Accruent acquired Lucernex in 2017 to boost its IWMS or asset management portfolio. Lucernex Lease Administration & Accounting is a real estate lifecycle management platform emphasizing compliant financial contracts and accountancy.
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SpaceIQ
Score 9.6 out of 10
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SiQ by iOFFICE + SpaceIQ is an IWMS / CAFD solution supplying facilities managers with space planning and move management support, as well as real estate forecasting. SpaceIQ was acquired by the We Company (WeWork) in summer 2019, then acquired by Archibus + Serraview, and since 2021 has merged with iOFFICE.
I believe Accruent is well suited for companies with a large amount of leased assets that need to be accounted for under the new accounting standard. Companies with fewer leases would not need an intricate tool of this size. It is suited for both real estate and equipment leases, which makes up the entirety of our portfolio.
SpaceIQ is good for a medium to large business where there are a lot of employees or multiple business offices. A small business probably won’t see the benefit of the product since locating an employee’s desks probably won’t be a difficult task.
The classroom and web-base training experience were very well-executed. Instructors and SME's in training were knowledgeable and helpful.
Upper management oversight of the projects provides the customer with confidence knowing that if escalations need to occur, issues will be handled.
Management was quick to make it right and switch our team when they recognized that there were some fundamental pieces missing from our initial SOW for our project.
We were misled that we would be utilizing Lucernex employees on our implementation. We have subcontractors from Sense Corp who do not seem that they are very familiar with the software. They often have to take questions away to ask (presumably Lucernex employees).
The implementation process is very inefficient. The upload templates are not straightforward, and there are "required" fields that are not designated as "required". Also, the sheer number of upload templates that need to be populated does not seem like the best way to get our information into the software. A guide to denote what each field on the template actually represents would be helpful.
You can tell that Lucernex is benefiting from the influx of business from ASC 842, and is trying to onboard as many clients as possible at the same time. This has caused a lack of attention to our implementation, and it shows with some frustration on our side with the implementation process.
There isn't a ton to dislike about the software, but there are a few refinements and small touches regarding how the moves engine allows for future plans to be created and maintained that I'd like to see. These smaller things are more the cherry on top of an already delicious sundae.
The trainers were knowledgeable and engaging in presenting the materials, and their emphasis on important concepts was helpful (I would rate the trainers themselves a 9!). However, I do not believe there's anything we learned in the in-person training that could not have been taught via live web-classroom. Traveling a significant distance (in our case) to Austin, TX for only approx. 12 hours in the classroom was (in my opinion) not necessary, since the same material could have been presented via live web-classroom and saved us the expense and travel-time. I would encourage Lucernex to consider moving to a live web-classroom format in the future; an online live format would still allow for participation and questions from the participants while saving clients' time and money
We chose Lucernex based on the commitment of building and maintaining the customer/vendor relationship to grow the product, the end user ability to configure the system and the systems functionality to complete all of our lease management needs.
We decided to go with SpaceIQ for several reasons. First was that the price point we were trying to meet for the features that we wanted was easily met. Also, they were a local company and we like to support fellow local companies in the silicon slopes community. Finally, they came highly recommended by other companies that we consulted about them.
