Due to the COVID-19 pandemic, the real estate companies are operating in a complex and disruptive ecosystem. As the conditions remain volatile, businesses are facing many obstacles in all aspects of their ERP operations. Inefficiency in handling them could result in various challenges that further affect the profitability and growth of their business.

A property management ERP software with the following backend modules makes the process completely hassle-free and can improve efficiency.

Financial Management

Finance management is the heart of every business. It is the most important module to implement in your ERP program. Integrating this module to your ERP helps you to aggregate and manage money flow throughout your company. You can view the entire business operations in this module, from your HR to your marketing department. This typically includes features such as accounts receivable, general ledger, and accounts payable.

Embedded AI, Machine learning, and Smart chatbot change the fundamental art of finance. It provides comprehensive, real-time, and visually engaging financial insights to power effective decision-making. The intelligent process automation eliminates errors, speeds processes, and enable you to handle complex transactions with ease. Therefore, it slashes transaction processing costs and controls overspending with increased visibility.

Project Management

“If you fail to plan, you are planning to fail”-Benjamin Franklin

As the pandemic has changed business dynamics across vertical as we know it, expectations are going to become different for real estate organizations as well. There is an increasing customer expectation to deliver projects faster and with greater value to their investment.

Organizations should understand the importance of implementing an intelligent project management solution. The real estate industry requires tremendous planning to keep the workflow going. A modern, cloud-based project management solution helps project teams to collaborate and achieve better results. Social and mobile task management enables teams to work together and ensure excellent plan accuracy. Real-time analytics display powerful insights to ensure project managers deliver high-quality and repeatable projects on-time and on-budget to their customers.

Procurement Management

ERP procurement management module eases the entire process of the procurement to purchase. It helps organizations purchase goods and services from external suppliers seamlessly. As it eases information sharing through social collaboration, the review cycles are shortened enabling faster document approvals.

Organizations can gain control over their employee spend by directing purchases to authorized suppliers. By analyzing and gathering this information, organizations can reduce supplier risk resulting in better management. The automated supplier invoice processing streamlines the process thus, freeing resources to concentrate on more strategic activities. A variety of analytic tools provide valuable decision-making and forecasting information for procurement professionals.

Conclusion

The success of the real estate business depends on managing business functions effectively. Integrating these potential modules to your ERP system influences the business and sets it on top of others.

Improve your business operations with effective real estate management software like iEstate. It seamlessly integrates various modules and provides 360-degree reporting & analytics to reduce costs and improve profitability. Learn more about iEstate

Ravi Nandiwada

Ravi Nandiwada

Ravi Krishna, a morning lark who begins his day with gardening. A diligent writer who may try and fail, but never fails to try. His passion and intelligence on Cricket have inspired many and received 40K subscribers on his YouTube channel.
Ravi Nandiwada