August 9, 2017 | Written by: Erin Horbach
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Around the world, changes to the way we manage and measure facilities’ performance continue to place an onus on real estate executives. They must understand their holdings, and make more strategic decisions in regard to the overall portfolio and upcoming transactions. These decisions are influenced by a few factors. Of greatest importance are the impact of leases on the balance sheet and operations and maintenance costs. IBM continues to invest in our intelligent buildings platform, IBM TRIRIGA, to help our clients tackle the various changes occurring.
With the release of IBM TRIRIGA 10.5.3, IBM continues to invest in providing clients with critical capabilities that help them tackle the most challenging aspects of facilities management, including:
- Complying faster with lease accounting changes from FASB’s ASC 842 and IASB’s IFRS 16 standards that are driving new data requirements and business processes.
- Preparing for data collection and integration needs of the 21st century. For example, how Europe and other geographies are moving beyond Energy Performance Certificates (EPCs) to rate buildings’ energy use.
- Driving better engagement by addressing the needs of the end users. This can range from employees who notice a leaky faucet, want a meeting room warmer, or need to move cubicles to work with a team on a project-basis.
IBM TRIRIGA helps reduce the effort required to meet new leasing standards
We want to help organizations comply with the new standards and understand the implications of these changes. TRIRIGA supports the complete lifecycle of facilities management and will automate compliance activities to address changes that affect multiple teams and roles.
As we discussed in a recent webcast, IBM TRIRIGA 10.5.3 provides a sub-ledger system for real estate and asset lease accounting. It is able to generate journal entries relevant for ASC 840 and ASC 842 under US-GAAP, as well as for IAS 17 and IFRS 16. It also covers period closings and report generation for the most common reports required under the new standards. Using a comprehensive set of predefined journal entry templates delivered in the product, implementation teams can quickly set up a system without white-boarding sessions and lengthy discussions.
Furthermore, IBM TRIRIGA 10.5.3 separates the duties of a lease administrator and a lease accountant, allowing the lease administrator to enter contractual information, and then enabling the lease accountant to run classification tests, reassess lease decisions, and report on the ROU Asset and Lease Liability.
IBM TRIRIGA helps improve occupancy experience
There are also new capabilities to improve day to day and occupancy experience. Organizations can leverage a new Workplace Services offering that engages every-day employees through new mobile web apps that provide access to services managed by IBM TRIRIGA, anywhere, and on any device. This includes:
- A new Service Request app to submit work requests;
- Mobile reservation app to quickly create reservations for individual workspaces or multi-attendee meeting rooms;
- A new location-aware Workplace Services Portal. Provide a single, unified access point for launching the apps and tracking status of requests.
These Workplace Services offerings leverage new web-based perceptive applications. They enable users to quickly submit work requests for issues they encounter. From anywhere. And from any device.
IBM TRIRIGA provides a new design to better engage users
Decisions are only as good as the data that supports them. Optimizing native datasets and interfaces, as well as managing the process of collecting and contextualizing external data, is critical. New capabilities focus on enhancing the IBM TRIRIGA Application Platform V3.5.3. This is the foundation for the various views and capabilities of the TRIRIGA suite.
Updates includes enhancements to both the TRIRIGA UX Framework and the TRIRIGA Application Builder tools. They provide better management of application configurations, and enhanced performance diagnostic tools. The enhanced builder tools support streamlined configuration and upgrade processes through improvements to object labeling. It also enhances object metadata revision capabilities. Performance diagnostic enhancements include an updated workflow analysis utility, and enhancements to performance logging tools within the platform.
This means it’s easier to work with external data, and to manage capabilities for environmental engineers, maintenance management and executives. They get an easy view into the costs and benefits associated with facilities management activities.