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Characteristics of a successfully IT-enabled Property Development Business

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Integrating the Estate Master suite of property software tools with the Financial Accounting System provides a platform for a successfully IT enabled Property Development Business which will have the following key characteristics:

They cover the whole business. The system is integrated throughout the business from the acquisition team to the development management team to finance department to the management team to finally the Board. There is a common language of input and process that creates greater understanding between staff and their respective operation fostering greater cooperation and collaboration inter and intra departmental.

They are scalable. The consistent approach is easily scalable to the business growth in personnel and expansion to new geographies. The system process both informs and enforces the corporate culture to the new location(s) and staff.

They are precise, because the system has validation controls to enforce a standard way to input data, providing clear understanding of assumptions and outputs. They replace piles of standard and out of date procedures contained in hard copy manuals that people never read. The process also enforces a standard way of analysis/reporting which encourages a broader and recognisable way for decision making.

They give immediate results. The whole operation is linked into a monthly reporting basis (effective real time) with forecasting updating profit and loss projections, key property data on costs per square metre, sale value by product type, project commitments and sales take up rates etc. All key data can be consolidated and linked to the corporate consolidated cash flow forecast which informs the business on debt exposure, return on funds and gaps in the development pipeline. It is the business brain.

They make monitoring easy as they cover the whole business operation and its financial results. They allow sensitivity testing for risk management and business acquisitions. They provide both property and financial data in the language that can be understood by both the development manager at the coal face and the Finance Director reporting to the Board. Everyone is on the same page reading the same assumptions and outputs.

They build enforceability through a common system of language (codes), process and data validation as the reports pass through different sets of eyes in different departments. 

Date Published: 25 Nov 2009
Category: White Papers

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