Assetsoft - Blog #Digital Adoption

How Can Tenant Portals Help Real Estate Companies?

Fri, 28 May 2021 12:04:21 -0500

Real estate is among the fastest-growing industries regarding technology implementation. Tenant portals pose a promising development for any company wishing to streamline its tenant support.

These portals allow property managers to provide a direct contact channel for their tenants. It enables property occupants to reach out, request services, access lease documentation, and pay their rent online.

Naturally, implementations such as tenant portals are crucial advantages for any company, especially in today's market. If you're interested in implementing a professional tenant portal, consider working with a professional Yardi implementation service.

Streamlining transactions and processes

The real estate sector has experienced massive evolution thanks to technology development. Cloud solutions, enterprise software, and communication apps have shaped the industry in recent years.

Why does that happen?

Today’s solutions allow companies to shed complicated filing systems and cumbersome paperwork. Simultaneously, they optimize countless processes thanks to features like automation, remote collaboration, and data centralization.

Tenant portals cover all those needs. One platform can keep all information related to your leases. Your tenants can also access the necessary information, which means more manageable payments, requests, and more.

The current need for digital solutions

Today, virtually all industries depend on digital implementation to recover from the pandemic. Many real estate firms still rely on traditional paperwork for lease agreements, accounting, and other processes,

Tenant portals aren't the same as ERP software, but their advantages extend to numerous departments. For instance, remote communications keep your resources safe by aiding with social distancing.

Robust functionality and customization features

One of the issues with traditional practices is their lack of versatility. Tenants must stick to their landlords’ schedules for payments and disputes. These requirements cause general discomfort in a lease agreement.

With tenant portals, tenants and landlords can instantly access the information they need. Companies can arrange their listings depending on priority, risk, or profitability, among other factors. Dashboards offer extensive customization possibilities.

Intuitiveness for tenants

Paperwork has lost its intuitiveness. It typically requires expert advisory to audit and analyze clauses for compliance. Likewise, traditional rent collection practices require too much effort from both parties.

With tenant portals, everyone can access payment channels and lease conditions from any device. Tenants can pay their rent in minutes thanks to payment processor integrations. All these quality of life improvements make the relationship more pleasant.

Seamless access to documentation

Documentation is as extensive as it is essential for any lease agreement. Tenants need their documents to verify their rights, responsibilities, and benefits. The same holds for property managers.

Tenant portals allow landlords to upload and sort lease documents seamlessly. This advantage also applies to tenants, who can download and evaluate their lease agreements anytime they need.

Paperless transactions

As we mentioned, lease agreements translate into seemingly endless paperwork. Initial contracts, requests, payments, services, and virtually every transaction requires it. They can quickly cause accounting nightmares for everyone.

Tenant portals eliminate the need for paperwork. All transactions occur in the cloud, and all related data remains stored within the platform. Naturally, this benefit also reduces the need for physical proximity and complex scheduling.

Accessing advanced features and tools

Tenant portals offer more than communications between tenants and landlords. Even fundamental features — like document storage and request submissions—can provide crucial advantages.

However, today’s solutions offer much more than that. Tenant portals generate constant data streams: lease statuses, income data, tenant risk, and more. You can turn your tenant portal into a central database for the rest of your company.

The right tenant portal helps you find room for improvement. These benefits manifest throughout your firm, offering unique returns outside of the portal’s functionality.

Manage deals and lease pipelines

Every lease agreement is a lengthy process. You need to market your properties, sort through applications, reach an agreement, and keep track of multiple contracts. That takes time, and it can get tedious quickly.

Tenant portals let you gain insight into your applicants and tenants from one system. You can access data from marketing to lease generation in minutes, and the entire process is easier for everyone.

Receiving and tracking requests

Every property needs maintenance and repairs, and the same is valid for common areas. Traditionally, all these requests require at least days to process and provide.

With tenant portals, every occupant can access their profile from any device and place an online request. The platform processes them, and property managers can access vendor lists and status updates for every request.

Boost financial accounting and forecasting

Accounting requires lots of data and said data is also essential for developing forecasts. Traditionally, acquiring this data meant sorting through countless files and paperwork.

Tenant portals centralize all the information you need for you. Are you registering income? You can segment the data. Do you need to assess a lease’s risks? You can do it from the same dashboard.

Property valuation and modelling

Studying properties’ market values was a similar challenge. You needed to sort through countless folders and physical documents for the simplest valuation models.

Tenant portals provide real-time data on every property: occupancy rates, number of deals, upcoming vacancies, and more. All this data considerably streamlines property valuation regardless of the property type and sector.

