KriyaGo - Blog #ROI

8 Top Benefits of ERP integration in Real Estate

Thu, 09 Sep 2021 11:37:41 -0400

Real estate technology has been transforming the industry, especially by improving work efficiencies. Rapid digital innovation has presented endless choices to companies looking to automate their processes. From handling tenants to managing payments, real estate ERP provides solutions to every problem.

To make the most out of the various ERP software, it is important that they talk to each other. Apart from the improved efficiency and work organization, here are a few more benefits of integrating various real estate ERP software.

Easier Transition

Even though the real estate industry is quickly adopting technology, 19% of companies do not have a digital strategy. Companies that already use real estate technology do not want to lose their existing data while upgrading their software.

Whether it is Office 365 or full-fledged software, ERP integration makes the transition much easier. Instead of completely moving your data, it lets you gradually shift to a new system. You can simultaneously use existing tools while also leveraging new features.

This will also cut down the training period by decreasing the learning curve. Employees only need to learn the new features while they are still able to work with the old ones. This helps you maintain the same level of productivity without compromising on technology.

Work synchronization across departments

Real estate businesses involve many departments such as marketing, accounting, and sales. Though most departments are non-IT, they use their own software to work more efficiently. This siloed information can complicate the work process, sometimes even requiring duplication of data. According to the TechTrends’ Technology Vision Survey, 55% of the participants faced difficulties in managing data through their software.

This can be easily solved by integrating software across departments. The multifunctional ERP not only syncs data but also creates a single database accessible to all employees. Your sales data will be readily available for accounting. Similarly, the marketing department can access lead information from your CRM. This unified strategy helps your staff make the most out of real estate technology.

Accurate data and insights

The importance of data in real estate is already established. From finding the right leads to making better investments, it can help you maximize profits. According to McKinsey, nearly 60% of real estate predictive power can come from big data.

Conventional analysis methods that evaluate data separately generate multiple reports. These reports can be inconsistent and you will only get a smaller picture from each software.

Integrating your ERP helps you organize unstructured data obtained from various sources. Insights generated from such consolidated data are more accurate in predicting client behavior and market trends.

Maximize ROI

Real estate software comes with incredible features but can also be very expensive. If used strategically, they can give a high return on investment. According to Nuclear Research, CRM software pays back $8.71 on average for every $1 spent.

Using multiple software won’t let you fully realize their benefits. Instead, you can integrate them by choosing the features you actually use. This lets you budget appropriately and gets maximum return on interest, without wasting money on features that you never use.

Increase tenant retention

According to Zillow Rentals, 60% of tenant turnover is controllable. Integrated ERP gives insights into tenant behavior and preferences by collecting data from various sources. These insights can be used to create a better tenant experience which increases tenant retention.

For example, combining the data from tenant portals and maintenance software can help you identify the main problems of your tenants. Which area required the most maintenance? What did tenants complain about? Resolving these issues can increase tenant retention and build a better brand image.

Increase accountability through approval workflows

If a task requires several employees to work on it, you can integrate ERP to increase accountability. Integrated software lets you align processes using approval workflows. These are workflows within the software that requires every employee to update the progress of the task assigned to them. For a multi-step process, employees need to update the completion of the task at every stage.

Not only does it make the staff more accountable, but also helps you delegate tasks effectively. Approval workflows also save time as all the tasks are updated in the same software, regardless of the department.

Enhanced data security

Data security is one of the major concerns when integrating software. According to Perimeter 81, one out of two real estate firms has faced a cybersecurity attack in the past two years. Integrated ERP makes it easier to protect your data through a single database. Apart from setting up firewalls for cyber security, you can also secure the data within your own company.

You can set up role-based security that lets only specific users access the protected data. Additionally, you can also restrict unauthorized users to access the database. If you use multiple software, then setting up security for each application will be tedious.

If you are considering cloud integration, then you also need external security features. You can backup the entire database on a cloud server since they are very secure. They also have features such as multi-factor authentication and data encryption that prevent unauthorized access of data. This is especially beneficial for property managers who work remotely, as they can access the data from anywhere without worrying about its safety.

Increased scalability

An ideal real estate software is readily scalable according to business growth. Instead of upsizing or downsizing individual software, integrating lets you scale your entire tech requirements. Moreover, you can utilize additional features or remove existing ones without switching to different software.

Seamless real estate ERP integration through KriyaGo

An integrated ERP is an asset for businesses looking to streamline their business processes. KriyaGo helps you seamlessly integrate popular real estate software like Yardi, Procore, and SAP Concur. We understand our clients’ needs and suggest solutions accordingly. Apart from software integration, we also help our clients with support, training, and data onboarding.

