The Importance of Digital Transformation in the Real Estate Industry
Real estate companies can reduce their costs and improve performance on a large scale, by implementing and optimizing various digital technologies. The impact of the Covid-19 pandemic can be felt in many industries, including the real estate sector, where the need for digital transformation can no longer be denied.
Your potential tenants will look online for their future space, and optimizing your website to include 3D views of the building makes it easier for people to visualize themselves being there. However, the big-scale benefits of digital transformation are to be found in the business administrations of property management:
When it comes to managing business processes for real estate firms, automating manual processes is one way of reducing discrepancy, increasing productivity levels and improving the lines of communication between all stakeholders.
Your employees will benefit from not having to work with a high number of documents and data stored in different places, when you’ve opted for a system where everything is coordinated and organized in a simpler and more efficient manner. In fact, accounting software in property management reduces invoice processing cost per by about 80%, according to Michael Mullin, President of Integrated Business Systems. Then imagine the impact digital transformation will have across all property management activities, from accounting to lease administration, communications and inter-organizational data handling.
With a big increase in the number of available solutions that can simplify the management of properties, especially from the emerging PropTech landscape, there’s a need to consider which critical aspects your real estate business needs solved. Depending on your specific business needs, you could be looking at implementing several solutions for various purposes, or an integrated, all-in-one solution.
Just remember when considering different software solutions, that the digital transformation must be future-proof, so make sure the technology you invest in is a scalable and flexible solution that will strengthen your competitive advantage and improve bottom line results in the long run.
How we can help you make the best use of technology
When it comes to property management, FlexProperty is our preconfigured, all-in-one solution which enables you to effectively deal with the day-to-day property management processes, including lease administration, allocating expenses, handling rental billing and implementing changes to rental services and fees. It is a system built to address the needs of global real estate companies, by automating manual processes and reducing the risk of errors.
You can minimize your implementation cost and time, by adopting Microsoft Dynamics 365 Finance and Operations with our FlexProperty preconfigured solution as your new business operations platform. Our solution provides full visibility into all property and lease portfolios, enabling you to make better informed decisions in a timely manner.
If you are dealing with dispersed data points, a high number of employees, suppliers and customers, a master data management software like our Yavica Data Management solution, could come in handy, with regards to ensuring data consistency and quality. Yavica Data Management can help you manage your master data more easily, group companies into clusters, subscribe to master data from multiple sources, enable a single or multiple sources of truth, share customers and vendors on record level, and move configuration data between environments.
In order to help you succeed in your digital transformation journey, we also offer consultancy services within analysis, integration and change management. Our dedicated team of industry and methodology experts will ensure that you have the right foundation when it comes to informed decision making. Furthermore, we also offer customized agreements within application management and support, to ensure that you are always up to date with regards to security, new feature sets and the latest operating system versions.
For more information on how Yavica can help you automate your business processes and manage your master data, please reach out to email@example.com
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