Photo of Business Process Reviews: Reducing Inefficiencies, Uncovering Hidden Features, and Streamlining Processes
March 9, 2022 2:00PM

Business Process Reviews: Reducing Inefficiencies, Uncovering Hidden Features, and Streamlining Processes

Real estate business owners, managers, and investors all use property management software systems in slightly different ways, but they all have one thing in common: a desire to maximize their investment. However, many are unsure precisely how they can do so. 

Thanks to our decades of combined experience here at REdirect, we have developed a Business Process Review system, or gap analysis, that allows our clients to do exactly that. Our approach provides an assessment of existing processes and systems through a series of interviews with both executives and end users. We then provide a thorough review of all processes and undertake a detailed system configuration to uncover and eliminate inefficiencies.

Our experts, all of whom have extensive industry experience, are equipped to share cutting-edge new technologies and best practices with our clients. This offers greater visibility into not just internal processes but also what competitors are doing, allowing clients to retain their competitive edge in the challenging real estate marketplace. 

A good Business Process Review is an investment in your current and future success. It focuses on both immediate and future state improvements that are specific, attainable, and often immediately actionable. Read on to learn more about how a Business Process Review with REdirect works and how it can help you. 

How Does a Business Process Review work? 

A Business Process Review is one of the simplest ways to assess the return on investment (ROI) of your real estate software systems and business practices. It can be undertaken in a limited fashion, focusing purely on specific processes as determined by you, or with a wide-ranging review of every department that functions within your system. The first stage of the process, therefore, is determining the scope of the Business Process Review. 

Once you have determined the business areas you would like REdirect to assess, we will schedule sessions for our expert consultants to speak with members of your management team as well as your end users. 

Our approach involves taking a deep dive into your system and looking at everything from system configuration to Chart of Accounts, security settings, and customizations. We bring this knowledge into the interview sessions and ask personalized questions to ensure we can best meet your needs and solve your problems. 

Once we have completed a thorough analysis of all these relevant areas, we create a gap analysis deliverable. This includes dozens of recommendations, advises you as to the cost associated with each, and outlines the pros and cons of different paths you can take to address any issues we may have found.   

What Are the Typical Findings of a Gap Analysis? 

Every gap analysis is different because all our clients and their users function slightly differently. However, a few common findings tend to come up again and again across the industry. 

The findings of a gap analysis often surprise both executives and end users. These two groups may also see things very differently and experience different pain points. By involving both groups in the discovery sessions, we allow each group to get a glimpse at the other’s day-to-day usage activities, increasing visibility into inefficiencies and disconnects. 

Here are just a few items commonly uncovered during discovery sessions with clients. In most cases, these inefficiencies or problems were unknown before the review:

  • Users working in outdated interfaces, causing data disconnects 
  • Accounting or property management teams spending dozens of hours on manual reporting functions that could be easily automated via Robotic Process Automation (RPA)
  • Teams failing to fully utilize features such as recurring journal entries, AP templates, and other features relating to data entry 
  • User groups with little to no system security in place
  • Modules that have been purchased (and, therefore, that the client is paying for) that are not being used or visible in their system
  • Incorrect data imports, causing financial reporting data issues
  • Reports incorrectly calculating data

You can easily see how just one or two of these problems could cause major problems within your organization and drastically reduce your real estate software ROI. The job of our real estate software gap analysis experts is to identify these issues and help you eliminate them to create more streamlined, cost-effective, and efficient processes. 

What’s Next?

REdirect offers a range of options for Business Process Reviews to fit a variety of budgets and requirements. We work with clients of all sizes across the real estate industry. 

Even a relatively short project timeline, sometimes as little as two days, can provide tremendous value. Our clients have told us that our in-depth reviews have helped them to establish a detailed technology roadmap for the next five to 10 years, future-proofing their processes and ensuring a continuing positive return on their real estate software investment. 

Interested to see how you can benefit from a Business Process Review? Contact us today to start the conversation.

Their significant technical expertise is supplemented by extensive industry experience in real estate and accounting.

Rolla Eisner – Senior Managing Director

Newmark Knight Frank

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