{"id":29643,"date":"2021-07-22T05:23:00","date_gmt":"2021-07-22T12:23:00","guid":{"rendered":"https:\/\/www.yardi.com\/blog\/?p=29643"},"modified":"2021-07-23T11:14:24","modified_gmt":"2021-07-23T18:14:24","slug":"tech-for-security-efficiency","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/tech-for-security-efficiency\/","title":{"rendered":"Tech for Security + Efficiency"},"content":{"rendered":"\n

Do you want to streamline payables and purchasing, expedite approvals and eliminate paper? It\u2019s not too good to be true. You can with a robust cloud-based procurement solution. Your industry peers are already experiencing success, and it\u2019s simpler than you think.<\/p>\n\n\n\n

The recent Yardi Executive Briefing offered multifamily property specialists an inside look at the power of modern procurement software. Peter Altobelli, VP and general manager, Yardi Canada facilitated the session, \u201cThe New Age of Canadian Residential Real Estate\u201d with clients Christine Williams, VP, national operations and administration at QuadReal Property Group and Brian Turpin, CIO of Greenwin Corp.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Early tech adaption resulted in efficiency and agility<\/strong><\/p>\n\n\n\n

Both QuadReal and Greenwin embraced technology long before the pandemic began. The organizations actively sought solutions that promoted efficiency, accuracy and sustainable growth.<\/p>\n\n\n\n

Williams laughed, \u201cQuadReal is still fairly young but from the beginning, we embraced the digital workflow and got rid of our paper trail.\u201d<\/p>\n\n\n\n

Turpin added, \u201cProptech is exploding with different technology. Everything is paperless and more efficient. I joke that even the light switches are under my domain because everything is connected to the internet.\u201d<\/p>\n\n\n\n

Technology isn\u2019t decorative. For both organizations, technology is a core part of the business that enables greater efficiency, transparency and collaboration. By embracing technology, their teams were better prepared to shift to remote work environments and online services.<\/p>\n\n\n\n

When many offices closed or reduced operating hours during the pandemic, QuadReal seamlessly achieved business continuity with Yardi Procure to Pay, automated vendor management, automated procurement (including a comprehensive marketplace), electronic invoice processing and outsourced vendor payments.<\/p>\n\n\n\n

\u201cYardi Procure to Pay offers us a better way to keep track of invoices and keep us on time with our payments to vendors,\u201d said Williams. \u201cThe Yardi Payscan, community-initiated purchase orders and approval workflows were matched to internal authority levels. Centralized invoice processing teams would receive the digital invoices and match them to the purchase orders with a few added tolerances. They would then be en route for payment approval and vendors could be quickly paid with Yardi Bill Pay.\u201d<\/p>\n\n\n\n

Greenwin, which had already adopted Procure to Pay, continued operations as usual. The automation of the entire procurement life cycle was driven by benefits seen in streamlining resident transactions.<\/p>\n\n\n\n

\u201cThe key piece is document management,\u201d explained Turpin. \u201cIn tech, a lot of things we do don\u2019t have a visible impact. But when you\u2019re tearing down unused filing cabinets and renovating rooms to add desks, it\u2019s a visible way to see how tech benefits the company.\u201d<\/p>\n\n\n\n

Buy-in and adoption made easier<\/strong><\/p>\n\n\n\n

Adoption is around 95% at Greenwin. For buy-in, Turpin and his team positioned technology as an empowerment for success.<\/p>\n\n\n\n

\u201cYardi created a custom onboarding video for us that we send to vendors,\u201d he said. \u201cThey see that they don\u2019t have to mail anything. We empower our suppliers to upload their invoices to VendorCafe<\/a>, to see statements and automate their process. It has a trickle-down effect.\u201d<\/p>\n\n\n\n

Yardi Marketplace<\/a>, an online procurement platform, was perhaps one of the easiest buy-ins for Greenwin. The intuitive platform already fit into users\u2019 daily lifestyle.<\/p>\n\n\n\n

\u201cIt\u2019s a great example of the consumer world integrating with the enterprise world. Most people shop online and we can leverage that. From a user perspective, there was great adoption because it streamlines, prepopulates fields and automates processes,\u201d explains Turpin.<\/p>\n\n\n\n

Williams agreed, \u201cOur team shops on Marketplace. The PO goes through its workflow. It\u2019s approved, all the coding is in there and the payment is out of the door. Our team can even create a list of favourites, so their most popular products are easy to find. They\u2019ve learnt to love the simplicity.\u201d<\/p>\n\n\n\n

Improved security through portal-based transactions<\/strong><\/p>\n\n\n\n

Secure online portals help to decrease risk to clients and vendors<\/a>. In the past, vendors sent invoices via email or the postal service. This resulted in a greater risk of phishing scams, lost postal mail and delays, as well as cheque fraud.<\/p>\n\n\n\n

In contrast, an online portal like VendorCafe provides a single access point for communication and transactions. Turpin said, \u201cThe cyber security piece is great. If you\u2019re not sending out cheques, you\u2019re reducing cheque fraud. If vendors are on the portal, they aren\u2019t emailing invoices. Email is a source of phishing, suspicious activity and scams. We\u2019ve eliminated that and decreased lost correspondences via email.\u201d<\/p>\n\n\n\n

While we segue into a post-pandemic world, leaders in the industry are preparing to further elevate their processes and empower their teams with technologies that are driving the industry towards a new sphere of performance and success.<\/p>\n\n\n\n

Watch a webinar on demand<\/a> to learn how you can automate invoice processing and streamline your approval workflow for more efficient procurement.<\/p>\n","protected":false},"excerpt":{"rendered":"

Do you want to streamline payables and purchasing, expedite approvals and eliminate paper? It\u2019s not too good to be true. You can with a robust cloud-based procurement solution. Your industry peers are already experiencing success, and it\u2019s simpler than you think. The recent Yardi Executive Briefing offered multifamily property specialists an inside look at the […]<\/p>\n","protected":false},"author":440,"featured_media":29645,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_s2mail":"yes","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2618],"tags":[652,54,1699],"class_list":["post-29643","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-events","tag-canada","tag-procurement","tag-yardi-canada"],"acf":[],"yoast_head":"\nYardi Blog<\/title>\n<meta name=\"description\" content=\"Do you want to streamline payables and purchasing, expedite approvals and eliminate paper? It\u2019s not too good to be true. 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