Success Story | Tatweer KSA
Top 7 Benefits Tatweer KSA Got from NetSuite for Real Estate
About Tatweer KSA
Tatweer KSA is a Saudi real estate developer established in 1991. Committed to innovation, investment excellence, and social impact, the company aims to create iconic projects aligned with Saudi Vision 2030. Through strong public-private partnerships, Tatweer KSA drives economic growth and delivers exceptional value to its stakeholders.
Company
Tatweer KSA
Location
Kingdom of Saudi Arabia
Industry
Real Estate
Azdan Solution
Oracle NetSuite
Employees
200-500 Employees
Business Situation
Prior to adopting NetSuite, Tatweer KSA likely grappled with several operational inefficiencies. Their legacy system was probably complex and difficult to navigate, demanding specialized IT support. This dependency on specific resources introduced risks of system disruptions and hindered agility.
Moreover, the company likely struggled with limited financial visibility, particularly at the project level. Generating accurate and timely reports on project costs and revenue was a time-consuming process, hindering effective decision-making. This lack of real-time data impeded financial control and forecasting.
Solution
NetSuite simplifies real estate operations of Tatweer KSA with an intuitive interface, reducing dependency on specialized resources and minimizing disruptions. It offers real-time reporting and project management tools for instant visibility into costs and income, while automating financial processes and enhancing transparency.
Scalable and flexible, NetSuite supports growing needs and streamlines lease and tenant management with its property management module and CRM tools. Mobile access boosts productivity, and robust compliance and risk management features ensure adherence to regulations and proactive risk mitigation, improving overall efficiency and performance.
Results
1. Property Leasing Management: NetSuite accelerated unit creation and enhanced sales team performance by 30% through refined lead management.
2. Tenant Policy Management: Automated integration of tenant policies from the EJAR portal into NetSuite ensures 100% compliance and allows landlords to add custom policies easily.
3. Billing Schedule: Billing schedules for government offices are now automated, reducing manual entry errors by 40% and ensuring timely invoicing with a 95% on-time billing rate.
4. Lead Management & Quotation Cycle: The Waiting List, previously managed via Excel, is now automated in NetSuite. This has increased the accuracy of lead management and reduced lead response time.
5. Quotation Cycle: The process of generating quotations became more efficient, leading to a 40% reduction in time spent on generating and sending quotations, enhancing customer satisfaction.
6. Leasing Contract to Cash Cycle & Financial Impacts: NetSuite’s automated revenue recognition process ensures accuracy in revenue splitting and reduces the manual workload of the lease team.
7. Payment Tracking: The introduction of NetSuite has improved the tracking of tenant payments, reducing overdue payments and improving cash flow predictability.
8. Integration with EJAR System: Although full integration with the EJAR system is still in progress, NetSuite’s data management has reduced data entry duplication, speeding up the contract creation process.
9. VAT Compliance: NetSuite ensures 100% compliance with VAT regulations, applying the correct VAT rate to commercial leases and ensuring accurate VAT reporting.
10. Grace Period Management: NetSuite's implementation has enhanced the reporting accuracy for contracts with grace periods, allowing for better financial forecasting and tenant management.
