by Tama Huang, Executive Partner, NOI Strategies
Somewhere along the way over the last couple of years, while no one was looking, it seems that someone took the liberty of anointing property management systems with the moniker ‘ERP’. Wishful thinking? Perhaps. Synonymous? Not exactly.
When one thinks of ERP, or Enterprise Resource Planning, some powerful words come to mind: All-encompassing, global, open, expansive, and yes, expensive.
By design, ERPs consolidate a variety of otherwise disparate systems and information into a common, highly integrated operating environment. ERP systems deliver big gains by helping to grow revenue, increase productivity, improve efficiency throughout the enterprise and better manage costs. Out of the box, they are localized to virtually every language, currency and global standard. They tie seamlessly with advanced collaboration, business intelligence and analytics tools, and with an ERP’s unified view of enterprise-wide information, executives can ultimately make better decisions about corporate objectives and strategies.
Sounds great, right? Unfortunately, what works so nicely for the rest of the business world doesn’t necessarily work for real estate. Continue reading