Evaluate individual leases

Finally, tenant portals let you evaluate every lease within a property. You can register multiple buildings and break them into property-specific lists for every lease.

It allows you to evaluate every tenant individually. You can see when their rent is due, overdue payments, risk factors, and the rent's term, among other factors.

Make your and your tenants' lives easier

Tenant portals have myriads of advantages for everyone: tenants and landlords alike. Today, digital solutions are vital for any company and service. Providing an outstanding customer experience is one of the best marketing strategies you can use.

Similarly, making it easier for your tenants to abide by their responsibilities is a direct benefit for you. They’ll be happier because they can pay their rent and services in seconds, and you won’t have to worry about overdue tenants.

In the end, benefitting your tenants is a direct benefit for you—in addition to all the operational benefits of implementing a tenant portal.

The Three Major Data Analysis Trends Coming In 2021 For Finances

Fri, 21 May 2021 07:00:00 -0500

Big data keeps playing a significant role in countless industries, especially as the post-COVID world settles. Today, companies can’t overlook the advantages of in-depth data analysis methods and solutions.

That’s particularly true in real estate and similar industries. Data analysis’ benefits flourish where financial information is plentiful. Insight Software recently released its three fundamental trends growing this year.

Focused on the financial sector, it gravitates around data visualization, and it makes compelling arguments comparing the economic landscape with medical and science examples.

What do these trends mean, and what can you do to leverage them? The first step is to modernize your company. Working with a professional software implementation service is a crucial advantage.

Data visualization tools and democratization

The first trend is how data visualization keeps becoming easier in management and deployment. Most modern digital solutions, like Yardi’s ERP software, allow you and all users to access the data they need at all times.

Instead of creating security issues as more people can visualize said data, it streamlines multiple business processes. Data management used to depend on dedicated departments and infrastructures.

Today, users can leverage the required data immediately, and that means efficiency.

1. Users can take care of more tasks

At its core, democratization enables your users and resources to perform more processes with minimal onboarding and training.

It allows every team member to register and use the data required for their daily developments. It beats the traditional obstacles from business management and collaboration: limiting data access to specific roles.

2. The competitive advantages from adopting this approach

This information distribution allows a company’s resources to perform more effectively. It impacts your organization’s operations and decision-making throughout multiple departments. It empowers your teams, making them more independent from others.

3. What should you keep in mind?

On the flip side, data misinterpretation can backfire considerably. Users with minimal experience in data analysis pose the main risk.

That means that intuitiveness to reduce onboarding complications becomes crucial. Thankfully, most apps today offer stellar interfaces, reducing clutter and error margins.

Holistic approaches to data analysis

Secondly, companies move to a more holistic methodology in software implementation. Data analytics and reports previously focused on particular platforms. It limits business managers to the information available for specific systems.

Today, most apps work with APIs, and this enables extensive cross-platform integration possibilities. Your ERP can connect with CRM solutions, such as Salesforce, which produce considerable amounts of data.

That means managers can access marketing, sales, financial, and other data categories from one dashboard.

1. Software integrations need to expand

Sadly, app connectivity still needs to include more substantial information flow. Reporting tools are usually unavailable between unique systems, and this constitutes a significant hurdle.

However, APIs have influenced the technology industry significantly. The benefits and possibilities of software integration continue to cover more ground as time goes on.

2. Companies can streamline their operations

Accessing all the information necessary from one dashboard makes it easier to collaborate between teams. It’s more noticeable when we consider dedicated collaboration platforms.

Management resources spend less time assessing individual departments’ performance. The benefits manifest throughout entire companies.

3. What should you keep in mind?

When implementing new software into your company, you must consider its integration properties and open APIs capabilities.

With the proper software selection, any company can connect their entire databases and features with little effort.

Data visualization and business improvements

Finally, data visualization keeps gaining more attention by business managers looking to design new projects and initiatives. Reports provide invaluable insight into a company’s performance and which changes can optimize operations.

Analyzing past performance and common pitfalls is a critical advantage for ensuring future projects’ success. However, data analysis goes beyond studying the past.

Current developments allow companies to assess possible outcomes based on history. It essentially looks at the future with a new perspective. That’s why you should consider integrating an AI intelligence & data forecasting solution ahead of your competitors.

1. Power plants: An excellent example

POWER Magazine has a fantastic article detailing how data analysis is invaluable for power plants. Essentially, it explains that generating value from data is a new challenge, which can translate into noticeable developments in operational efficiency.

Power plants generate virtually endless amounts of data. It’s not different from industries like real estate. Leveraging this data enables them to analyze problems more extensively and optimize their operations as a result.

