In India, the real estate industry is facing an increasing need for a workflow framework, especially after the challenges posed by demonetization, GST implementation, RERA, and the new ICBC guidelines.
In the past two-three years the slackening residential segment and daily bad press on topics involving some of the major players, have forced customers and companies to question the way the real estate sector is currently functioning in the country.
One of the significant challenges behind the lack-luster performance of the realty sector in India is the over-reliance on paper-based dealings and poorly designed organizational structures. Many real estate companies are facing issues of:
- Excess delays in project delivery
- Lack of process standardization
- Actual cost of completion exceeding the estimated budget
- Reliance on manual intervention across different project stages
Simultaneously companies are under increasing pressure to maximize efficiency and reduce time to market for projects while curbing the issues that in turn, are causing them to lose profitability and brand reputation.
Hence real estate and construction enterprises need to minimize their reliance on paper and manual intervention and upgrade their capabilities by incorporating technology based solutions such as end-to-end workflow automation software.
A robust workflow automation software can help companies in streamlining their processes consolidating all the information in one place with one single source of truth and make it easy and interactive to share relevant information with relevant stakeholders in the organization.
Subsequently, the companies can tap opportunities of seamless communication, better time to market and new growth avenues to increase their profits. Here’s how real estate companies can benefit from a comprehensive workflow software.
Automated Process Workflows
Many reputable real estate companies face continual project delays and revisions due to the absence of standardisation and workflow automation.
Without a robust process in place, all aspects of the project including process management, planning and budgeting, material procurement and sourcing, vendor management, resource planning finance and billing are adversely affected due to lack of standardisation, inefficiency and high opacity of price.
With a real estate process management software in place; however, companies can streamline the real estate and construction process, right from the project inception to the final hand-over. The workflow automation software helps reduce the manual intervention and automate crucial project aspects such as cost planning and estimation, tendering, procurement and sourcing, material management, invoicing and billing, etc.
Improved Cost Planning and Budgeting
An end-to-end workflow automation software helps plan project costs and budgeting by providing an all-inclusive list of associated project costs, even before the architectural design is completed.
Once the design is completed, the software can help prepare an itemised Bill of Quantities (BOQ), identify and map out execution strategies for online tender submission, billing and invoicing, vendor management and construction procurement.
An end-to-end real estate management software allows companies to create granular budget estimates across various budget heads at a very early stage of the project lifecycle thereby helping them start at a much more accurate and lesser target budget.
Also, the software enables builders to significantly reduce the project life cycle, and increase profits by monitoring material procurement, time schedules, and all other expenditures involved for the respective projects.
Inventories and Assets Management
Managing projects and construction procurements efficiently across different project locations is taxing and a major source of problems for real estate and construction companies. With an integrated workflow automation software however, businesses can automate their entire sourcing strategy by identifying their plan of executing a procurement package right from vendor pre-qualification up until award. Such a system allows them to easily create centralised custom dashboards to manage multiple projects simultaneously, plan their procurement and track their progress in real-time.
The software would help monitor the project milestones, expenses, important events, budgets, inventory, and labour.
Subsequently, enterprises can compare the consumption status of various projects to check for any variations or inconsistencies.
Moreover, with an end-to-end workflow automated system, real estate companies can proactively conduct cost and quality control, making sure that reduced inventory wastage and high asset utilisation also result in increased profitability.
Workflow Automation Software is the Driver for Tomorrow’s Realty!
Real estate sector in India needs to be proactive in tackling challenges of pilferage, transparency, inadequate process complexities, and over-reliance on paper and cash-based transactions.
To be proactive, companies need to know where they stand, their existing shortcomings in the process and how they can overcome these process pitfalls.
Therefore, real estate companies may start by leveraging the capabilities of comprehensive real estate management software.
The workflow automation software can help real estate companies simplify core project functionalities such as budgeting and planning, BOQ preparation, procurement and sourcing, material and store management, invoicing and project updates, so on and so forth.
Given the way the realty sector in India needs to leverage technology, having an end-to-end workflow automation solution can work wonders in improving service delivery, time to market, communications, and utilize new growth avenues to create the real estate businesses of tomorrow.