Emerging Due Diligence Leader Punches Above Its Weight, Becoming a Best-in-Class Provider & Achieving Remarkable Efficiency Gains Through Mobile-First Approach
It’s a challenging time for due diligence firms with demand for assessments increasing rapidly. However, this firm has successfully leveraged Quire's Technical Report Management™ (TRM)™ platform to significantly enhance productivity and maintain its competitive edge. As a small firm with less than 100 professionals, the company has embraced Quire TRM since early 2019, revolutionizing its approach and establishing itself as a best-in-class provider for commercial real estate due diligence.
Industry Challenges and Quire's Solution
he environmental, construction, and valuation due diligence industry faces unprecedented challenges, including high project backlogs, pressure to deliver more reports in less time, rising labor costs, and talent shortages.
Quire's TRM platform emerges as a game-changer, allowing smaller firms to do more with less. By leveraging TRM, particularly its mobile capabilities, the company has achieved remarkable improvements in report production efficiency.
Remarkable Results
Since implementing Quire TRM, the firm has experienced impressive outcomes. In the current year the firm maintains an annual deliverable run rate of ~16,000 spanning 19 report types, showcasing their significant capacity to meet client demands.
Their performance is astounding as they will grow report deliverables by 13% without incurring additional expense. Most notably, they improved average edit time by over 17% in the current year – incremental to the gains they realized in the first few years of being a Quire TRM user and clearly “best in class.”
Quantifying the Impact
The impact of these efficiency gains is substantial. The firm has seen a remarkable 23% year-over-year increase in per-user productivity. When projected across their annual volume, this translates to an estimated 2,522 hours saved annually, equating to a remarkable cost saving of $137,941.
Leveraging Mobile Technology
What sets the company apart in its due diligence capabilities is their innovative use of Quire's mobile app capabilities. By making the mobile app a cornerstone of their operations, they have enabled field personnel to begin report creation at the source. This approach has been transformative, allowing for real-time data collection, photo capture, and immediate report initiation. The integration of mobile capabilities with other Quire features, such as WordBank, a library of predefines and approved report language, has created a seamless flow from field observations to polished reports, significantly accelerating the entire report lifecycle.
Diverse Growth Across Service Lines
The company’s report production spans a wide array of service lines, demonstrating the company's versatility and comprehensive capabilities. Environmental reports, such as ESA Phase I - ASTM, saw a 9% improvement in edit time. Construction Progress Monitoring reports experienced a remarkable 21% reduction in edit time. Appraisal/Evaluation Reviews showed consistent production, while Building Assessment Reports (PCA Debt - ASTM) achieved an impressive 22% reduction in edit time.
Maintaining Quality Amid Efficiency Gains
While achieving remarkable efficiency gains and managing high report volumes, quality remains paramount for the company. Quire TRM's standardized templates, automated and configurable workflows, and approval process drive consistency and high-quality deliverables across operations and varied report types. This consistency is crucial for the company to scale and ensures that all client deliverables meet the same high standards regardless of type or specific client requirements.
Conclusion
The company’s success story with Quire TRM demonstrates how a small firm can leverage technology to compete at the highest levels in the risk management and due diligence sector. By embracing Quire's mobile-first approach and achieving significant efficiency gains across diverse service lines, they have set new standards for performance and productivity. As the industry continues to evolve, with increasing demands for faster turnaround times, more competition and more comprehensive reports, their experience serves as a blueprint for other companies looking to enhance their competitive edge through technological innovation. Quire TRM has proven its ability to help firms optimize resource allocation, respond quickly to client needs, and deliver superior value to clients in the fast-paced lending industry.