2. The principles apply to most industries

Most sectors generate significant data quantities today, especially with how many digital apps make up companies’ standard structure.

Real estate, healthcare, logistics, and other sectors can apply the same approach to optimize their processes. Data-led decision-making keeps gaining more ground as managers realize its benefits.

3. What should you keep in mind?

Any company needs to realize the information they can gain from data, even from past failures. It would help if you had a centralized dashboard to keep all this information at hand.

Additionally, it would be outstanding if you considered integrating advanced automation scripts. They streamline data management, organization, and accuracy.

What does all of that mean for you?

We can simplify these trends' consequences as the need for digital adoption. Leveraging data availability today goes beyond a competitive edge. It's becoming the standard for numerous sectors, and neglecting it means handicapping your business.

Our main recommendation is to embrace a digital adoption strategy and execute it effectively. Most software solutions for business and project management offer these advantages.

Yes, it means a prominent investment. However, the benefits you can reap from these solutions are worth more than any project. That’s particularly obvious when we consider the market’s rapid standardization of these methodologies.

The need for a professional technological partner

Lack of expertise is one of the primary reasons why tech implementation is challenging. Most companies have a general idea of what they need. Regardless, they lack the experience and knowledge necessary to translate those ideas into tangible outcomes.

Want to Streamline Your Business Workflow?

If you’re considering implementing new technology to attain these benefits, make sure to contact us for expert consultancy and solutions. The Assetsoft team can help you find the right ERP for your business. Know how ERP integration will help you get better results, and how you can make data integration between various departments simpler.

Talk to us to know how we will help you find the right technology and integrate the ideal solutions for your company.

Nearly $380 Million Raised by Redwood Software for Enteprise RPA

Thu, 20 May 2021 07:00:00 -0500

Process automation is one of the fastest-growing trends in almost every industry. Even before COVID-19, its projected growth was massive. The pandemic only strengthened the need for its advantages and savings.

RPA, or robotic process automation, goes by many names. However, its goal and results are usually the same: reducing the resources and effort necessary to carry out specific processes. It relies on repetition and databases, but current developments could take it to a new level.

Recently, a multi-millionaire investment proved why this technology proliferates. Why did it happen, and what does it mean?

What happened?

As reported by VentureBeat, Redwood—an IT and cloud solutions firm—announced a $379-million investment from Turn River Capital. This investment marks the company’s first external funding.

Redwood claims to work with thousands of corporate customers, like Coca-Cola and Wells Fargo. The company allows clients to orchestrate multiple processes together.

Why does any of that matter?

That's because Redwood could become an essential name in automation's innovation.

Automation: A growing trend

Business process automation does more than saving costs and resources. Contrary to common belief, automation has opened job opportunities for countless people around the world.

Additionally, companies keep discovering how many processes can become automated. As the technology evolves, the majority of most companies’ operations allow for, at least, partial automation. As more companies adopt workflow automation, this trend will keep growing exponentially.

Redwood's developments

Redwood's primary services cover mimicking workflows, process orchestration, and metadata management. The company has adopted multiple automation-related solutions, like allowing entire workflows to function free from human intervention.

The company also allows for automatic task tracking and log bottlenecks. The main goal is to keep auditability without hindering the processes’ efficiency.

Why is this investment such a big deal?

The article also quotes Redwood’s CEO as stating that the firm aims to become an industry leader in automation. This recent funding allows the company to extend its reach. Since they’re already a pioneer in cloud-based automation, it’s crucial to keep an eye on them.

Shifting from IT infrastructure toward cloud solutions is a considerable improvement that could drive automation to the next level. If successful, this development could shed light on more scalability possibilities for any company.

Cloud automation: Another important front

Let’s focus on cloud automation for a moment. File encryption and app transfers are among Redwood’s catalog. The automation capabilities extend to file segmenting and transfer management depending on network stability.

Their platform offers unique features, like starting extensive maintenance tasks after detecting performance issues. It notifies developers about any anomalies in real-time, providing exceptional control despite the software's independence.

2020’s implications for digital adoption

The COVID-19 crisis resulted in a heightened need for technological implementation. Integrating modern systems and methodologies has become a lifesaver for countless companies, from automation to data management.

This investment showcases the overall interest in RPA solutions. As the post-COVID world settles, companies who embrace digital solutions early will make the most out of this recovery period.

Is the future coming faster than expected?

We must note that Redwood’s case isn’t an isolated development. Deloitte’s Global RPA Survey has shown promising growth every year—including before the pandemic. Their third annual survey showed that 53% of its respondents had started their RPA integration in 2018.

Given current-year statistics, we can see that automation will not only become a standard in the future. These developments and RPA’s adoption are already taking place, and it likely won’t take long before most industries rely extensively on RPA.

