Modernising Real Estate using Robotic Process Automation
Many real estate companies are not known leaders for implementing new technologies like RPA in their business processes. Due to the potential and rule changing competition of RPA, real estate companies are now implementing this technology to overcome existing challenges. Adoption of RPA benefits real estate investors and developers all over the world. RPA can combine tons and tons of data in the real estate industry in a very effective manner thus driving investors towards success. RPA vendors in India help investors make wiser business decisions and boost the productivity of the workforce.
The real estate sector involves heavy manual processes that can be avoided by implementing RPA. RPA automates all the manual tasks, repetitive tasks, and rule-based processes. As programmed in the RPA code, bots can easily automate all the ERP systems, emails, internet pages and MS-excel sheets with high accuracy. It can also process financial and non-financial data in the real estate value chain.
For instance, the accounting back office department within the real estate processes involves heavy manual tasks. All the tasks in this department are more repetitive and controlled processes. A huge amount of manual power is required to track all the generated invoices, credit applications, payments, etc. This consumes a lot of employee time to complete these complex tasks without errors. To avoid all these burdens, RPA comes into existence and has become a game-changer. RPA bots execute all these tasks and take control of all the manual tasks. Completion of these tasks has become a cakewalk for the bots and eventually saves time.
Ways to get started RPA in Real Estate Industry
RPA implementation partners are now providing many opportunities for real estate to automate all their complex processes. The main areas where RPA could help real estate in performing their tasks more efficiently are:
Month-End Tasks:
There are some tasks in the organization that need to be performed every month which consumes enormous time. For instance, an employee who is working in this department needs to wait for pre-closure to be completed before creating journal entries. This is the process where RPA could potentially help.
Accounts Receivable:
Collecting all the monthly billable expenses and generating, authorizing and sending invoices for all those expenses is a very tough task that uses up many days in a month. Virtual bots reduce the dependency of humans in this task and complete with zero errors.
Tasks in the accounting department:
Every month the employees working in this department need to fill an electronic binder of spreadsheets with new dates and periods. This would take hours to perform this task and automating this task would free up time for the employees to focus on value-added decision making.
Apart from this, some other processes which RPA could be the right fit are:
- Investor KYC
- Customer and vendor relation setup
- Property and entity setup
- Monitoring, management of portfolios and reporting
- Forecasting expenses and budgeting
Robotic process automation companies in India would provide a better platform to get started with the robotics journey and identify all the activities which need to be automated. Real estate investors can contact any RPA vendors to implement RPA in their chain. All the processes like customer's background check, property portfolios, planning applications, property control, and sales are performed by virtual bots. Thus Real Estate companies can attain the two-fold benefit of deploying their workforces to more important tasks and enhancing their business overall efficiency using RPA.