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Yardi Corom
Digital transformation has reshaped nearly every aspect of CRE operations, from financial accounting to tenant services and beyond. Leading firms across the industry are finding success using connected CRE software on a single, mobile platform. One such company is Crescent Real Estate LLC, an investment, operations and development firm based in Fort Worth, Texas. Crescent manages a diverse portfolio of office buildings, hotels and residential assets across the U.S. and has experienced notable success using the Yardi Commercial Suite to optimize operations.
The challenge: Managing multiple platforms
Prior to streamlining operations and automating workflows with the Yardi platform, Crescent relied on a manual invoice process spread across multiple systems. “Just looking up an invoice wasn’t only difficult, it was a painful, hours-long process that involved back-and-forth emails, manual scanning and uploading, printing checks in-house, and stuffing and stamping envelopes,” recalled Denise McCracken, a business analyst for Crescent.
The solution: Connected CRE software
To eliminate inefficiencies and unify operations, Crescent chose the Yardi Commercial Suite for a connected CRE software solution. The company implemented Yardi Voyager Commercial to manage property operations and accounting within a single, end-to-end platform. They streamlined invoice approvals and vendor payments with Yardi PayScan, automating the entire processing workflow. To enhance tenant engagement and convenience, they also implemented CommercialCafe, a mobile-enabled self-service portal that enables online payments and maintenance requests.
Big wins for staff & tenants
“Moving to Voyager completely changed our accounting world. We can find information with a touch of a button instead of that painful process. And we can use the entire Commercial Suite on a single screen without having to jump between modules or software systems,” McCracken said.
Crescent implemented Yardi PayScan to streamline invoice processing, automating approval workflows all the way through to vendor payment. With PayScan, invoice images are uploaded and intelligently routed to the correct approvers. This significantly reduces errors such as lost invoices, duplicate or late payments and overpayments. It also eliminates the need for paper and manual data entry.
At the same time, Crescent enhanced tenant services with CommercialCafe, which allows tenants to make payments online, set up recurring payments and submit and track work orders. Maintenance technicians manage work orders directly from the field using a mobile app, so they can stay in touch with tenants without returning to the office. “That convenience is a big win for maintenance and our tenants, who enjoy an enhanced experience with us,” McCracken said.
Crescent also reports saving several months of labor with the budgeting and reporting capabilities from Voyager. “The Commercial Suite has increased our efficiency and lets us focus on more important things than who paid a vendor when. It definitely has increased our output.” McCracken added that their connected CRE software solution has saved their team time that they can now devote to customer service.
