Using i2 iBase to manage supplier risk and ensure quality on a billion Euro project to redevelop a shopping centre in Finland.
The Tapiola Center Development Project stands as a shining example of effective risk management and quality assurance in the construction industry. This ambitious project transformed an existing shopping center into a new five-floor experience, featuring around 100 shops and boasting 450 parking spaces.
With a contract value of approximately €1.5 billion, this project was of significant importance and it was essential to minimise the risks of working with companies that could potentially jeopardise or delay the project. LähiTapiola addressed this challenge by dedicating a team of investigators to scrutinize the financial history of all subcontractor applicants.
iBase played a pivotal role in searching for individuals and their associated companies with a track record of financial issues, utilizing diverse data sources such as LähiTapiola's records, financial documents, and public company records. The investigation, involving 349 enquiries and 940 companies, resulted in blocking 133 companies from participating.
Notably, as awareness spread about this proactive approach, the number of blocked companies decreased over time, indicating that potential subcontractors who knew they would not pass scrutiny did not apply.
Before adopting iBase, risk analysis was infrequent and relied solely on the practical experience of building inspectors. LähiTapiola’s adoption of iBase introduced informed decision-making by providing comprehensive financial histories of companies and their key personnel.
People associated with financially troubled companies were flagged, preventing their interaction with LähiTapiola and the project. The system enabled accurate partner assessments, contributed valuable statistics for decision-making, and ensured ongoing scrutiny of applications from flagged individuals.
iBase has since become an integral tool for risk management assessments, preventing money-laundering activities and aiding in risk classification.
The Tapiola Center Development Project, by the successful application of iBase for risk management and background checks, set a remarkable precedent in the construction industry.
This case study underscores the importance of proactive vetting and quality control measures, that showcases how to deliver cost-effective, timely, and high-quality project outcomes. Beyond its immediate success, this approach serves as a model for the industry, emphasizing the significance of social responsibility and ethical business practices.
LähiTapiola Real Estate Asset Management Oy specializes in real estate portfolio management, offering a comprehensive range of services to optimize and maximize the profitability of real estate investments. Their services cover various aspects of the real estate lifecycle, including portfolio strategy development, transaction management, market and portfolio analysis, as well as building development. The company also manages real estate funds, providing a structured approach to investment.
iBase is an intuitive intelligence data management application that enables collaborative teams of analysts to capture, control, and analyze multi-source data in security-rich workgroup environments.
It addresses the analyst’s daily challenge of discovering and uncovering networks, patterns and trends in today’s increasing volumes of complex structured and unstructured data. i2 iBase provides a multi-user data sharing environment that combines rich analysis and visualization capabilities with dissemination tools.
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