How Bridge Investment Group Cut Manual Data Entry and Improved Onsite Productivity
In CRE, efficiency isn't just a goal; it's a necessity for survival. Leveraging technology as a means to cutting through operational drag and optimizing employee productivity has become a competitive imperative for success. And in an increasingly competitive landscape defined by fast transactions and the need for meticulous management, firms face the additional challenge of maintaining precision while continuing to scale operations.
As a real estate investment company with a diverse portfolio spanning multiple asset classes and nearly $50B AUM, Bridge Investment Group relies on its on-the-ground property managers to manage AP processes that keep the lights on, provide the responsive support necessary to keep tenants happy, and manage back-office tasks like accounts payable operations.
In the past, this meant manually coding over 300,000 annual invoices. The process was not only cumbersome and tedious for property managers, it detracted valuable time and resources from more strategic areas of operations. The manual nature of invoice coding and processing, inherently prone to human errors, resulted in inefficiencies and a notable diversion of property managers' focus from enhancing tenant relations and property maintenance.
Faced with these challenges, Bridge realized the need for an innovative solution to streamline their invoice processing workflow.
Finding an Automated Solution
Realizing the need for a paradigm shift, Bridge sought an innovative solution to overhaul their invoice processing workflows and implemented PredictAP, an AI-powered solution that uses machine learning to automate the invoice ingestion and coding process. This strategic move aimed at harnessing technology to alleviate the administrative burden on their staff, ensuring that invoices could be processed more swiftly and with greater accuracy. The introduction of automation transformed Bridge’s operational framework to scale with their growing portfolio and investment spectrum.
But this adoption wasn't just about keeping pace with technological advancements; it was a strategic decision aimed at fundamentally transforming operational ethos, offering not just a way to process invoices more quickly, but with more accuracy, streamlining operations in a way that manual processing simply couldn't match.
The impact was immediate and significant. After integrating PredictAP, Bridge reported a 74% reduction in the time spent on invoice processing tasks, allowing them to reallocate human resources towards more valuable activities within the organization (like building tenant relationships).
Operational and Strategic Benefits
The shift towards automation delivered several benefits to the firm. First, it significantly reduced the manual labor and time historically associated with invoice processing. This reduction in manual tasks has empowered property managers to reinvest their efforts into strategic management and tenant engagement, areas critical to maintaining Bridge's high standards of operational excellence and tenant satisfaction. Second, the move towards a more streamlined process has enhanced the overall accuracy of invoice processing, minimizing errors and improving the financial oversight within the company.
The implementation has also helped Bridge to solidify their position as a technological leader in real estate. In 2024, they won a Digie Award for “Best Use of Automation in Multifamily & Residential Real Estate.” By embracing forward-thinking solutions, Bridge Investment Group is not only setting a new standard in operational efficiency but is also investing in the sustainability of their business model in a competitive market.
Looking Forward to the Future
Bridge Investment Group's initiative to automate a critical component of their operations illustrates a successful integration of technology to solve traditional business challenges. The noted reduction in time spent on invoice processing by 74% serves as a testament to the effectiveness of automation in enhancing operational efficiency. Encouraged by these results, Bridge is poised to further explore how technology can be leveraged across other facets of their business to sustain growth, improve tenant services, and maintain a competitive edge in the real estate investment market.
This significant step towards modernizing their operations not only enhances the internal efficiencies but also sets a benchmark in the industry for operational excellence. With an eye towards continuous improvement, Bridge Investment Group is well-positioned to adapt and thrive in the evolving landscape of real estate investment and management.
This Week’s Sponsor
PredictAP automates invoice capture for Yardi Payscan using proprietary AI. It eliminates manual data entry and improves AP outcomes without disrupting existing workflows. PredictAP is a Yardi Standard Interface Partner with US and EU API access, delivering seamless integration, and rapid time to value. Learn more at www.predictap.com.
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