Defining the Scope of Your Lease Abstraction Project
Managing your lease abstract project efficiently, effectively and accurately calls for thorough preparation across various spectrums. One of the first things to consider is the scope of your lease abstraction project.
Before you embark on a lease abstraction project, you should determine the scope of the project. At this stage, you need to have clear answers to questions like:
What is it that you wish to cover in the lease abstract
What information do you wish to capture
What is the extent to which you want to capture the data points
Answering these questions will be easier and more objective if you consider the stakeholders involved and their goals. For example, figure out who all will be relying on your lease abstracts and for what purposes. Most likely, your operations, accounting, finance, IT and legal teams will have an interest in various different aspects of your leases. Communication is the key at this stage. Once you zero in on the stakeholders, the next step is to identify their requirements. What information will they need from the lease abstracts? The answer to this question will help you arrive at the key data points that are to be abstracted.
Make sure you bring subject-matter-experts (SMEs), like Mohr Partners, on board at this point too, as we can help you make the most of the data you find in your lease by identifying what information will come in handy even at later stages of the lease lifecycle.
The next step is to finalize the team that will be involved in the lease abstraction project and the project timeline. At this point, it is essential that you don’t let resource constraints or lease data volume impact your lease abstraction project timeline negatively. The goal should be to ensure that your lease abstracts are ready within the stipulated time frame so you don’t swerve from the path of attaining your business goals.
The successful completion of a lease abstraction project entails managing its various elements effectively, which can be a strain on your resources and time. We can help you through every step of your lease abstraction project, right from lease abstract template design to ongoing lease updates and administration.