September 26, 2011

NRTA – The buzz and beyond!

                                                   

Director of Lucernex Client Services, Jim Short, discusses the NRTA Conference Highlights.

What a difference a year can make! The energy at the NRTA conference this year was definitely around moving forward not just treading water. With the economic picture still cloudy and unsettled, the conversation on technology spending remained conservative. BUT, a new theme emerged – it is time to act!

The conversation around “acting” focused on three areas:


1. Spending technology $ more wisely

  • Replacing old legacy systems that cost too much to maintain, were not providing value, and were an IT headache to administer
  • Implementing software solutions that can be delivered via the Cloud
  • Looking beyond just lease administration and rent accounting to one solution that could also support the rest of the Store Life Cycle –market analysis, site selection, construction management, facilities management and capital planning.
  • Decreasing the time it takes to select and then implement a new system

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2. FASB, FASB and more FASB

  • Getting ready for FASB changes was a hotter topic this year than last. I think that the reality of what these changes really mean to Lease Administrators and Corporate Finance Departments is really hitting home. Everyone is talking about how to get their data and processes ready, and that means making sure there is a technology platform to support these changes


3. Being ready to move in January

  • While budgets were not available this year, most attendees were confident that investments in new technology – as long as it provides the right value – will be available next year. The attendees who came to our booth wanted to know what to do today in order to be ready to implement in Q1.

We were busy throughout the conference giving product demos, answering questions about Store Life Cycle Management solutions, and providing FASB Preparedness advice. It felt good to be able to say “Lucernex can do that”!

Previous Blogs By Jim Short

The value of CAM Reconciliation technology
The cost of waiting to upgrade your Lease Admin Systems for FASB