New RPA developments

The 2018 survey predicted that 72% of its 2020 responders would become RPA users, and current metrics forecast nine-digit revenue in a couple of years. However, Deloitte suggests even larger expectations.

Their report states that automation could achieve virtually universal adoption by 2023, somewhat coinciding with similar expectations.

Considerable benefits

Today, RPA offers unique benefits for multiple companies: saving costs, relocating resources to better projects, and increasing efficiency. However, these benefits aren't modern, as the 2018 survey also goes through them.

For instance, payback periods improved considerably. Nevertheless, the advantages extend to other fronts, like compliance, data accuracy, service quality, and productivity benefits.

Increasing investments

The amount of responders who reported their interest in investing more into RPA is crucial. Almost 80% of current (by then) RPA users claimed that they wished to further their RPA funding in the following three years, which would culminate in 2021.

As we can see, the pandemic strengthened this need prominently. Only 3% of the organizations had scaled their digitization by the time of the survey. Since 2020, RPA adoption has reached a majority of the global industry despite its difficulties.

What does this mean for property managers?

As we always say, early technology adoption is crucial to reap all the potential benefits. It'll not only provide invaluable advantages, but you also get to leverage them before your competitors.

To simplify things, we can say that proper tech implementation must be a priority this year. RPA and similar systems won't merely become more popular. They'll soon pose a standard for most sectors.

The need for digital adoption

Digital adoption offers virtually unlimited benefits, especially as related technologies scale and implement more features. RPA only makes up a portion of digital adoption’s true extent.

As such, companies must consider working with expert digital adoption advisory. It doesn’t only let you reduce expenses; it also allows extensive collaboration and security features.

Professional implementation becoming critical

Unfortunately, implementing the right solutions doesn't mean you'll enjoy all the benefits from RPA. Developing the proper scripts and integrating them with your software requires expertise.

That means that finding the right implementation partner is vital to ensure the results your company needs. For instance, our UiPath implementation solutions follow the best methodology for every customer.

Upgrading company processes and systems

Finally, implementing advanced automation scripts means nothing if your current systems don’t support these integrations. While it can be an intimidating investment, technology selection services can help you find the best value for your budget.

RPA with Assetsoft

If you’re currently considering implementing RPA solutions, make sure to contact us for a free consultation and a complete service.

Assetsoft can help you create and design robots for all your work needs, from scheduling emails, data entry to invoice processing. We can hep create robots that meet your specific department needs, to ensure you get work done faster, reduce costs while leaving out any room for errors.

RPA Automation With Assetsoft - What Can You Expect?

Wed, 05 May 2021 11:00:00 -0500

Robotic process automation has taken the real estate sector like a storm. It has helped the industry evolve and embrace digital adoption more effectively. RPA can help you save money and resources in countless tasks.

However, implementing it can be a challenge. You need to assess which processes you can automate and the proper approach. That’s why RPA is one of our solutions. Today, you’ll learn what to expect if you work with us.

The Top Benefits of RPA

We use RPA solutions like UiPath to help you streamline the work process and avoid errors.

Reducing errors from the manual data entry methods
Freeing up valuable resources which were tied to repetitive tasks
Increasing the efficiency of overall testing and utilization of the resources
Reducing human errors and labor costs
Ensuring better compliance with your policies

Improving overall accuracy
Automate everyday tasks like picking up and placing calls, checking invoices and more

Financial benefits

Property management often needs manual data processing and can be tedious and lengthy.

RPA helps companies streamline their business processes, including financial reporting. It reduces turnaround while saving hiring costs and human error. You can automate everything from invoices to other mundane tasks like checking emails.

Customized for your business

RPA robots can be customized for different tasks. We use solutions like UiPath to automate specific employee tasks. So, you you get more flexibility as we program robots to do different tasks seamlessly.

With AI and machine learning, these robots get smarter with time too. For instance, they can identify patterns over time, helping you separate between personal and business expenses.

Automated refunds customized for your business

Reimbursements are typical for any property manager. Overpayments and other mistakes can become significant setbacks if they add up. RPA allows your accounts receivable team to validate the right amount and adjust the ledgers accordingly.

Efficient reconciliation

Reconciling bank accounts with your general ledger is also considerably lengthy. You need to go through different banks and balances and compare them with your GL. RPA frees you from the process since it stores all bank statements in shared drives or your financial application.

Managing coupons

If your company issues coupons for recent homeowners, RPA lets you generate them automatically. You can upload your unique offer templates and let your teams request coupon generations. RPA processes these requests and takes care of the after-sale process.

