Regions Bank

SUMMARY

Regions Bank and CBRE implemented PMWeb to manage the construction work and routine asset management/ maintenance across  more than 2,400 locations in 16 US States. The implementation included integration with two separate financial systems and an asset management system.

INTRODUCTION

Regions Bank has 1,454 banking offices and 1,952 ATMs across 16 US states, approx. 20,000 employees and total assets of $114 billion (2021). It is part of Regions Financial Corporation, ranked in the Fortune 500 and on the list of largest banks in the United States. CBRE is the largest Commercial Real Estate services/investment firm in the world, with over 100,000 employees globally and $18.5 billion in Revenues (2020); and is also listed in the Fortune 500. CBRE manages the real estate portfolio of Regions Bank

CHALLENGE

Regions Bank needed to implement a scalable, best-in-class, “All-In-One” Project Management solution for managing capital projects and meeting financial system integration requirements. The new solution will replace a non-sustainable version of Maximo that currently provided basic Project Management functionality, cost tracking, and financial integration.

SOLUTION

In September 2011 after extensive software due diligence, the Regions Bank account selected PMWeb as the solution to serve their long-term Construction Program Management software needs. This solution was preferred by Regions Bank over existing Project Insight offerings (mainly Expedite) due to the ease of use and lower cost of financial integration requirements and also the ease of mass project data importing for common Facility Management Capital projects planned for a large number of properties across the portfolio.

PMWeb also automates the retrieval of project documents (i.e. invoices) electronically; eliminating the need for a separate document imaging solution for Project Management audits.

RESULTS AND BENEFITS

Regions Bank phased the rollout of the new system by project type in Q1-Q2 2012. Dual systems were managed for financial purposes until project completion. The “All-In-One” centralized system increases productivity and efficiency in the project lifecycle through vendor collaboration, incorporation of automated workflow approval, and streamlining the invoice submittal process.

Cost savings opportunities are achieved through reduced paper cost, a centralized bidding tool, and electronic retrieval of financial documents for audit purposes. Soft cost savings are achieved through productivity gains.

“We are excited to implement a global Project Management Software that extends to all users, including our vendors, for executing our capital projects. We’ve never had an “All-In-One” solution prior to PMWeb.  The collaborative efforts of the Project Management Team have produced a successful implementation and it has been a pleasure working with the PMWeb team.”

Paul S. Newman
Senior Vice President
Regions Bank Properties & Corporate Real Estate