Introduction to Robotic Process Automation (RPA)
In a world where there a few industries un-touched by technology, automation
has become a game-changer for businesses worldwide. Robotic Process Automation
(RPA) is a technology that enables the automation of repetitive and rule-based
tasks, allowing businesses to streamline operations, reduce costs, and improve
overall efficiency.
For block management businesses, adopting process automation can bring numerous
benefits and transform the way you manage properties. In this blog, we will
explore the advantages of automation and highlight key processes that can be
automated to enhance your block management business.
Benefits of Automation in Block Management
Increased Efficiency
By automating routine tasks, you can significantly reduce the time and effort required to manage multiple properties. This enables your team to focus on more strategic and value-added activities, such as improving customer satisfaction and enhancing property maintenance. One of our clients, a London-based block manager, estimates they’re saving about 112 hours per month by using two automations. One for credit control and one for managing contractor invoices.
Enhanced Accuracy
Human errors can occur in manual data entry and processing, leading to costly mistakes. RPA eliminates such errors by executing tasks with precision and consistency, ensuring accurate records, invoices, and reports.
Cost Savings
Research suggests that wage bills in the Property Management industry can equate to over 40% of business revenue. Automation can help you optimise costs by reducing the need for manual labor, minimising errors, and increasing productivity. By reallocating resources to higher-value activities, you can achieve greater cost-efficiency and maximise profitability.
Improved Compliance
Block management involves handling sensitive information, such as financial data and tenant details. RPA can help maintain data privacy and compliance with regulations by automating security protocols, ensuring consistent adherence to compliance guidelines.
Processes to Automate in Block Management
Credit Control
Automating credit control processes allows you to efficiently manage service charge and ground rent collection by automating reminders to tenants and charging fees for unpaid bills. Reducing the risk of late payments and improving cash flow management.
Invoice Management
Automating invoice management simplifies the process of receiving and processing invoices from contractors. RPA can extract relevant information from invoices, validate data, and update your block management system seamlessly. This eliminates manual data entry, reduces processing time, and minimises invoice discrepancies.
Document Management
Block management involves handling a multitude of documents, such as contracts, lease agreements, and compliance records. RPA can streamline document management by automatically organising, downloading and even posting documents to leaseholders and freeholders, reducing administrative burdens and improving accessibility.
Getting Started with process automation
To implement automation effectively in your block management business, consider partnering with a specialist who can provide off-the-shelf solutions tailored to your needs. Look for a reputable automation vendor or consultant with expertise in the property management industry. They will help assess your requirements, identify key processes for automation, and offer customised solutions that integrate seamlessly with your existing systems.
If you want to know more about how we automate processes in block management, drop us a line.