Nakisa is transforming the way organizations manage their commercial real estate with an expanded and enhanced IWMS product portfolio. With the 2024 updates, Nakisa is empowering businesses to streamline their operations across various areas, from capital project management to portfolio oversight and facility maintenance. This blog will walk you through the exciting new features and capabilities introduced in the Nakisa Integrated Workplace Management System (IWMS) for 2024, which are designed to simplify workflows, improve collaboration, and drive efficiency.

What’s New in Nakisa’s 2024 IWMS Release?

After extensive collaboration with our clients and an in-depth analysis of their needs, Nakisa’s new cloud-native IWMS product suite is here. The new portfolio expands beyond Nakisa Real Estate and includes several key modules:

• Capital Projects Suite: Helping businesses manage project budgets and site evaluations efficiently.

• Portfolio Management Suite: Offering powerful tools for lease accounting and portfolio oversight.

• Facility Management Suite: Aiming to improve asset lifecycle management, maintenance operations, and more.

By combining these suites into one unified platform, Nakisa enhances cross-department collaboration, reduces duplication, and centralizes data in one easy-to-manage repository.

Empowering Capital Project Managers

For those managing capital projects, the new suite offers a wealth of features designed to simplify project execution and improve oversight. Here’s a look at some of the highlights:

1. Site Selection for Opening and Closing Locations: Capital project managers can now evaluate multiple sites, adding financial analysis and projections for more informed decision-making. This feature enables side-by-side comparisons of existing and new sites to identify the best options.

2. Streamlined Project Management with Milestone Templates: Project managers can now use predefined templates to standardize project milestones, ensuring greater consistency and ease of use across recurring projects.

3. Enhanced Project Copying Features: Users can copy project elements—milestones, tasks, and sites—making it easier to reuse information across similar projects. This improves efficiency and reduces manual data entry.

4. Dynamic Area Size and Unit Conversion: Project managers can now compare different sites by dynamically converting area sizes into various units, such as square meters, feet, and acres.

5. Error Handling and Milestone Scheduling: Clear error messages and improved milestone scheduling options ensure better control over project timelines and budget management.

Improving Portfolio Management for Lease Administrators

Nakisa’s Portfolio Management Suite has received significant updates to enhance the management of contracts and leases. Some of the most notable improvements include:

1. Multiple Contracts per Premises: Lease administrators can now track several contracts associated with a single location, including the primary lease and service agreements. This streamlines management and improves visibility over key contract terms.

2. Enhanced Sales-Based Rent Calculations: Retailers will benefit from improvements to sales-based rent calculations, including support for multi-currency contracts and more flexible rent rules. This ensures accurate financial forecasting for companies with global operations.

3. Financial Planning for Strategic Budgeting: The new Financial Planning Module allows users to simulate scenarios and forecast financial outcomes based on different assumptions, helping companies make informed decisions about their lease obligations and future investments.

4. Mass Data Imports and Error Handling: The updates improve the process of importing large volumes of data, with better error reporting and validation tools to enhance accuracy and speed.

5. Flexible Integration with Lease Accounting: Nakisa now offers various integration modes for lease accounting, helping businesses meet compliance standards such as IFRS 16 and ASC 842 while streamlining operations.

Enhancements in Facility Management for Better Asset Management

Nakisa’s Facility Management Suite is designed to help businesses improve asset lifespan, reduce downtime, and streamline maintenance tasks. Some of the key features include:

1. Asset Register and Parts Inventory: Facility managers can track assets, maintenance tasks, and parts inventories all in one place, providing greater visibility into asset conditions and availability.

2. Preventive and Reactive Maintenance Management: Users can create work orders for both preventive maintenance and reactive repairs, with features that track progress, costs, and associated tasks. This ensures efficient management of maintenance schedules and budgets.

3. Inspections for Facilities and Assets: The inspection features allow facility managers to monitor the condition of assets and facilities regularly, ensuring compliance with safety standards and preventing small issues from turning into major problems.

Conclusion

The 2024.R1-R2-R3 release of Nakisa’s IWMS suite introduces a range of innovative features that enhance project, lease, and facility management capabilities. By integrating new tools that support cross-departmental collaboration, streamlined workflows, and real-time insights, Nakisa is empowering businesses to make smarter decisions and optimize their operations across the board. With these advancements, Nakisa continues to lead the way in transforming how global enterprises manage their real estate portfolios and facilities.