SANTA BARBARA, CALIF., Feb. 24, 2010 – Apartment management company LumaCorp Inc. has cut spending on maintenance, repair and operating supply procurement for its 21 properties since implementing Yardi Procure to Pay™.
LumaCorp recently sought to identify new ways to lower operational costs. Two elements of that initiative involved making its procurement process more efficient and centralizing management of expenditures on supplies. The company also wanted automated invoice processing that allows approvals to take place online using images; this step would eliminate paper and improve oversight of the procurement and accounts payable processes.
LumaCorp achieved its goals with Yardi Procure to Pay. This solution integrates online supply catalogs from Yardi SiteStuff with Yardi PAYscan™, which converts paper invoices into electronic transactions in LumaCorp’s Yardi Voyager™ property management and accounting system. Online approval routing is automated.
“We offset the cost of implementing Procure to Pay within three months just by eliminating the cost of transporting invoices by courier,” said Kathy Whitman, LumaCorp’s executive vice president. “The new products and process changes will continue to drive significant cost reductions and let our staff members devote more time to revenue-generating activities.”
LumaCorp also elected to take advantage of Yardi’s Application Service Provider hosting service so it can access Voyager as software-as-a-service. With ASP hosting, Yardi serves and maintains the Voyager application and database for LumaCorp from its data center, assuming responsibility for all application updates, network security, hardware, bandwidth, and infrastructure, allowing LumaCorp to focus on its principal business.
“LumaCorp has always been a leader among multifamily property managers in deploying leading-edge technology. We are happy they chose Yardi as their technology partner to continue that legacy and execute their current cost-cutting initiatives,” said Terri Dowen, Yardi senior vice president of Sales.
About LumaCorp Inc.
LumaCorp, based in Dallas, manages approximately 5,000 units in more than 20 apartment communities in Texas. LumaCorp and its staff members have received numerous awards for outstanding performance in apartment property management, including the President’s Award from the Institute of Real Estate Management, IREM’s Certified Property Manager of the Year Award, and the Apartment Assn. of Greater Dallas President’s Award. For more information, visit www.lumacorp.com.
Yardi Systems has been committed to the design, development, and support of real estate investment management and property management software for more than 28 years. With its Yardi Multifamily Suite™, Yardi Commercial Suite™, and Yardi Investment Suite™, the Yardi Voyager™ system is the most comprehensive single real estate management platform on the market today. Yardi serves clients around the world from offices in Asia, Australia, Europe and North America. More information about Yardi products and services is available at www.yardi.com.
Trade Media Contact: Joel Nelson 805.699-2040, ext. 1255