Integration and automation powers Tai Hung Fai’s growth
Property developer Tai Hung Fai Group has was founded 40 years ago in Hong Kong. In its early years the company focused on property investments and over the years has diversified its portfolio to include over 100 properties across Hong Kong and Macau.
Today, its extensive property portfolio includes hotels, serviced apartments, retail shops, residential, commercial and industrial buildings and car parks. Its total assets run in excess of HK$50 billion with more than 1,000 long-term tenants.
A capital-intensive industry, Tai Hung Fai, like other real estate companies in Hong Kong, is affected by political and economic conditions at both global and local levels. For example, fluctuations in capital flows or interest rates may impact property values or income from property rental.
Tai Hung Fai Group believes that technology plays an important role in its expansion strategies. It sees technology as a platform achieving operational efficiency, manpower savings and assist in business decision making. It allows management to focus on growing the company’s business.
In the past, Tai Hung Fai Group used accounting and property management software applications from a local software provider to support daily operations. However it experienced pain points using these tools.
“Our previous system were not functioning well as our business objectives and requirement were not well-digested by the provider prior to implementation. Besides, lack of integration meant it was prone to human error,” said Executive Director at Tai Hung Fai Group.
Most of the property management reports were not automated and well developed, thus require staffs to do a lot of manipulation afterwards manually. A few years ago, Tai Hung Fai Group decided to look for an alternative solution.
After evaluating products from several international solutions providers, the Executive Director found that their limitation on localization stopped him from making any decisions.
Automate business processes
The property developer eventually turned to FlexSystem Ltd, one of the largest Hong Kong-based enterprise management software and services provider. Founded in 1987, FlexSystem is dedicated to software development with accounting and enterprise resource planning (ERP) as its flagship products.
After careful evaluation, Tai Hung Fai decided to implement FlexSystem Financial Management System (FMS), Property Management System (PMS) and Human Resources Management System (HRMS) as its core technology platform.
“FlexSystem solutions can have their solution tailor-maded to meet our very exacting and timely needs with its tight integrating offering ease of use. They are value for money,” noted Executive Director at Tai Hung Fai. He added: “Their consultants worked closely with our team to realign our end-to-end business processes and identify business control points to maximize the performance of their solutions. They followed through before and during the entire implementation well.”
FlexSystem says its solutions help automate a wide range of business processes including human resources management, workflow management, business and financial analysis. This enables customers to maximize operational efficiency.
Tai Hung Fai Group took almost a year to integrate the FlexSystem solutions into its business.
“We had a lot of legacy accounting and tenant billing data from previous systems. We decided to have phased implementation approach to ensure stability and accuracy,” said IT manager at Tai Hung Fai. Today the property developer reaps the benefits of that careful planning and deployment.
“For example, many of our management reports can now automated without or with minimal human intervention, improving efficiency while reducing human errors and manpower,” he said.
Benefited from different customized IT solutions, staff are now able to focus on high-value tasks. A finance manager, for example, can now spend more time in staff management or collaboration with other departments and external partners. Cross-departmental coordination has been enhanced.
Continuous investment in IT
Moving forward, Tai Hung Fai plans to upgrade FlexSystem solutions and add new applications to support its business growth.
Tai Hung Fai will start the revamp project of Property Management System with FlexSystem to cope with changing business environment and converging business requirements. The revamp is slated for completion by end of this year.
The company is also looking to replace its existing business intelligence application. He is aiming for better data integration from different sources to facilitate enhanced analysis and decision-making for the company.