Accelerating into 2023 we all recognize that latest digital technologies enable positive change, but moving forwards we are all going to have to think and act differently to make an impact.
Simply put, every employee will play an increasingly visible role in helping their company outperform against the current challenging economic headwinds, with demarcation lines between front facing and back office domains becoming increasingly more blurred.
Technology adoption is growing among commercial property management organizations and investors, leading organizations are boosting efficiencies, reducing costs, and quickly adapting in a fast-evolving market by leveraging property management systems.
A versatile, user-friendly property management software can definitely save you time, reduce costs, mitigate risk and help organizations in property industries to grow their real estate business in 2023.
Long Term Direction
Whilst there is no tangible vibe from corporates for all lease management processes to be real time, there is no doubt that we are all heading in that direction in the much longer term. It will definitely take effort to be fully data driven, but at the same time progress is being made to reduce execution time, and to present information for decision making that is richer, more contextual, as well as actionable.
Get instant insight into the performance of your property management business and your assets with a suite of different reports fed by real-time data. From tenancy, portfolio to property reports, your lease management team can gain full transparency of your property management business operations with real-time reporting.
Removing Transactional Friction
Businesses can only work as fast as their slowest step but most do now recognize that we are in a period of technological step change, where software solutions are able to solve challenging operational issues more easily, and cost efficiently, than ever before.
At a macro abbreviated level this simply means knocking out transactional friction so that business decisions are made with the latest data points, and all executed with security and privacy considerations built-in from the ground up.
More significantly, because the latest system processes can work x-application and x-ecosystem, they work for you rather than vice versa. At a more technical level, solutions will include Apps + Processtech + Multiple Applications. This leads to timelier and richer data sets for decision making, whether that be for operations, process controls, decision support, or management activities.
Processtech. Illustrating this to get the point across, the scoping of smart digital processes goes from:- data collection (including RPA, if required for document onboarding, that can be with or without Artificial Intelligence – AI), through all required data transformations / enrichments to contextual actionable reporting / visualizations +/or workflows @anywhere @anytime within a process + API’s @anywhere to other applications or ecosystems (including the leverage of Open Banking API’s w/payments @anywhere, third party AI models etc.) + Simulations. This creates a digitally enabled process that can be re-engineered iteratively, or replaced from scratch, giving unparalleled flexibility for both qualitative and quantitative processes.
Driving Change with Compliance
Many types of digital transition are achieving their intended goals, but in a high number of these cases much of the existing work has been highly focused and driven within domains and not across them. This is mainly due to the existence of functional domain structures, and to a lesser degree the fact that only relatively recently has modern tech dealt comprehensively with both inter- and intra- workflows for both qualitative and quantitative data flows.
Data management compliance is a vital area to focus on, especially around areas involving personal information and cross border data transfers. This will cover where, why, and when data is processed, how it is stored and encrypted @rest @transit, and ultimately when it is to be deleted. Regulatory fines can be high for non-compliance.
Commercial real estate management involves many repetitive manual processes such as checking, billing and paying. Commercial property management software helps to manage your properties from one centralized lease accounting platform to automate the steps involved in these tasks. This can take the form of bulk expense processing, auto-generating and sending invoices or notices, and handling tenant communications to improve regulatory compliance.
X-Application + X-Ecosystem
The key root enabler of digital transformation is being able to seamlessly work x-application and x-ecosystem to streamline processes. X-application solves a major challenge for all corporations surrounding the fact that business decisions require rich information which is rarely within one system, but across multiple applications.
With your property accounting needs covered in a central property management system, users will be able to set up automatic transaction matching and reconciliations, automate fees and payments to owners, and see financial information in real-time.
Only recently, has this transformational challenge at scale been solvable at a practical level ie making processes auditable, repeatable and fast to process. This is done by being able to 1) define transformations at an ultra-granular level, and 2) to combine this with the instant raw processing compute power to drive it. In the past, transformation was typically solved through the use of multiple spreadsheets which was executed as a distinct time sapping process adjunct within an overall process.
X-ecosystem processing enables a corporate to connect its systems to other leading third party global providers (payments, HR compliance checks, credit checks, sanction checks etc.). This results in significantly reduced transactional friction to speed up overall processing, noting that users can decide upon the level of automation i.e. full, partial, report reviews, workflows, eyeball reviews etc.
Perhaps x-ecosystem enablement, epitomized by Fintech, Retail and Insurtech has shown corporates that their own company can engage with others in a more seamless engaging way with reduced transactional cost to enhance their own business position using the same process rationale.
More holistically, as the driving of higher quality and more timely information becomes easier to achieve, the door opens to enable deeper innovation. For a start, and from an internal viewpoint, the ability to drive primary, secondary, tertiary processes etc. from the original source data across other functional areas.
For example, It reduces transactional friction, removes data silos, and eliminates duplication of data. From an external viewpoint it provides deeper levels of engagement to customers, suppliers and governments, and goes to improve the depth, breadth, and efficiency of the business relationship.
Different types of property management processes, whether focused internally or externally, require different levels of effort depending on the nature of the task. Extending processes externally might simply be about offering e-services to a stakeholder, whereas others like sustainability will require deeper engagement with stakeholders to drive multi-year initiatives that reduce overall carbon footprints.
It is important to also recognize that different generations, whether they be your employees or those from your suppliers or customers, do hold management much more accountable than ever before for their ongoing focus on sustainability initiatives. Of course, there are also external activists looking into your corporate performance in this area as well.
In summary, corporates now have access to software environments that can drive deep change. Those organizations that can connect the dots internally, as well as externally, will benefit from deeper competitive advantage through being able to engage with both internal and external stakeholders more efficiently and effectively, whilst at the same time building in privacy and security from the ground up.
It is time to explore your options and find the best property management system to help you manage portfolio and property search, rent payments, tenant communication and eliminate your administrative burden to enhance business operations. Your lease management and finance team can free up their time to focus on high-value tasks – bringing on new businesses, delivering stand-out service, and acting on opportunities.
GaiaPM, a member of the FlexSystem Group, provides international lease and property management software designed to help you drive performance up and costs down. As a global solutions provider in over 38 countries GaiaPM, together with its proven solutions for multi-currency financials, human resources, and operations, is a business software vendor to 1 in 10 Forbes Global 2000 (May 2020), and 1 in 5 Global Fortune 500 (August 2020), operating at the intersection of new digital process and payment technologies, whether on-premise, hybrid or cloud, to provide you with iterative opportunities for value creation.