SONIC Drive-In: Accelerating audit-readiness with global lease accounting standards
Company Size
1,000+
Region
- America
Country
- United States
Product
- IBM TRIRIGA
Tech Stack
- IBM TRIRIGA
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Cost Savings
- Productivity Improvements
Technology Category
- Platform as a Service (PaaS) - Data Management Platforms
Applicable Industries
- Retail
Applicable Functions
- Business Operation
- Procurement
Services
- Cloud Planning, Design & Implementation Services
About The Customer
SONIC Drive-In is a drive-in quick-service restaurant chain founded in 1953 and headquartered in Oklahoma City, Oklahoma. With more than 3,500 drive-in restaurants and 10,000 employees, the company generates annual revenues of approximately USD552 million. The company manages approximately 1,500 leases across the business, and even small changes to its real estate spend can have a significant impact on its bottom line. The company's reporting systems are a vital method to deliver the information that they need to satisfy their regulators. Lease reporting is also a valuable service for the business, enabling their teams to make informed decisions about opening new stores and negotiating new leases.
The Challenge
SONIC Drive-In, a leading quick-service restaurant chain in the United States, was facing a significant challenge due to the increasing complexity of new global lease accounting standards. The company manages approximately 1,500 leases across the business, and even small changes to its real estate spend can have a significant impact on its bottom line. The new FASB regulations would apply to almost their entire lease portfolio, and the company was keen to reduce the cost and complexity of complying with the new regulations. Their existing reporting systems were vital for delivering the information needed to satisfy regulators and make informed decisions about opening new stores and negotiating new leases. However, the use of spreadsheets and legacy systems was creating challenges.
The Solution
To overcome the challenges created through the use of spreadsheets and legacy systems, SONIC Drive-In chose to update its lease accounting processes with IBM Premier Business Partner eCIFM’s Software as a Service solution for IBM® TRIRIGA®. To help build a comprehensive lease accounting and real estate management process and configure the IBM TRIRIGA solution to support new ways of working, SONIC Drive-In worked with eCIFM Solutions. The implementation of IBM® TRIRIGA® enables the company to be a retail industry leader. By having a system in place, Sonic avoided the increased demand for resources as the deadline for impending changes looms.
Operational Impact
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