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