Auditing GL

RPA also compares your GL code in predetermined templates with your current budgets. If there’s a mismatch, your RPA script can highlight the exception on your sheet. You can also configure it to upload it to a shared drive.

Updating balances

Your bank account information requires constant revisions and updates. Your RPA algorithm can verify incorrect data in your balances and update it with the correct information available in your ERP or any management software.

Correcting payment mistakes

Finally, your RPA can compare different databases to spot and correct mistakes automatically. These scripts can validate incoming notifications and update the suitable sheets and balances. This frees your financial resources from tedious audits.

Embracing disrupting technology first

Regardless of digital adoption and growth, countless property managers still rely on manual processes. Back office tasks are the most prominent. It keeps them from taking advantage of data science and other innovations.

Luckily, RPA is starting to disrupt this mindset. This technology has gained considerable traction in the real estate industry. Its intrinsic benefits are fantastic by themselves. However, it’s pushed adoption for other technologies, and that’s the primary advantage.

Evolving digital adoption

Demand has increased for more efficient and transparent business practices in real estate. The industry offers significant amounts of data available, and traditional methods don’t leverage this advantage.

Digital adoption promises a solution for most of these problems. Improvements in data deliverability and business processes can yield superior results and better profitability. RPA has become the first step for many companies, and it regularly bridges other technologies.

Use of RPA Post Pandemic

RPA has come on top of other solutions because of its intrinsic advantages, especially for the post-COVID world. Firstly, it saves considerable resources that managers can relocate to more critical projects.

Additionally, it streamlines decision-making with the recently-freed resources. You can also boost operational efficiency: faster paybacks, forecasting, and company scaling. It does more than collecting and processing data effectively. It’s also more transparent, accurate, and free from fraud.

Automating the correct processes

Finally, our services go beyond standard RPA. You need to assess which tasks you can automate, following specific criteria. Essentially, automatable processes need to be repetitive, driven by rules, and founded on data.

These aspects allow you to create automation scripts based on specific signals and triggers. Many companies don’t find the right tasks for RPA, and they fail to leverage all the benefits. Working with us ensures you can find all room for improvement.

Get Started with Assetsoft

We offer comprehensive solutions that meets your different needs. You don’t have to worry about working with someone that applies the same strategies for everyone. We adapt to you.

Choose an ERP integration that fits right in to your business model. From Yardi consulting to MRI integration, we can help you implement technology and methodology according to your goals and requirements.

We interview you and your users to find where you can improve. We also provide regular review periods for every RPA script and task.

Personalized methodologies

Every solution begins with an interview to assess your needs and goals. This step enables us to find every automation opportunity within your company.

Dedicated support

Once the implementation process has finished, we can provide a dedicated offshore help desk for your company. We allocate unique resources for every company, so you can rest assured your support department will be ready at all times.

Solution variety

We can pair your RPA scripts with multiple integrations. If you’re using ERP, CRM, and other types of software, we can probably integrate it with automation scripts. Additionally, we can implement other solutions if you need more features and systems to boost your company’s digitization.

Professional resources

Finally, our team receives constant training and testing to guarantee the best service in the market. This staff works as an extension of your company, constantly consulting with you and requesting feedback. This way, we guarantee the results you expect.

Why should you work with us?

We’ve been the main implementation force for dozens of companies worldwide. The Assetsoft portfolio contains companies of all sizes, inventories, and needs. We help implement the best RPA solutions for your business, from UiPath to Microsoft Power Automate.

From back-office functionality to ERP integrations, we can help you overcome your competitors. Contact us today to know how we can help automate essential tasks in your business.

How Big Retailers Like Walmart Are Pushing For New Technology For Automation

Wed, 24 Mar 2021 11:55:13 -0500

Walmart has made the news several times already for its technological innovations. Even in 2017, Forbes was already reporting how the retail chain was moving toward high-tech. Four years later, it seems like this quality has remained faithful.

More than that, Walmart might be a leading name in the list of large retailers pushing for automation and similar technologies. It has grown to be considered a rival to Amazon, one of the world's most prominent innovators on multiple fronts.

On its own, automation has also been a central concept in real estate and multiple industries. Large brands backing its development could prove vital support for further improvements this year.

If you’re interested in implementing automation, make sure to work with professionals. As you’ll see in this article, rushing automation can be a dangerous move. We invite you to contact our robotic process automation services to guarantee results.

Walmart’s considerable move toward digitization

Let's start with a look at Walmart and how its investments can pave the way for innovation on multiple fronts. Recently, CNBC released an article detailing the chain’s plans to improve its technologies.

