: Ilan Zachar Name: Ilan Zachar Title: Chief Technology Officer Company: Carr Properties @ILANZACHAR
Agenda Introduction Background Project Achievements Benefits Reporting Demo Wrap-Up
Introduction Introduction to Carr Properties
Introduction to Carr Properties Carr Properties is a privately held real estate company owning and managing high-quality office properties in the greater Washington area. Carr owns16 commercial office properties totaling over 3.6 million square feet as well as two major development properties Midtown Center in Washington, DC (previously known as the Washington Post Site) 2311 Wilson Boulevard in Arlington, Virginia The company s largest investors include a commingled fund of institutional investors advised by J.P. Morgan Asset Management and Alony Hetz Properties and Investments, Ltd. (TASE:ALHE)
Background The Situation The Strategy
The Situation Carr underinvested in technology, creating a highly manual and inefficient work environment Pervasive use of spreadsheets for back office processes that have been automated Inherited a dated ERP platform that contained co-mingled data using different system designs Data 'silos' for the same (or similar) information maintained by multiple departments Lack of technology discipline and leadership to help address ongoing business needs Inconsistent processes for capturing data created reporting inefficiency and discrepancy Carr's ability to scale efficiently and effectively is undermined by the organization's lack oftechnology investment, capabilities and discipline Meaningful investment of both time and money needed to be made to make up for 12 years of deferred technology investment
The Strategy 2016 2017 Organizational Impact Prepare Foundation 1. IT Strategy Selection IT Leadership and plan IT organization strategy Core platform selection 2. Core System Implementation Redesign business processes Design, configure & roll out of core system Improve financial reporting / analysis capability Elimination of duplicate data sources / entry Improve data quality reliability Current State No IT leadership vision Poor technology support Highly manual work environment Duplicate "Silos" of Information Growth challenged Future State Improved efficiency and scalability Single "source of truth information confidence Operating platform positioned for growth IT leadership / partner with business 3. Infrastructure Improvements Necessary maintenance / upgrades Replacement of hardware / software Office 365 Improve Forecasting Discipline 4. Budgeting Forecasting Improve Budget process New Budgeting solution Integrate with core platform Current State Cumbersome budgeting process Duplicate data entry Poor technology support Future State Streamlined budgeting process Improved efficiency/ forecasting Data integrate ion rather than entry
Project Achievements Milestones Achievements Technology Benefits
Milestones March 2016 Project Ultra Phase I Roll out of: Roll out Oracle s JDE application ü Accounts Payables (AP) ü Accounts Receivables (AR) ü Fixed Assets (FA) ü Property Management (PM) ü Job Cost (JC) ü General Ledger (GL) ü Expense Participation (EP) Nexus AP processing service Avalara sales and use tax calculation automation Wells Fargo payment manager February 2017 Project Ultra Phase II Complete Realogic budget tool implemented Q2 reforecast completed on new system Completed integration between Realogic and core system Working on 2018 budget Analysis Pervasive use of spreadsheets for back office processes than many peers have automated Inherited a dated ERP platform that contains co-mingled data using different system designs Data silos for the same (or similar) information maintained by multiple departments Lack of technology discipline and leadership to help address ongoing business needs Inconsistent processes for capturing data creates reporting inefficiency and discrepancy July 2016 Project Ultra Phase I Complete Improved efficiency and scalability Single source of truth / information confidence Operating platform positioned for growth Improved financial reporting / analysis capabilities July 2017
Achievements Automation Automated reports reduce manual data entry (Security Deposit Reconciliation, Cashflow and Financial reports, Console report, Summary Aging ) System abilities to batch process / upload Data Sharing System is owned by accounting but available to all departments Integration with VTS allows Operations and Asset Management access to the JDE data Single Source of Truth All users use the same data in the same format creating standardization JDE is the application holding master data and logic (Chart of Accounts, Expense Participation ) Governance Easy to enforce SOD, change management and provide audit trails Batch security and Payee control Growth Integration and bi-directional sync with other system (Realogic, Argus, Avlara, Nexus ) System is scalable for future growth
Technology Benefits Accounts Receivables Accounts Payables General Ledger Integration Single source of integration Reduces integration requirements Simplifies data synchronization effort Simplifies future business intelligence design Property Management Fixed Assets Procurement Job Cost Reports Enterprise-wide Reporting Single source of truth Consolidated reporting tools Consistent report design Consistently captured data Improved efficiency Improved access / timeliness Expense Participation
Reporting Reporting Challenges Why ReportsNow Reporting Rollout Approach Primary Tool for Operations and Financial Reports Mantis Single Source of Truth
Reporting Challenges The variety of ways in which information must be presented to satisfy operational and/or local regulatory agencies makes the presentation of Carr s financial results complex. Addressing this complexity adds an additional layer of development and maintenance to reporting within Carr, requiring additional reporting flexibility. Lending Institutions Senior Management Carr Alternate Charts Investors & Partners Project Management # of Customers, Regulatory Agencies Accounting Users Operations Management Regulatory Agencies Complexity of Reporting
Why ReportsNow Designed to leverage existing JD Edwards data model and business views (the hard work is already done). User-friendly interface that business users are comfortable with (not overwhelming for the average business user). Supports an overall objective to reduce MS Excel as a primary reporting tool. Provides IT with the right level of security and controls to allow business users to completely own the tool (helps ensure that data integrity rules are not violated).
Reporting Roll Out Approach Carr s report development for JD Edwards institutes a dedicated team of business users trained on ReportsNow that the report requirements with our deployment timelines. Deployment Team (Internal / Consultants) Plan Design Build Deploy Operate Interaction between the teams to achieve the following: Ensure functional and technical report development is aligned. Ensure rollout efforts are synchronized with report requirements. Plan Identify Spec Develop Operate Internal Reporting Team (Business)
Primary Tool for Operations and Financial Reports ReportsNow delivers a large percentage of day-to-day reporting requirements in support of traditional batch-processing reports provided by JD Edwards: Financial reports AP AR GL Property Management reports Occupancy Rent Roll Lease Expiration Scheduled KPI Reports: Financial reports Property Management Analytical reports
Mantis the Single Source of Truth What - MANTIS (MANagemenT Information System) is an in-house application built for use across our company. MANTIS is a tool that extracts information directly from JDE on a real-time, on-demand basis, rendering it in user-friendly and easy to understand formats, templates and dashboards. Why - Intended to house all of the information our different teams / departments need to perform their day-to-day tasks, while ensuring that we have only one source of truth. Applications Mantis Realogic Nexus Argus JD Edwards Information Delivery Avalara DAS Spreadshe et Server
Demo
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