Real estate industry: optimise processes with Robotic Process Automation (RPA)
22 February 2022
Original content provided by BDO Netherlands
Technology affects everything and everyone. Standing still is not an option. Whether organisations are just embarking upon their digital transformation or have embraced all facets of digitalisation already, their success and survival is contingent on how willing they are to continue adopting new technological advancements. If you have not already, it is time for you to jump on the bandwagon. The longer you wait, the further you will fall behind. Real estate organisations, in particular, will stand to benefit from this technology!
What is Robotic Process Automation?
When most people hear the term “Robotic Process Automation (RPA)”, they often think of physical robots. But RPA is actually a computer-coded software that has the capabilities to replicate human interactions with IT systems and applications. With this technology, organisations can automate routine tasks and human actions, which allows their employees to work more efficiently and to focus on tasks that add more value and job satisfaction, as their repetitive tasks will be handled by the automated process. This form of robotics does not require extensive IT knowledge.
Several criteria are used to determine whether a process or process step is a good fit for RPA implementation:
- Measurable results in terms of cost savings, quality, efficiency, and lead time;
- Volume and frequency of routine tasks;
- Process consistency in terms of how often a process changes; and
- Inputs to the process, i.e. whether inputs are standard and consistent.
The six benefits of Robotic Process Automation
Organisations can benefit greatly from robotisation:
- RPA offers many organisations opportunities to operate more cost-effectively and flexibly than traditional (manual) solutions.
- RPA creates significant cost reductions, on average 30% to 60% per automated process.
- Increased quality due to fewer human errors and fully standardised work.
- Another important benefit is that robots can work 24/7 without hold-ups at peak times, which can translate to as much as 80% reduction in lead time. Moreover, they relieve employees of mundane and routine tasks, which in our experience increases employee satisfaction.
- Very attractive payback period of six to twelve months.
- Capacity can also be increased or decreased at any time without a long preparation period, making the solution scalable and flexible. Use of smart checks can help prevent potential fraud. In short, RPA offers your company new perspectives.
Why RPA in the real estate industry?
RPA is increasingly gaining traction in the real estate industry. Real estate entrepreneurs are actively robotising various processes, such as storing email correspondence in Yardi, invoice processing, verifying VAT numbers and generating reports for owners. Real estate company NSI has also selected several processes that qualify for RPA. It is currently using two task-dedicated robots for verification of supplier VAT numbers and automatic storage of email correspondence. A third robot is in the works for processing purchase invoices. This will lead not only to cost reductions, but also to fewer manual actions, less chance of errors, and less time spent on administrative tasks. If you would like to read more about NSI’s experience with RPA, click NSI and RPA.
Take advantage of RPA now
RPA offers efficiency benefits for organisations and employees alike as it drives cost reductions and improvements in standard processes and frees up time and energy for higher-value tasks. RPA is particularly beneficial to real estate investors and managers as many of their processes are repetitive.
If you have any questions or would like to find out whether RPA would be a good fit for your organisation, feel free to contact one of our specialists for a no-obligation consultation.