November 2020 | Aurora, CO – RealFoundations is honored to recognize Kimco Realty on their “Best Use of Automation in Retail Real Estate” Digie Award win at Realcomm’s 2020 Hybrid Event last month. This award comes at the close of Kimco’s MRI Commercial Management with Enhanced Accounting and Recoveries project, supported by RealFoundations and MRI Software consulting teams.
With the move to MRI’s platform and an eye towards streamlining processes, Kimco’s CIO Tom Taddeo and CFO Glenn Cohen, sought to:
- Reduce the number of Kimco’s disparate systems and custom integrations;
- Standardize operations across business functions and regions for more efficient reporting and decision-making;
- Streamline manual processes using core product functionality;
- Convert to ClickPay’s automated lockbox and online portal solutions; and
- Migrate to Nexus’s automated procure-to-pay portal and workflow.
A substantial project such as this was not without its challenges. The significant scale of technology configuration, customization development along with the sheer volume of data conversion (over 5,000 entities, 400 properties, 11,000 leases and 15,000 vendors, etc.) pushed the envelope of steadfast innovation. Similar to re-wiring a plane in-flight, Kimco personnel played a large role in capturing requirements and designing the future-state technology landscape while also carrying out their daily functions.
New Advantages
Aside from the tangible, technology scope of the project, another major outcome was the efficiency created across the operating model, ultimately allotting more time for value-add activities. Building upon MRI’s flexible core product, Kimco worked with RealFoundations and MRI’s development team to implement an open and connected platform that supports their business model.
Based on requirements gathered through intensive discovery work sessions, and building upon MRI’s existing functionality, automated processes and workflows were developed to support Kimco’s industry-leading budgeting, forecasting, investment modeling, accounting and property management practices.
“We believe that Kimco has designed a next-level, fully integrated operating platform from which the rest of the retail and mixed-use sectors can benefit. We’re grateful for the opportunity to partner with Kimco on such a massive technology transformation and look forward to the operating efficiencies they will deliver to the industry as they continue to move the innovation needle forward over the next 20 years.”
— Dan Sterk, Enterprise Managing Consultant, RealFoundations
Benefits to the Industry
Not only is Kimco now equipped for efficient Commercial Management and Property Accounting, its requirements for Debt Management, Investment Accounting and A/R Disputes drove functionality developments that have become part of MRI’s baseline product. The rest of the Retail industry can now benefit from an enhanced Debt Management Module, an improved Investment Accounting Module and a new Accounts Receivable Disputes Dashboard Design.
“Kimco’s digital transformation initiative is a perfect example of how collaboration and open software drive innovation for the industry. We’re proud to be part of a groundbreaking project that allows Kimco to differentiate itself through technology and invest in the future of its business, while blazing the trail for strategic and operational technology advancements in the broader commercial real estate industry.”
— Chuck McDowell, SVP Commercial and Occupier Solutions, MRI Software
Connect with Us
To learn more about this project and how RealFoundations can help your real estate run better, please contact John Seaton by email or +1 214 292 7000.
Our MRI Software Experience
RealFoundations has significant experience implementing and optimizing the MRI Software platform for clients spanning all real estate sectors. For over two decades, we have collaborated with MRI Software on diverse initiatives, including the development of accelerated implementation methods, the design and implementation of the Connect Suite of Solutions, and the integration of various third-party systems to streamline business processes. Our knowledge and cross-module experience with MRI enables us to meet our clients’ most important functional requirements while increasing their operational efficiency. Named MRI Software’s 2021 Partner of the Year, RealFoundations has completed over 40 MRI implementations ranging from v2.0 through the latest Version X, including some of MRI’s largest global implementations. Since the introduction of MRI Version X in late 2015, we have completed over 50 projects covering strategy, design, upgrade, implementation, process improvement, technology optimization and merger integrations. To learn more about our experience, visit MRI Software Expertise for Proven Success.
About Kimco Realty
Kimco Realty® (NYSE:KIM) is a real estate investment trust (REIT) headquartered in Jericho, NY that is North America’s largest publicly traded owner and operator of open-air, grocery-anchored shopping centers, and a growing portfolio of mixed-use assets. The company’s portfolio is primarily concentrated in the first-ring suburbs of the top major metropolitan markets, including those in high-barrier-to-entry coastal markets and rapidly expanding Sun Belt cities, with a tenant mix focused on essential, necessity-based goods and services that drive multiple shopping trips per week.
About Realcomm
Realcomm Conference Group, LLC is the leading research and educational institution that produces annual conferences and expositions on technology, automated business solutions and intelligent building strategies for executives in commercial, corporate, government and institutional real estate. Realcomm was founded in 1999 with the goal of bringing industry leaders together each year to discuss, demonstrate and debate the latest innovations that impact the industry. Today, in addition to the annual conferences, Realcomm conducts webinars, workshops and other strategic services to educate industry professionals about the latest business solutions and technologies to improve commercial real estate development, leasing, management and operations.
About RealFoundations
RealFoundations (RF) is the world’s foremost professional services firm focused solely on the real estate industry. Through our delivery of Management Consulting and Managed Services, we help companies that develop, own, operate, service or invest in real estate make better, more profitable decisions. We are proud partners to over 500 real estate companies around the globe, providing accelerated solutions that solve some of real estate’s most complex challenges. We Make Real Estate Run Better.