Considerable development is how Walmart plans to dedicate several stores purely for fulfillment. It plans to turn these fronts into automated warehouses. This move anticipates consumer demand increases as the pandemic subsides.

Walmart has been testing automation since 2019, implementing systems to process orders. However, automating more stores will drive the company to test other configurations, solutions, and providers.

The number of stores planned for automation and the actual extent of the strategy is still unclear. However, we can learn a couple of things from recent reports.

Fulfillment automation

Primarily, the automation strategy aims to rid employees of having to retrieve every item within an order. Fulfillment centers will combine human and machinery resources for this task. Ideally, robots will deliver the items to an employee for order assembly.

Additionally, workers will only handle fragile items. This move can prove vital for maintaining profitability since online groceries spiked in demand during the pandemic. Technological innovation has enabled Walmart to survive—and even benefit—from the pandemic’s changes.

The extent of tech spending by Walmart

While the CNBC report didn’t mention capital expenses, Bloomberg does provide a number. According to the article, Walmart plans to invest around $14 billion between supply chain optimization and process automation.

It’s worth noting that this amount will add to the $10 billion budget spent on CAPEX last year. The article goes into the fulfillment goal behind this development, but it also mentions a 79% growth in eCommerce sales for the retail giant.

With the announced wage increases, these plans seem to be part of a previously-determined strategy. However, the pandemic forced the company to “speed up” several plans, including these two.

Digital adoption: A crucial factor for competitive relevance

Before closing Walmart's subject, we also want to go through this 2019 article from Market Realist. It also sheds light on Walmart’s innovation efforts, but it offers great insight into how these attempts have benefitted the company.

It's worth noting that Walmart has gone beyond mere automation. It's a great example of digital adoption and how this strategy can be crucial for a company's growth.

The Walmart case study

Walmart used to be one of the biggest retail chains around the world. We say “used to” because it has proven to be a mighty name in the eCommerce space. The company has invested considerable resources to remain competitive in front of companies like Amazon.

Sure, Walmart has become a prominent force in the online retail industry, but what does that mean for real estate? Technological implementation is behind this growth, and today, virtually any company has access to the same software.

Retail and technological innovation

Walmart has also led innovation in the industry. In Mexico, Walmart developed an app for customers without a bank account. It enables clients to deposit cash into their app to use online or in physical stores. It even works with other bills.

It would be an understatement to say that Walmart is an example for any retail brand. One of the major hits from the pandemic to traditional business was their under-preparedness. Rushing the move toward remote work and digital adoption was a considerable investment during a period where financial uncertainty was the norm.

What can commercial real estate learn from this?

Property managers can learn a couple of things from Walmart’s example. The first one is what we already mentioned: digital adoption is a vital advantage in many ways. It allows for more versatility and resilience in case of turmoil.

However, digital adoption requires consideration, mainly because it's a broad concept that includes different approaches. If you wish to learn more and ensure success, we advise you to work with a professional digital adoption consultant.

On the other hand, it also exemplifies what property managers should look for in commercial tenants. As the global economy recovers with vaccination and easing lockdowns, choosing the right tenants makes a world of difference.

Property managers will have to keep in mind their prospects' innovative efforts and how they've weathered the crisis. Retail was one of the most prominent pandemic victims, yet Walmart managed to survive thanks to their technology implementation.

Retailers have been pushing for store automation for years now

Walmart isn't the only name behind the demand for automation developments. It's also not the only one spending years on it. Retailers have been pushing for automation to overcome eCommerce's growth for a while, as this article from The New York Times in 2018 shows.

While most developments were from China, it sheds light on how automation has been necessary for years. Robots for item management and shopping apps have been growing in popularity in recent years.

Store automation and big data implications

As the article mentions, store automation requires companies to keep their eyes on customers at all times. It has nurtured concerns over customer privacy because of all the data gathered from these users.

However, that’s important news for big data analysis. Companies can gather information like locations, product preferences, rush hours, and more. So far, this information has helped anticipate when more personnel is required.

Nevertheless, this information can prove invaluable when deciding on property investments. Data like higher traffic areas and residential spaces nearby commercial properties are vital for proper automation. Yet, it also offers a unique insight into an investment's potential returns.

2021 predictions: Will automation become a necessity for businesses?

As we've explained, automation is likely to become more than an advantage shortly. This article from Forrester also agrees with that thesis. Automation has evolved from an exciting technology to a lifesaver for countless businesses.

Between remote work, recessionary concerns, and a need for digital solutions, 2020 provided enough reasons to prioritize process automation. 2021 will likely maintain this momentum, paving the way for significant developments we can't overlook.

