Location: Melbourne, Victoria
Previous Software: MRI Strata Master
Overview
SOCM strata with over 5,000 lots, faced inefficiencies in their existing software system. SOCM identified Urbanise Strata as a solution to streamline operations and reduce costs.
Key Results
Reduced Key Man Risk: By moving to Urbanise Strata with the Macquarie Bank Integration, SOCM were able to eliminate the reliance on a single team member for manual updates and bank reconciliations. This conservatively saved approximately 1.5 hours per day.
FTE Optimisation: The implementation of Urbanise Strata integrated with Macquarie Bank resulted in the redeployment of 2 out of 4 FTEs from finance functions to higher-value tasks and activities.
"Urbanise has revolutionised our financial operations. The shift to automation allowed us to streamline our finance team from four members to two, optimising labour costs without sacrificing efficiency. This change has created a more robust and error-resistant system and saves us approximately 1.5 hours each day, significantly boosting our overall productivity." – VJ, Owners Corporation Manager – [Learning & Development Specialist]
Case study: How SOCM Boosted Efficiency & Reduced Costs with Urbanise Strata's Auto Bank Reconciliation
SOCM Strata successfully oversees approximately 5,000 lots across Victoria. Recognising the need to optimise operations amidst a competitive talent market, SOCM proactively initiated a technology assessment to unlock opportunities for streamlined processes and enhanced productivity.
Transition to Urbanise
Drawing on his experience, newly appointed General Manager VJ Chaggan, equipped with Urbanise expertise and strong educational skills, implemented a gamified approach to challenge the team. Tasks such as generating aged debtors lists, OC certificates, and detailed financial statements were set as challenges. While the team used existing software, Chaggan demonstrated the superior capabilities of Urbanise by completing the same tasks more efficiently and accurately. This included showcasing Urbanise's effectiveness in managing the time-consuming process of issuing levies, arrears, and scheduled reports.
His demonstration of these and other efficiencies persuaded the business to make a full transition to Urbanise, marking a significant improvement in how the company managed its operations and data accuracy.
Automatic Bank Reconciliation
Before switching to Urbanise, the company performed daily bank reconciliations manually, consuming considerable staff time and increasing operational costs. This created a vulnerability in the workflow, delaying critical financial management tasks if the responsible staff member was unavailable.
The manual reconciliation process was time-consuming and labour-intensive, increasing the risk of errors in payment handling and financial record keeping.
VJ demonstrated how bank reconciliation was automated with Urbanise Strata. The platform is integrated with Macquarie Bank and uses Secure File Transfer Protocol to import SWIFT MT940 messages. The automated process eliminates the need for human intervention and manual reconciliation, reducing the risk of errors and removing the business continuity risk associated with reliance on specific personnel.
The impact of this shift to automation was substantial. The finance team was streamlined from four members to two, optimising labour costs without compromising the efficiency of financial operations. This change has ensured a more robust and error-resistant system and saved approximately 1.5 hours daily, enhancing overall productivity.
Creating Process Efficiencies
One of the most significant improvements in operational efficiencies was the creation of Owners Corporation Certificates. Previously, with SOCM’s strata system, this process was manual and time-consuming, taking around 40 minutes per certificate. Managers had to create separate Word documents and manually pull financial and other information, risking outdated data and errors. Furthermore, the company’s standard certificate payment required the funds to be received to the bank before certificates were generated.
In contrast, Urbanise automated the entire process. Certificates are generated within minutes, pulling current information directly from the integrated database. Lapsed contracts don't appear, reducing the risk of including outdated information. This automation not only saved time but also significantly improved accuracy and compliance.
The impact of this transformation is substantial. The time required to produce each certificate has been reduced dramatically from 40 minutes to a few quick clicks. This efficiency gain reduces operational costs and frees up staff time, allowing the team to focus on other critical tasks.
Community Engagement
VJ's strategic use of Urbanise went beyond enhancing operational efficiencies in strata management. He also tapped into the platform's capabilities to foster community engagement and effectively manage external funding. With a community grant, VJ organised a local event, utilising Urbanise to manage the finances transparently and accurately.
The detailed financial reporting through Urbanise demonstrated precise grant management and impressed local authorities, leading to further funding opportunities. This initiative illustrated Urbanise's versatility beyond typical strata management, enhancing community relations and broadening funding prospects for community projects.
VJ's approach underscored the potential of technology to merge property management with community development, delivering tangible benefits to residents and strengthening the community's bond with local government.
Conclusion
The implementation of Urbanise at SOCM Strata exemplifies the transformative power of innovative software solutions in the strata management industry.
By automating processes such as creating Owners Corporation Certificates and bank reconciliation, Urbanise significantly reduced processing times and enhanced accuracy and compliance. VJ Chhagan's leadership in leveraging Urbanise's capabilities highlights the platform's potential to revolutionise strata management, ensuring seamless operations, reducing costs, and enhancing overall service delivery.
Discover how Urbanise can transform your strata management operations. Don't let outdated systems hold you back—upgrade to Urbanise and experience the benefits of streamlined processes, improved accuracy, and increased compliance.
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