By choosing KriyaGo, you get to leverage a professional team, market expertise, and comprehensive tech support. Our strategies have helped clients achieve business goals by making optimal use of technology.

Want to know more about our services? Book a free consultation call with KriyaGo!

Five Questions to Ask Yourself Before Hiring a Managed IT Service Provider

Tue, 06 Jul 2021 09:00:00 -0400

Most businesses nowadays prefer outsourcing their IT needs. Whether they are a small startup or a big company, a managed IT service provider can take charge of an organization’s technology requirements. It is a cost-effective and time-saving decision to hire an expert.

Outsourcing can address different problems effectively. Some may not want to have an in-house IT department, while others may want to utilize new technologies. No matter what the reason, every organization needs to answer these five questions to understand their requirements better.

What do you want to achieve by hiring an IT provider

Each company defines its own targets for hiring an IT provider. The main benefits of outsourcing your IT needs are:

Rely on pre-trained IT providers to save up on cost and effort
Free up internal IT resources
Access to better technology and services
Better handling of IT issues like downtime

Determining your goals before hiring an IT provider can make the process much easier. Managed service providers have different services based on the client’s requirements. It is essential to discuss your needs as well as their approach to avoid any confusion later.

How much do you want to outsource?

Managed IT service providers are not only for those companies who do not have an in-house IT department. Some companies choose to work out a balance between outsourcing and relying on their internal team.

If you have a dedicated IT department, identify the areas your team lacks in. Do you need to utilize the latest technology? Or are there too many projects for your staff to handle? Specific functions can

You can choose to hire a provider for a single project, or hand over specific functions, or completely outsource your IT requirements.

What is the change in ROI?

Most companies outsource their IT requirements to reduce the total cost. By outsourcing, you have control over your expenses. Depending on the company’s requirements, you can pause the services or scale them and pay accordingly. This isn’t possible with an internal IT department as you will have to pay employee compensation regardless of the workload.

But a short-term increase in ROI isn’t something you should be looking for. Technology evolves regularly. If your IT provider isn’t updating themselves or growing with your company, this deal can become expensive in the longer run. All this, without having your IT needs met.

How can the IT provider help with your current requirements?

There are specific requirements you would want to address when hiring an IT service provider. If you already have an in-house team, you should look for additional benefits an IT provider can help you with.

For example, most businesses do not have a data recovery plan. In today’s cyber-centric world, no one can predict an IT disaster. If you are investing in an IT service provider, you should consider their ability to recover data if your infrastructure goes down.

Another aspect you should consider is their reliability. While you are outsourcing, you have little control over the way your work is handled. Hiring a trustworthy provider will ensure they perform their duties diligently.

Your service provider is an active part of your business growth. Understand what value the MSP will add if you choose to outsource to them. With the development of your business, your needs will also change. Is the MSP willing to accommodate any changes in plans? Are they able to take up the additional workload? When hiring a managed service provider, it would be good to ensure that you are their priority.

How does the service provider plan to keep you in the loop?

When hiring a managed service provider, monitoring their work is a little tricky. But, there are multiple ways through which you can keep check of the progress they make. Most MSPs have a procedure to keep their clients updated. You should check for these:

Reports: How often will the firm provide you reports of the work? (weekly, monthly, or quarterly)
Meetings: In-person or online sessions can give you insights into their work and help you convey any changes if necessary.
Admin Portals: Some service providers have portals where you can check on their work anytime. They will include reports and updates on different projects assigned to them.

Your business heavily depends on the digital infrastructure, and if people outside your company handle this, you wouldn’t want to be ignorant about it.

What are the Pros and Cons of outsourcing your IT requirements?

Hiring a managed IT service provider has several benefits like reduced costs, access to better technology, and access to a better skillset. It also has some minor drawbacks that can be handled well with proper planning.

Issues often arise if you work with an unqualified agency. When you outsource, you hand over a major part of your company’s data to your service provider. This data is both valuable and confidential. The first significant risk would be data loss. If the MSP doesn’t have a data recovery plan, bringing all your data back will be difficult.

Another risk is leaking confidential data. You can avoid this risk by choosing a trustworthy and reliable MSP.

An indirect effect of outsourcing would be on your employees. They can assume you are planning to lay them off. If you do or do not have such plans, it is important to discuss them with your employees beforehand.

Choose the right service provider

Digital infrastructure and the data it holds are your company’s most significant assets. When hiring a managed IT service provider, keep your requirements in mind. Thoroughly research the potential of outsourcing your IT needs and knowing about the service provider.

MSPs can add value to your firm by bringing in the latest innovations and helping your firm grow with technology. Your relationship with your MSP should be built on confidentiality, reliability, and efficiency.

KriyaGo can help you in integrating different real estate technologies so you can work with them easily.