The Property Technology Festival (PTF) brings together over 300 senior delegates from Asset Management (AM), Property Management (PM), Facilities Management (FM) and Community Management (CM). Hosted in Dubai, the event focuses on digital-led innovations impacting the real estate sector.
Yardi’s Said Haider, senior director of Middle East Sales, presented how technology unifies organisations with increased visibility, optimised costs and employee enablement. The discussion then explained digital transformation in property management by showcasing a client success story about one of the biggest real estate developers and asset managers in the United Arab Emirates.
In his opening statement, Haider highlighted the changes going through the real estate industry today and as industries, such as commercial, retail and industrial, have evolved, so too has the real estate industry.
“Not only in the way we operate, but the way the property is structured. The building of the future now incorporates residential, commercial and even flexible working. It started in the US and now you see it all over the world, including in Dubai, the UAE as well as in Saudi Arabia.”
“The building where you can have different types of prospects, different types of tenants, different agreements, lease contracts and so on – it’s a building where you have a shared office space, a commercial office and residential units together with retail space.”
When we talk about real estate, we talk about a complicated lifecycle that starts from construction down into leasing, property management, financial accounting, facilities, management reporting and more. So, how important is it for you or any asset management company to have a unified platform capable of managing complex interactions with different types of prospects and tenants?
It is imperative to consolidate your data and provide your stakeholders with complete visibility. With an all-in-one solution, you can have a 360-degree overview of your data in one location so you can access your marketing, finance and accounting, CRM and real-time reporting in one click.
“With the real estate industry evolving rapidly, we need to change how we look at it. Expenses are important, but how you position yourself in the market, enhance the customer experience for a frictionless journey and optimise and increase your asset revenue is key to competing in the market and being top of the game,” expressed Haider.
To demonstrate how investing in the right technology can benefit the business and the client, Haider showcased one of Yardi’s Middle East clients.
This client is one of the biggest real estate developers and asset managers in the UAE. By implementing the Yardi Commercial Suite, the company went 100% paperless and removed all manual processes for a 100% digital experience through an end-to-end, all-in-one solution.
“Thanks to Yardi’s technology, we can best serve the ever-changing needs of our customers by providing services with superior efficiency and convenience.”
For years, this client used multiple systems for most of its operations and had no technology for the rest of the business. The company needed a comprehensive solution to digitise processes, map the customer journey and automate tasks that drained resources, such as in-depth reporting and admin work.
The company implemented a range of Yardi solutions that collectively served to help face its challenges. This included technical services that supported centralising high-volume operations with KPI monitoring and an invoicing system.
Successes from implementation
- Since going live with Yardi Payment Processing, all payments are initiated, reviewed and approved digitally with a 25% efficiency improvement
- All registrations are completed online via the VendorCafe platform – vendors can now track their registration status online and update information in their own time with a 30% efficiency improvement
- Manual processes have been eliminated thanks to the automation through Yardi’s products that are based on smart algorithms, which helps reduce portfolio risk
After implementation, the company benefits from an integrated workflow management system. The business can easily initiate new relationships, create its legal entity, manage the design development, run efficient tenders as well as create budget and award contracts.
In addition, the business can manage its projects within the easy-to-use dashboard with a clear overview of key milestones and cash flow, approve and track project payments and easily manage maintenance.
Throughout the project lifecycle, the company’s revenue per project is auto-calculated and corporate accounting syncs with its mother company’s systems. The business can also track and report all project-related KPIs, portfolio-related reports, projects revenue and resource deployment thanks to Yardi’s single connected solution.
Utilising the right technology can benefit both the business and the client. Having the right solution for your operations allows you to focus on growing your business and enhancing the customer journey.
Elevate your entire asset portfolio with an end-to-end solution
Yardi Elevate provides in-depth operational data and predictive insights with recommended actions to elevate asset performance by lowering costs, balancing risk and increasing revenue. Gain enhanced visibility into your portfolios, maintain data integrity and reduce risk, complete projects on time and hit your forecasted returns.
The award-winning Yardi Commercial Suite helps you manage your entire business lifecycle, including operational, financial, leasing and maintenance activities in an all-in-one solution. You can shorten leasing lifecycles, maximise revenue, improve insight and enhance customer service by running your entire business with integrated commercial property management software.