Here Come the Avatars and the VPAs to Multifamilty

I have seen the future at work today. In our industry! Already working. Really.

Two technologies that are at work transforming what is happening at property offices are: “Avatars” and “VPAs”.

What is an “Avatar”? This is best described as a software ‘robot’ – that sits on your computer screen desktop (it is about 2 inch square) and does:

·         Instant ‘Drag and Drop’ document capture

·         All your document filing

·         Document search and retrieval

·         Document ‘tagging’

·         ‘Links’ to your back office systems like your “GL accounting system” to instantly find and present the related document such as an invoice for instance for instant viewing just by clicking on the G/L entry

No need to ‘log-in’ to a document management system. The “Avatar” sits there, always ‘hot and ready’ to go to work! The document storage system runs, transparently, in the background.

Since a significant amount of office time is spent handling paper (average 30+% of staff time), having a software “Avatar” do the paper handling is a huge staff time gain. And, of course, an “Avatar” does immediate and accurate filing and takes no time off.

Virtual Property Assistants. Most property offices invest in what are called MFPs (multifunction printers). A smart company I know has built a ‘tablet screen’ driven MFP that is customized to the multifamily industry’s use case. This means that the MFP is now customizable to your multifamily business processes. One touch buttons clearly designate document ‘types’ and the business process to be followed for capturing documents and getting them to the right file folder or person or place to take action or approve. This ‘virtual property assistant’ operates at a level above what just sending or e-mailing does and it can invoke automatic work flows. Just touch the right button for the right multifamily document type and the rest automatically happens. It even has controls for direct and accurate filing into the correct file folder.

Very cool!

The point is that with such a device the time and expense of scanning is reduced or eliminated, copying costs are reduced and the costs of shipping document packages are eliminated. The virtual property assistant does all the work. At the speed of light. Why ever buy a conventional MFP?

Using a virtual property assistant rather than a conventional MFP, reduces costs, increases business efficiency and frees staff time at the property.

Using just these two technologies would be like adding more than a day a week to staff time availability. The world of property management automation is happening – say hello to “Avatars’ and “VPAs” – your future staff.

They are here and working.

As always, if you would like to know more about or see these technologies just send me an e-mail at mike.radice46@gmail.com and I will arrange it for you.

Mike

 

 

5 Reasons Why Best of Breed Digital Document Management Will Win Out In Multifamily

For many years I have been watching multifamily industry users wrestle with its legacy systems construct while seeking a digital document management strategy and solution. “Going paperless’ has become an unassailable goal. Why? Not because of the possible solutions to do so, but due to the fixation on integration.

Virtually every conversation or encounter starts with: “We love what that system can do, but does it interface with “PMS XYZ”?

What does ‘integration’ mean, anyway? If the PMS could store a ‘hyperlink’ which many cannot, a simple click would get you to a document. Context Sensitive Integration (CSI) is available. It means that you can capture the ‘meta tags’ automatically and do a better job of the accurate filing documents than by manual meta-tagging. How about using a simple ‘print driver’ that auto stores documents to a digital repository with one click…I’d call each of those points of integration.

I wonder why users love scanning documents so much when it can be eliminated in a number of ways. Do users enjoy taking 8 clicks to store a document? How about the joy of entering those manual ‘meta tags’? Are they fun or what? What I really think is being said is that unless my PMS provider ‘sanctions’ a solution I can’t use it. Well, that’s a cool constraint.

Time is now fast arriving when strategies around digital document management will be driven to change.

The 5 quick reasons why ‘best of breed’ will win out over ‘sole sourced’ solutions in digital document management:

1.       Innovation. In the age of eDocs, eForms, ‘drag and drop’ interfaces, tablet and smartphone mobile document APPS, electronic signatures, line of business integration advancements and e-document data extract and handwriting capture capabilities, ‘big data’ analytics, document versioning, document use and retention policy management, privacy regulations - it is no longer a viable solution to just capture and store ‘dumb/static’ images’. The eDoc world and the knowledge workers in your businesses are aware of and demanding significantly more capabilities. And that demand will not lessen. “Best of Breed” use is rapidly expanding in other industries and for a reason. The reason: digital document management has become a foundational digital strategy that now can run as a transparent background platform to meet enterprise needs.

2.       Portfolio wide/enterprise wide access to a common document repository. What happens when I am forced into using more than one property management software system? Do I really want non-operational or leasing staff in my PMS system to get to the documents they need? Do I really intend to raise expense and to disenfranchise other corporate departments who have document access needs like Legal and ‘collections’?

