Business Specialties
Technology
Jul 10, 2009
By: Richard Malpica, Vice President & General Manager of the Eastern Region, Yardi Systems
Imagine it’s 1990. You’ve moved into a sparkling new office. On the surface, it’s perfect: spacious, modern furnishings, convenient parking. But the dynamism of the commercial real estate industry soon exposes its shortcomings.
As your business grows, marketplace challenges proliferate and technology evolves, you discover the property is not wired for change. You have to make phone, scanner, computer network and other upgrades, which take time, divert funds and manpower from core functions, and disrupt operations.
Fast forward to 2009, and you might apply a similar scenario to property management software. The industry is moving swiftly toward paperless processes for functions ranging from procurement and invoice processing to online payments. Investors and regulators are demanding increasingly high levels of transparency. And tenants and stakeholders expect easy access to critical information in real time. Is your core property management system wired for change? Is it capable of seamlessly integrating the latest technologies coming online to solve these demands?
The best way to leverage technology that keeps pace with the steady march of business challenges is to make integrated, centralized property management technology your starting point. A system that is not merely a solitary business solution for now, but one designed as a platform for integrating today’s emerging technologies, which are fast becoming the standard.
In addition to consolidating portfolio accounting, leasing and property management information, look for a single platform solution that can accommodate—seamlessly, with no slowdown or disruption—a number of new applications that help you minimize risk, meet regulatory requirements, deliver enhanced services and cut costs.
Some products that companies are integrating with their centralized property management software are:
• Procurement systems that allow selection and purchase of MRO supplies via the Web and that can auto-generate electronic invoices and associate them with the electronic purchase order;
• Solutions that transform paper invoices into automated, paperless transactions and route them through an automated approval workflow;
• Electronic rent and lease payment processing;
• Portals that centralize tenant profile, ledger, contact and statement information; enable online work orders; and deliver calendar, bulletin board, and concierge services;
• Configurable, Web-based business intelligence solutions that present real-time information on key performance indicators such as occupancy, NOI and NAV;
• Investment management systems that drive investor confidence, satisfy regulatory demands and mitigate risk by delivering full transparency through automated analytics and reporting.
Getting separate technologies and systems to talk to each other, dealing with multiple log-ins and spending inordinate amounts of time customizing applications can be resource heavy and costly. Looking back to 1990, it’s obvious that a gleaming office space, in itself, wasn’t enough. Looking ahead with that same principle in mind, real estate management companies that build their operations on a single, centralized platform will be well poised to take advantage of the many current and future technology innovations that are rapidly evolving our industry.
By: Richard Malpica, Vice President & General Manager of the Eastern Region, Yardi Systems
Imagine it’s 1990. You’ve moved into a sparkling new office. On the surface, it’s perfect: spacious, modern furnishings, convenient parking. But the dynamism of the commercial real estate industry soon exposes its shortcomings.
As your business grows, marketplace challenges proliferate and technology evolves, you discover the property is not wired for change. You have to make phone, scanner, computer network and other upgrades, which take time, divert funds and manpower from core functions, and disrupt operations.
Fast forward to 2009, and you might apply a similar scenario to property management software. The industry is moving swiftly toward paperless processes for functions ranging from procurement and invoice processing to online payments. Investors and regulators are demanding increasingly high levels of transparency. And tenants and stakeholders expect easy access to critical information in real time. Is your core property management system wired for change? Is it capable of seamlessly integrating the latest technologies coming online to solve these demands?
The best way to leverage technology that keeps pace with the steady march of business challenges is to make integrated, centralized property management technology your starting point. A system that is not merely a solitary business solution for now, but one designed as a platform for integrating today’s emerging technologies, which are fast becoming the standard.
In addition to consolidating portfolio accounting, leasing and property management information, look for a single platform solution that can accommodate—seamlessly, with no slowdown or disruption—a number of new applications that help you minimize risk, meet regulatory requirements, deliver enhanced services and cut costs.
Some products that companies are integrating with their centralized property management software are:
• Procurement systems that allow selection and purchase of MRO supplies via the Web and that can auto-generate electronic invoices and associate them with the electronic purchase order;
• Solutions that transform paper invoices into automated, paperless transactions and route them through an automated approval workflow;
• Electronic rent and lease payment processing;
• Portals that centralize tenant profile, ledger, contact and statement information; enable online work orders; and deliver calendar, bulletin board, and concierge services;
• Configurable, Web-based business intelligence solutions that present real-time information on key performance indicators such as occupancy, NOI and NAV;
• Investment management systems that drive investor confidence, satisfy regulatory demands and mitigate risk by delivering full transparency through automated analytics and reporting.
Getting separate technologies and systems to talk to each other, dealing with multiple log-ins and spending inordinate amounts of time customizing applications can be resource heavy and costly. Looking back to 1990, it’s obvious that a gleaming office space, in itself, wasn’t enough. Looking ahead with that same principle in mind, real estate management companies that build their operations on a single, centralized platform will be well poised to take advantage of the many current and future technology innovations that are rapidly evolving our industry.
Richard Malpica is vice president & general manager of the Eastern region for Yardi Systems.
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