1. IDEPs becoming commonplace

Intelligent document extraction platforms offer unique advantages for real estate companies. It enables firms to manage contract analytics, measure risk, and more, parting from data extraction. Developments in machine learning can make this technology the standard for plenty of firms.

2. Automation taking a holistic approach

Automation will evolve from a unique technology to a portion of a more extraordinary approach. Modern software solutions integrate seamlessly with automation features. That process automation will likely be more easily accessible as a feature in other platforms.

3. Rushing automation will take a toll

The speedy implementation of automation scripts came with consequences. As companies feel pressured to implement it out of necessity, false expectations and user errors are commonplace. 2021 could bring new obstacles to these cases.

Which trends could develop from this demand?

Finally, this increase in demand for advanced automation developments will nurture growing trends. Before closing 2020, The Enterprisers Project released an article about upcoming trends for this year.

Before closing, let’s go through them to help you get an idea of what to expect.

1. Re-evaluating current automation initiatives

Companies will realize the mistake of implementing automation without a specific focus. As the consequences start to manifest, many firms will refocus their efforts to evaluate implementation results and correct mistakes.

2. Process optimization for proper RPA

Robotic process automation won’t work if there’s a problem with the process it’s trying to automate. Companies will notice the importance of optimizing all automatable processes before implementing automation scripts.

3. Expanding automation uses

Automation has been standard in finance and accounting departments. However, social media marketing and customer engagement have started to enjoy process automation. As users get used to the technology, more uses will become commonplace.

4. Data privacy will become the main concern

One of the main concerns about automation is how it depends on big data. If an automation solution has security “backdoors,” this data could become compromised. Data privacy will likely gain considerably more attention as RPA becomes more popular.

5. Automation integrations will become crucial

Finally, automation will gain more popularity as it offers more integrations with ERP, CRM, and other software types. Similarly, apps that offer automation capabilities will become significantly more valuable.

The Top Industrial Demand Drivers We Need To Look Out For A Post-Pandemic Recovery

Mon, 15 Mar 2021 14:38:08 -0500

As COVID-19 develops, the real estate sector hasn’t stopped surprising investors. Known developments include residential markets booming, commercial properties shifting their focus, and more.

As the vaccine starts to become more readily available, multiple experts have started to analyze the consequences. Several flourishing markets include previously-negligible demand drivers. Shortly, many of them could become vital for recovery.

Staying on top of these changes can make a prominent difference for property managers this year. Which demand drivers should you keep in mind?

Office space in the post-pandemic

As expected, office space is still struggling with maintaining demand. As the pandemic developed, home offices became the norm. It's easy to see why social distancing and crowded offices don't get along too well.

That means office space has stagnated in demand, even with upcoming vaccination. However, we might see a significant bounce since not everyone works better from home. The same holds for training and onboarding workers, which traditionally requires physical proximity.

Possible 15% slump for office demand in the US

However, it seems like it’ll still take a while before office space can become relevant again. As Globes reported, two noticeable trends are responsible for the office sector’s slump. According to them, these trends are social distancing and remote work policies.

Luckily, the article does mention that office space is unlikely to disappear. It’s easy to believe that no one wants to return to their offices. However, the article mentions that 10% of workers might prefer to relocate permanently to their homes.

While that's a notable increase, it's far from representing the majority. While demand won't recover completely, office space won't cease to be profitable.

Which markets promise an upcoming boom?

On the other hand, there’s no shortage of articles going through promising markets in 2021. Many of the mentioned markets are easy to expect. The housing market has seen prominent winners, particularly in more isolated areas.

However, vaccination and recent developments have brought new potential players into the picture. Lower demand decreases the prices in larger cities, making them more attractive. People adopted new needs, like open spaces and support for all the software they've implemented.

Suburbs and smaller towns

Some of the most demanded housing markets were outside more prominent cities. People often avoided these properties because they were away from job opportunities. That's why small apartments in the capital were often more expensive than large houses in the outskirts.

Remote work drove thousands of workers to their homes. Remote work eliminated the need for staying in large cities since commutes weren’t an issue most of the time. This trend could slow down as prices adjust to the increased demand, yet it’s unlikely to stop soon.

Cities could make a comeback

The benefits for the suburbs were detrimental for capitals and large cities. Since their main attraction was being close to job chances, social distancing and work-from-home policies negated virtually all advantages they offered. That’s why

However, the same decrease in demand has driven prices down in some of the larger cities. What does this mean? These cities are in a similar spot as suburbs when the pandemic started. As their outskirt counterparts increase in costs, cities will become more attractive, especially with people returning to their office.

Storage and logistics

Regardless of how the epidemic impacted the world, one thing remained true: people still needed food and inventories. That’s why warehouses and similar properties barely experienced any setbacks during the pandemic.

