Even without the challenges posed by the economic crisis caused by the Covid-19 pandemic, today’s business environment has been incredibly competitive in all its spheres, and property management is not an exception. To succeed in such conditions, one has to be on the lookout for any way to optimize assets, reduce costs and gain valuable insights. It is not the time to be conservative – those unwilling to embrace new state-of-the-art solutions will unavoidably be left behind. In today’s environment, it usually means not even worse results, but outright bankruptcy.
Among all the potential ways of optimizing a property management company, SAP is probably the most promising one. Why? Let us take a closer look.
1. It Provides Insights into Property Portfolio
SAP integration gives business access to a significant amount of otherwise unavailable data, providing valuable insights into the current operation of its property portfolio as well as various potential ways of improving the situation, from reducing costs to enhancing the portfolio performance.
2. It Increases the Ease of Auditability
One of the primary concerns of any client working with property management companies is their reputation. When there is as much at stake as there always is in the real estate business, one has to be absolutely sure about one’s business partners. SAP integration makes a company easily auditable, making it more transparent for potential clients and partners who are, in turn, more willing to deal with it.
3. It Simplifies Property Management
By streamlining the entire process and eliminating manual input at its various stages, SAP implementation decreases the likelihood of mistakes and non-compliance with IFRS 16 standards. By simplifying the financials to make them more accessible for the non-accounting personnel, the system makes it easier to take stock of the business’ assets and control them.
4. It Provides a Single Source of Information on the Entire Operation
As all the data is held in one place, it makes it easier to locate the latest and the most relevant piece of data on any part of the portfolio without looking for it or worrying about it being out of date. It provides a comprehensive lease and contracts management system for the entire business without using any additional solutions. By always having relevant, truthful and up-to-date information, the company can confidently deal with both old and new customers. Making all the pertinent information concerning various corporate functions highly visible ensures that any changes in its operation become immediately obvious, thus allowing for immediate reaction to them. It also prevents the business’ administration from missing potential opportunities when they arise.
5. It Reduces Costs and Saves Effort
By automating many processes within a business and eliminating the need for manual input, SAP solutions make for the more efficient use of available workforce and resources. By reducing the number of applications to be supported, it decreases maintenance costs. It is achieved by replacing a number of disorganized and poorly optimized systems that often duplicate each other with a single powerful and all-encompassing solution.
6. It Makes Sure Properties Are Utilized Efficiently
Using SAP prevents properties from being underutilized, thus ensuring that each part of the company’s portfolio is used to the fullest and preventing revenue loss for the business.
As you can see, both advantages of incorporating SAP and disadvantages of neglecting it are more than obvious. Even if your property management business has always been wary of technological advancements, it is the one thing you cannot ignore any longer.
Implementing or not implementing it can make all the difference between success and failure.