In the property industry, proptech innovators are coming in thick and fast to help retail property landlords and managers on their digital transformation journey. Richard Hardy, Regional Manager Australia, Retransform discusses how AI technology, specifically, is now a valuable solution – paving the way for businesses to stay ahead of the curve and adapt to inevitable change.
What’s the right way to move forward with AI technology?
Sam Harris led a TED Talk discussing AI and the control of AI, stating: “There are two doors in front of us – one is to stop making progress on AI machines and then the other door is improving our intellect on AI machines. Can we control AI or is it controlling us?”
Harris says, while we don’t want to lose a sense of human control, improving our AI knowledge can only mean to learn more of the nuances and prevent and avoid the unexpected even further. We have the will and knowledge to make AI technology work in our favour. There is not a ‘one-size-fits-all’ for those who aim to seek AI for relief of operational costs and processes, but many come to the conclusion that cloud-based solutions that coincide with remote infrastructure can easily help you run your business from just about anywhere.
“Artificial intelligence and data analytics can predict outcomes and spot anomalies in data sets that humans may otherwise miss.” Bhavin Shah, VP Business Development APAC, Retransform.
Protect your data in the cloud with insightful analytics
Self-service cloud-based solutions allow the end user to access insights from their data or property portfolio from anywhere at any time. Understanding your existing data is not only useful for finding new business, but also for reducing operational costs and safeguarding existing business. With your retail portfolio being managed and pulled up from disparate sources, it can seem overwhelming to seep through. 4see analytics is a state-of-the-art cloud-based platform that seamlessly aggregates your existing data from disparate systems, to provide and predict accurate and actionable insights, with benchmarks to external data too.
4see also incorporates machine learning and AI technology, analysing your historical data to detect correlations and spot anomalies; enabling managers and investors to take timely, and often pre-emptive action, allowing you to safeguard your business and significantly improve your asset’s performance.
Once you’ve integrated your retail portfolio into a cohesive platform, it’s time to get to work. To fill in the gaps of getting these tasks done while avoiding that feeling of monotony, we can implement Robotic Process Automation (RPA). Retransform’s Rebot is a Robotic Process Automation as a service (RPaaS) that frees your team from repetitive, time-consuming tasks so they can focus on more important business processes and strategies. This RPA solution can help automate your workflows with step-by-step guidance through its intuitive application and algorithms. Example bots include accounts payable, report generation and late fee billing.
“Repetitive tasks are planned, structured with rules to follow. A Rebot could be planned, structured and given rules to follow too.” Kaushlesh Chandel, Head of Innovation, Retransform.
Accurate and efficient technology solutions by the big players
Real estate enterprise systems such as Yardi, MRI, Argus Enterprise, Manhattan, JD Edwards and SAP Real Estate Management continuously provide support to property, asset and finance managers during these unprecedented times. Accurate data and efficient workflows only work on your behalf if they are integrated into the system you’re using effectively.
We are experts in integrating these solutions, including custom report design to suit evolving requirements, implementation/configuration of new modules, data migration, ongoing support/maintenance and training.
“We have spent two decades mastering how to integrate and implement real estate data into your preferred property management system.” PV Ranjit, Head of Technology, Retransform.
Management services that serve as an extension of your business
AI is now established to improve businesses in the digital space, but let’s not forget about the basics and ignore the practices that have driven us to this point before AI became an option.
Retransform’s management services team can become an extension of your retail business within the interconnected areas of finance and accounting, lease administration and lease abstraction.
Offerings include but are not limited to:
- Finance and Accounting: AP/AR management, Reconciliations, General Ledger tasks, Financial Reporting
- Lease Administration: Commercial Billing, Outgoings Reconciliation, Per cent Rent Management, Rent Escalation Tracking, Rent Revisions, Late Fee Billing, Critical Date Management, Certificate of Insurance (COI) Management, Tenant Correspondence via Email and Postal
- Lease Abstraction: Retransform abstracts more than 60,000 leases annually, following six sigma processes to ensure the highest level of accuracy. These abstracts can be performed using standard or custom templates.
Retransform is a global technology provider and partner, dedicated to the real estate industry. Since 1998, it has honed its expertise to offer comprehensive solutions to retail, commercial, residential and corporate occupier clients.
As experts in developing and implementing state-of-the-art technology, Retransform offers bespoke solutions tailored to your retail business requirements. Through its platforms and services, the company creates efficiencies and improves productivity, creating more time for us humans to do what they do best.
Having recently established operations in Australia, the team at Retransform looks forward to assisting organisations across its three key service lines – Technology Solutions, Business Management Services and Insightful Analytics.