As various industries start to recover, storage and logistics will remain vital for keeping inventories and enabling supply chains. Additionally, online commerce reduces demand for retail space, but they'll also need somewhere to keep their physical products. With their continuous growth, storage might become more important than retail fronts in the future.

Data centers

The pandemic, remote work, and the need for online collaboration took countless companies to make technology implementation a priority. Today, virtually all digital apps are cloud software. That means they depend on top-quality servers around the world.

These locations are data centers. For those who don't know, they require warehouses and similar facilities to keep the servers. It offers plenty of investment opportunities, like repurposing unused office spaces. As technology becomes more critical, this demand will only increase.

Open space amenities

Finally, open spaces have become the main priority for anyone investing in real estate. Ventilation and room for social distancing are critical for maintaining healthcare measures. As people get used to these amenities, they'll likely gravitate toward them when investing in properties.

In other words, open malls and offices—as well as properties near parks—will enjoy greater demand. Additionally, renovating existing assets to accommodate these needs is also a great option.

What does this mean for the real estate sector?

2021 is a sea of opportunities for anyone who can spot these changes. As several experts have pointed out, the difference will lay in embracing innovation and versatility. Property managers and investors will need to focus on how the industry evolves and adapt accordingly.

That linked article from Colliers focuses on the Singapore market, showing that these expectations are valid for different regions. The article goes through different viewpoints from two real estate experts.

Let’s see what we have to say.

Looking toward leasehold properties

One of the first observations from the article is how most prime areas are currently leaseholds from the government. The state handles planning and reclamation for Singapore's business district.

Interestingly, returns and yields from these properties could be more attractive than their freehold counterparts. Upfront costs are lower, and the same goes for upside rent. For instance, the article mentions 3% yields on leaseholds against freeholds' 2%.

Promising outlook for healthcare real estate

The article also mentions the growing demand for real estate on the healthcare front. They mention a combination of the hospitality and healthcare sectors. It makes sense, considering recent repurposing projects within hotels.

We’ve also seen plenty of upcoming developments centered around healthcare. It makes sense, given the huge demand, even during recovery. Vaccination is also a strong reason to focus on healthcare real estate, and it’s a worthy consideration for future investments.

Hospitality recovering slow but steady

We already mentioned this sector, so let's focus on it now. Most experts agree that hospitality has been among the most prominent victims of the pandemic. However, they also agree that the tourism industry will never die.

On the contrary, the pandemic has done little but increase people’s desire to travel. You can ask your friends, and at least one will tell you they’re just waiting until they can travel. With the vaccine, people will likely flock toward airports and travel agencies.

So, where’s the demand coming from?

We've already discussed how various sectors will benefit from increased demand during this year. We haven't mentioned exactly what's driving this demand—at least not specifically.

As you might have inferred, the pandemic nurtured most demand drivers responsible for the upcoming surge. All the following causes come from the pandemic and, more prominently, healthcare measures.

1. Remote work

We've mentioned it extensively by now, so let's begin with the most apparent demand driver. Remote work has bred countless shifts in as many markets. It's responsible for the current housing sector balance and the downfall of office space.

Remote work will continue to drive demand to and from multiple sectors. Office space and major cities are likely to keep their current trends for a while. Suburbs, coworking spaces, and even good internet access will be crucial considerations when investing.

2. Pent-up travelling demand

There’s not a lot to say here since we just talked about it, but frustrations over traveling restrictions will drive the rebound for tourism and hospitality real estate.

From our main demand drivers, traveling demand might be the weakest one for the short-term. As vaccination becomes more commonplace and traveling regulation subsides, it could be a significant market driver.

3. Innovative ventures

Innovation will continue to drive the market as COVID-19 recedes and people get used to the "new normal." We're talking about repurposing existing spaces to accommodate recent trends, like coworking and the importance of cloud software.

Companies who understand what will become standard after the pandemic can invest accordingly for their competitors' significant advantage.

4. Digital adoption

The pandemic also turned dozens of companies toward digital adoption. The need for more advanced software and features could be a surprising driver behind industrial demand.

For instance, we already mentioned that good internet access is vital for property investment. Proximity to data centers and similar characteristics can make specific properties significantly more attractive than traditional assets.

5. Returning to “normal”

Finally, demand has been unstable or "outside of the norm" during COVID-19. We already see the first signs that the crisis is about to finish. As people go back to normal, demand will do the same—as far as possible.

Things will not be 100% like they were before, but we can expect a stabilization process. That means reaching a middle ground between pre-pandemic and pandemic economic environments.