Industries like real estate, banking, and retail often have multiple components that need to be managed well to run an enterprise in the field efficiently. These components include elaborate systems that include financials, supply chains, manufacturing, operations, reporting, and many more.
More importantly, these industries rely on having a commercial space that can be optimized to manage the varied aspects of individual businesses.
By employing PropTech, real estate companies provide a comprehensive solution to the retail and banking industries, not to mention all other industries in the digital space.
PropTech ERP for banking industry
Except for the digital-only banks, banks need office space for their multiple branches across countries. This, in turn, requires renting and leasing commercial real estate. Additionally, facilities management may be an essential service.
Banks that rely on resources in large numbers can benefit from PropTech. It is vital to keep track of all business components such as units, lease agreements, and maintenance in the real estate industry. When your client base grows into the thousands, it can be overwhelming to keep track of all this data. ERP software can automate this process, so you do not have to do it manually.
Essentially, it means that all activities in the enterprise are combined into a singular central system that is accessible through software. PropTech tools and resources are leveraged to include features like automation that can streamline workflows and enhance operations. It allows your enterprise to manage its operations with greater ease and improved results.
While ERP is broadly applicable to different sectors, your enterprise benefits most from integrating all its core functions through digital services as they have become critical in the wake of the pandemic. Successfully leveraging these services can give your enterprise an edge over its competition.
PropTech ERP for retail industry
Through PropTech-based ERP solutions, the retail industry benefits as it has many branches to manage. They may also avail PropTech to expand their businesses. It saves them from spending time and money on physical visits to the property, negotiations, extensive documentation on leasing the space, and facility management. PropTech offers
- Geocoding-enabled property view, making the addition of new branches faster
- Streamlined leasing management processes and transactions.
- Financial reports.
- Easy communication between property owners and tenants.
ERP is also great at monitoring finances while maintaining visibility. This is useful for any industry but can be leveraged to report on all transactions accurately. Retail sectors often have a lot of inventory that can be managed in real-time by ERP software. Essentially, traditionally time-consuming tasks are transformed to be completed quickly and efficiently due to improvements in technology.
In addition to this, PropTech addresses:
- The need for access and viewing of all facilities through a single dashboard.
- It reveals available listings in real-time.
- Banks and retail businesses can use a centralized platform of assets, leases, agreements, and deals
- It enables alerts in real-time on upcoming renewals and to close deals seamlessly.
- Banks and the retail industry can use PropTech to access reports and data analytics to make informed decisions.
- CRM helps build lasting CRE company and customer relationship
The primary purpose of ERP software is to integrate as many business functions as possible in one place. It is crucial to align your business objectives and activities with its features. You can do this by looking for specific features that serve your industry best.
Improves Accessibility and Data Flow for Retail – Read the Story
PropTech for banking and retail industries
The banking industry relies on resources in the form of financial data. This data comes with a need for security. The advantage of ERP enables banking and financial enterprises to gather, store and interpret financial data while retaining security.
Similarly, the retail industry needs an accurate inventory record, including shipments, procuring materials, and updating records. Allowing PropTech firms to manage their facility can go a long way to freeing time to focus on marketing and selling instead of getting bogged down by tasks that can be performed faster and more securely through technology.
Therefore, PropTech must offer
- Cloud-based communication platforms with advanced technology to offer high levels of security – Next-generation firewalls play a significant role in detecting threats proactively and shutting them down.
- Integrated singular database and working ecosystem that can scale with complexity allow bigger banks to collect data that is easier to process and analyze securely.
- The software should be unified to work on local and global levels so managers in different branches can easily track performance.
- The financial market shifts in the blink of an eye, so it is essential that your software works in real-time. Quick response time helps your enterprise adapt to unexpected results in financial markets.
- Due to the global nature of the financial sector, your software should include support for multiple languages and currencies.
Benefits from PropTech-enabled ERP
The banking and retail industry can better manage the various aspects of their business with the help of ERP software. Since these industries are also primarily customer-centric, you can look for features that cater to relationships between your customers and your enterprise. A few examples include the following.
- Customer-oriented features can be customized for specific areas such as food, fashion, technology, and financial transactions.
- Inventory and asset management.
- Scalability that can support new branches and growing enterprise
- Secure financial tracking for every piece of inventory
- Logistics of the supply chain.
To Conclude
Choosing PropTech ERP, regardless of property management in retail or the banking sector, works to improve workflows, streamline processes, replace legacy systems, and eliminate inefficiency. The advantages of this are immense, as you do not have to manage ever-expanding business metrics manually. A robust, scalable PropTech solution is an advantage that the banking and retail industries can’t afford to miss.
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PMP certified and passionate about ERP,CX transformation. He is the author of “A Practical CIO Guide for Modern Business Applications”, an iBook articulating next gen application sustenance or maintenance needed by organizations embarking on digital transformation. He is also the Founder and President of “Oracle Applications Forum” (OAF)focusing on latest modern business applications.
At Aspire Systems he also plays a role of account manager for large accounts and heads Enterprise Business Application practice.
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