Part 2: The Advantages of Industry-Specific ERP Solutions
Last week we established the pivotal role technology is playing in the commercial real estate industry’s quest to gain efficiencies and bolster the bottom line. The opportunities in this burgeoning marketplace have prompted solutions providers to evolve with a distinct understanding of CRE needs.
This includes taking full advantage of an increasingly mobile and interconnected world to provide a comprehensive suite of features that address virtually all property management and construction management tasks. These can range from stand-alone property management/accounting and construction management/accounting platforms to CRM and project tracking to reporting, vacancy management, budgeting, valuation and contract management applications.
Another evolving bonus lies in the ability to seamlessly support multi-cloud integrations with best-in-class software products across a range of real estate services categories. This is achieved through the assembly and use of a well-designed commercial real estate tech stack.
At its core, an ERP solution designed with open APIs (application program interfaces) serves as a “single point of truth” for today’s tech stack, capturing and processing real estate enterprise data while providing a wide-range of financial management and reporting applications. It also easily integrates with the requirements of other applications in an increasingly collaborative business world.
Customizable Pricing and Features
Further advantages of today’s ERP systems built specifically for the CRE marketplace include creativity in both pricing and design. While some solutions are provided by vendors on a per-seating basis, others offer SaaS pricing structures, which means subscriptions without seat-based limitations. Whether there are 10 users or hundreds, the price is the same and determined only by the number of system transactions.
And these systems can be customized according to company specifications. This includes real-time access to meaningful data organized in dashboards created per customer wants and needs. Another benefit is the ability to receive ongoing, automatic updates.
Cloud computing also means no longer having to worry about the purchase, storage and maintenance of in-house servers. Cloud backup provides yet another advantage. If disaster should strike, the restoration or retrieval of key corporate data will be the least of your worries. Everything from historical client information to financial and project records is available 24/7 with just a few simple mouse clicks.
While the economy seems reasonably stable today, questions continue to hover about the near term. Still, among the few absolutes in business is the need to prepare for the future with the best possible resources.
The commercial real estate industry is no different. Fortunately, technologies exist right now that not only provide immediate operational efficiencies and cost benefits, but an ongoing foundation for growth and an enhanced ability to navigate successfully in an unpredictable world.
Next week? We will take look at key software categories (and some of our favorite products) comprising the modern commercial real estate tech stack.
IBS can help you assemble the best possible CRE technology solution for your firm. For a free system analysis, call 973-575-4950 or email firstname.lastname@example.org.