MAJOR FINANCIAL INSTITUTION REALIZES $50M IN INCENTIVE VALUE BY WORKING SMARTER, MORE COLLABORATIVELY
A large financial institution recently built a new call center to accommodate considerable growth over the last 18 months. Together with their outside consulting firm, the Corporate Real Estate team negotiated a significant incentives package in Phoenix, AZ worth $50 million over 10 years that garnered buzz both inside the company and within their industry.
In the past, they had negotiated similar incentives but had little to no idea just how much value they actually realized. It wasn’t long after the ribbon cutting ceremony when doubt and uncertainty began to set in. Across the board, the thought on everyone’s mind was “Did we actually receive any of those incentives on our prior facilities?”. As they suspected, an internal audit uncovered unrealized benefits due to a lack of defined processes, poor collaboration between the key stakeholders and no centralized tool or system to track, manage or report on incentives. As they learned, until they conducted the audit they had no idea a problem really existed or how big it was.
Immediately after the internal audit, the company began using BIGcontrols and now has a firm grip on their new incentives package with confidence that the full value is being realized. Collaboration between all of the departments including Corporate Real Estate, Tax, Finance, Operations, Legal & HR is better than ever and now everyone has visibility into the compliance issues and requirements they need to satisfy. Everyone has embraced their role and they’re all working together rather than working in silos. BIGcontrols has brought their teams together and streamlined efforts in a way that wasn’t before possible.