Property managers across the board are focusing on transitioning away from paper-based management systems to enhance their operations, boost efficiency, and improve sustainability.
Of course, abandoning paper is no easy task. After all, property management companies have an ever-increasing number of documents to track—including contracts, invoices, service agreements, purchase orders, and receipts.
However, ditching paper becomes much easier with the help of a reliable electronic document management system (EDMS). Read on for a breakdown of EDMS and how it can help your company operate with greater speed and agility.
EDMS Meaning: An Overview
An EDMS is a digital platform for storing, sharing, and managing electronic documents. Companies across all industries now use EDMS solutions, and the technology is quickly becoming popular among property management firms.
This software serves as a central document repository and enables secure and convenient access for staff members. Some platforms also enable digital authorization stamps, replacing the need for traditional “wet ink” signatures.
It’s important to note that there are multiple ways to deploy an EDMS. For example, some companies deploy an EDMS as a cloud-based, software-as-a-service (SaaS) model. It’s also possible to deploy an EDMS using your company’s on-premises infrastructure or in a hybrid model using both private and public cloud resources.
The Top Benefits of EDMS for Property Managers
There are many ways that property management companies can benefit from an EDMS. In the next section, we’ll examine the more persuasive benefits:
1. Save money.
Companies often spend substantial resources capturing, inputting, and managing data—particularly when it lives on paper documents. Switching to an EDMS eliminates a significant portion of manual labor, saving time and money. In fact, using this software can reduce document-related costs by up to 40 percent!
2. Modernize your business.
To remain competitive, property management companies need to abandon traditional paper-based workflows, which are slow and inefficient. Using an EDMS can modernize your business, allowing it to operate at a faster pace. At the same time, this can attract top employees who prefer to work with companies that offer cutting-edge management tools and resources.
3. Increase security.
Migrating to an EDMS can increase security and reduce the likelihood of accidentally exposing customer information. For example, an EDMS lets you easily see who accessed a file, including where and when they accessed it. What’s more, you can also restrict who can access files. As a bonus, most platforms have powerful security features to protect the information, such as data encryption and multi-factor authentication (MFA).
4. Improve record-keeping.
Efficient record-keeping is critical for success in a busy property management environment. An EDMS will provide easy access to historical records. Having your documents accessible in a single system reduces time spent searching for files and eliminates management headaches.
5. Enhance service delivery.
Customers today expect speedy service with minimal delays. By using an EDMS, your business can respond to inquiries from property owners more quickly, enabling you to provide faster resolutions.
6. Boost productivity.
Manual administrative tasks can slow down employees and contribute to work backlogs. Modern EDMS platforms automate tasks like data entry, freeing employees to focus on higher-value work—which, in turn, enhances the employee experience.
7. Reduce waste.
As a bonus, your company can reduce waste and help the environment by eliminating paper and switching to a digital management platform. This may help attract clients who care about the environment and prefer to do business with eco-friendly organizations.
Digitize Your Business with Netintegrity
As you can see, there are many benefits to using an EDMS. With the right solution, you can modernize your business, reduce costs, and improve efficiency—all while delivering more value to your residents.
Netintegrity offers a digital one-stop shop for property management. With Netintegrity, you can streamline everything from document management to record-keeping and reporting.
To learn more about the transformative nature of Netintegrity, request a consultation today.