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Industry Giants to Launch Online Products That Simplify Operations, Improve Service

LOS ANGELES-Four industry leaders are pooling their resources to develop internet-based tools for automating the industry's core operations. The three new products will be rolled out over the next two years.

By Patricia L. Kirk | Updated on February 20, 2001

LOS ANGELES-Industry giants CB Richard Ellis, Insignia, Jones Lange-La Salle and Trammel Crow have formed a consortium to develop online tools that improve core operations and tenant services, according to Joe Fitzpatrick, EVP of eBusiness for CB Richard Ellis and head of Project Octane.

Project Octane consists of three new online service platforms the consortium plans to rollout over the next two years, including a transaction services platform, an ERP (Enterprise Resource Planning) system and a purchasing procurement portal. So far, the consortium has sunk $81 million into product development and expects to pour $30 million more each into Octane’s core transaction and purchasing procurement platforms, according to Fitzpatrick, who did not disclose the anticipated cost for ERP.

Fitzpatrick points out that the focus of all three products is automating core operations, using technology to improve operations and better serve tenants.

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