3.       Leakage through ‘rogue’ file stores being used by staff is growing. As testimony to the need for an enterprise-wide, non- application dependent document management system look no further than the use of ‘rogue’ or ‘freemium’ cloud storage services. Risk of document loss and or misuse is very real, yet end user demand for the ease of use and mobility offered by these services is also very real. It will only get more risky.

4.       Electronic workflows and anytime, anywhere access via mobile platforms are inexorable drivers. Being constrained by lack of access to documents when business decisions and actions need to be taken or when document based decisions or approvals are needed is becoming ever more frustrating to decision makers and managers who are ‘on the move’. As one portfolio executive comments to me: “I want access to what I need, when and where I need it, I can’t be scrambling around multiple systems like some scavenger hunt.” Having access and electronic workflows to move documents through business processes is at the heart of becoming ‘digital at the core’ of your business. And, digitally driven businesses are more profitable.

 

5.       Dispositions. How many different systems do I have to look to in order to gather all the documents needed to support a property sale? What is that cost per disposition?

 

Requirements are fast eclipsing the ability and capacity for many PMS software suppliers to keep up with the level of innovation and investment being made by ‘best of breed’ providers in the digital document world. Sadly, many providers are ignoring the multifamily industry just because of the ‘integration’ demands. When have you seen Microsoft, IBM, SAP, Oracle, or Google at an industry technology tradeshow?

These examples while only a few, they alone make for a strong case to reconsider policy.

Your multifamily business runs on documents and it deserves a ‘best-of-breed’ solution.

Best-of-Breed will win out…it always does.

As I always offer, send me an e-mail if you would like to discuss your options. I'd be happy to help.

Mike

 

 

Which of These 8 Multifamily IT Security Issues Are Yours?

I was asked: “Mike, based on your 40+ years of experience in technologies, as a business manager, what are the common technology security issues that I should be concerned about.” Well, I am not going to dive into the architecture of data centers, computing platform data leakage, network ‘sniffing’, DOS or DDOS attacks and perimeter defense strategies, but as a business manager I suggested the following security risks that are all too commonly found (and exploited):

1.       No policy on password resets.

If you allow passwords to remain unchanged for more than 90 days you are setting yourself up for a breach. Sure it is pain for your company, internally and may seem even more of pain for your customers who need passwords to access the services you provide. But those very customers are the easiest source of a breach. Would you rather explain ‘security’ or the fact that every lease and background check report has been downloaded? Having robust password structures and prohibiting re use are good starting points. Do the math. A password of less than 12 characters begs for cracking. Using ‘remember me’ means just that - except the computer really doesn’t know who you are so, in one quick unattended minute the thief is in. Look around the leasing office and see how many passwords you can find written down – start with the post it notes they are a dead giveaway.

2.       Unsanctioned file shares.

If you allow staff to use ‘rogue’ or ‘freemium’ file shares you have lost control. Letting staff store company or resident related documents on a file storage services of their choosing is just crazy. Once a document is sent off site under THEIR control you set your company up for problems and risks. No ability to audit access, no control over access, it’s their password not yours, no control of re-distribution of documents, when they leave they take the documents with them.

3.       Bring Your Own Device (BYOD) permitted.

Nightmare city. The wild, wild west. Managing the access and use of personal devices may seem enlightened but the risks are truly great. What gets put on that personal device? What access codes are stored on it? Who else in the family can play with it? Oops, where is it? Wow, look at all those e-mails and e-mail addresses! If allowed it must be formally understood, managed, monitored and controlled…not just permitted. An interesting sidelight is the issue of engaging hourly staff ‘after hours’ because their device ‘buzzes and pings’ with your business matters. Be ready to pay for that intrusion. The labor laws are on the side of the employee.

4.       Unmanaged ‘wifi’ access.

It is too much of a nuisance to have a password protected ‘wifi’.  We have lots of guests and it makes it hard for them to get on line. Remember you don’t have to be in the room to get a wifi signal. Every signal is a beacon for a drive-by hacker. Why make it easy to ‘come on in’?

5.       Unsecure printing and storage of paper files.

Allowing multiple users to print to a shared printer when they are not present to collect their print output. Unattended output is left in print trays, in full view and can be easily picked up by the wrong user. Personal identity theft is a significant theat. The cost of that breach is severe. Look around the leasing office and just see how much personal resident information is left unattended. Now, where is that application form? Are resident paper files really locked down? Do the cleaning staff have unsupervised access to paper file storage rooms?

6.       Lost or stolen smartphones and laptops.

Need I say more about this drama and trauma? If you don’t have a ‘red event’ team and policy to shut lost devices down or immediately restrict access, stop reading and get one started. Maybe, just maybe it is all backed up? For two reasons: (1) the employee can continue to work and (2) you can audit what was lost or stolen.

7.       Social Media APPS on corporate systems.

A treasure trove for ‘phishing’ and re-directs. “Tell me more, oh tell me more”. “I just love being ‘connected’ and sharing. It is sooo cool…social media publishing is so friendly and helpful”. …really?

8.       Malware everywhere and viruses from hell.

“All I did was click on that message, it said I had to”. “Oh, that web site - seemed like it was going to be helpful”. “Here, use this jump drive storage stick, I have others”. Unless you ensure and enforce the maximum use of ‘firewalls’ and device resident security software you have no chance at even a semblance of protection.

In the end, a rigorous security awareness program such as frequent mandatory end user security training sessions and frequent bulletins and newsletters that make security awareness part of your culture will go a long way to reducing your risk.

One last piece of advice…make someone available to help end users when they have a security question. Encourage them to call before they do something. Everyone will benefit from the ‘ounce of prevention that avoids a ton of grief’.

True, security is a living ‘eight-ball’ that we will seemingly always be behind. Those are my ‘8 balls’. How did you do?

As I always offer, if I can help or you want some advice or counsel just send me an e-mail. I’d be happy to share what experience has taught. I am at the moment on the warpath about the use of unsanctioned file shares. There are cost effective solutions that can mitigate that risk and make your end users happy.

 

 

Since When Does 'Augmented Reality' Matter More Than Expense Savings?

It never ceases to amaze me as to how much effort is given over to chasing the next big technology thing in multifamily, when 45 minutes can generate thousands of dollars in annual operating expense savings.

Oh, sure, we are all amped up about ‘big data’, iPads, smartphone APPS, tablets, and social media. OK, to a large degree, I get it.

What I don’t ‘get’, is the lack of attention and respect given to the thousands of expense dollars consumed by the paper we use and the printers that print our documents, messages and forms, etc. See…you are about to stop reading…good gosh, is this is about ‘my office printers’? I thought this was about ‘augmented reality’…you know, mind bending smartphone 3-D displays of my property used by prospects in a high speed drive-by…

See, I told you so…

Yet, time and time again, I see that it is the smart operators that take a hard and close look at the use of such basic operating assets. Why? Well it is more than fair to say they know the following:

·         Your company will spend no less than 25x (many are at 50X) the cost of the paper you buy in processing and handling costs that uses and consumes all that paper.

·         45% of what you print is thrown away the day you print it.

·         80% of what gets printed and filed is never touched again.

Ok, office printers are not in your glamour technology category but is that a license to be spending what actual experience shows are savings of up to 30% more than you should?

There is always lots of talk about ‘going paperless’, the environment, going green, sustainability…when there you have it…monies sits right there…waste and expense being spewed out by those office printers.

Gartner Research reports that more than 50% of IT help desk calls are for printer related support. On average, 10% of IT staff time is related to printer support. So, with average IT salary at $80K that’s $8k per year spent on IT support alone.

Oh you say…”we only have a few printers at each property location.” Well that’s another point, why not consider the benefits of managing ALL your printers as a single asset fleet. Doing so, will bring you consolidated savings on support, service and supplies. If you use more than 25 printers in your portfolio you are missing an easy grab on savings. That is a fact.

Oh you say…”We are a fee manager and properties come and go.” Please know that a well-managed office printer fleet managed print services program can easily handle the ins and outs.

To drive the point even further there is a national industry printer procurement program for multifamily owners and operators that allows you to make printing equipment purchases of any size just as if you were a major volume buyer. Why wouldn’t you use it?

Why would you not spend 45 minutes with an expert and determine if a FREE printer fleet analysis has merit and get a documented proposal on how to save money, NOW? Maybe I really don’t understand CAP RATES after all…oh I get it, because there is an ‘augmented reality’ technology webinar you have to attend? In the end it is all about how you will spend 45 minutes -- in expense savings reality, or in ‘augmented reality’.

As I always offer – if you would like to be introduced to an expert for a 45 minute money saving meeting – send me an e-mail. I would enjoy introducing you to just such an expert.