Final modified on October seventeenth, 2022
By Brittany Benz
From a shift to a hybrid work mannequin to labor shortages and cybersecurity assaults, the group affiliation administration business has skilled many modifications in recent times, all of which have created new challenges for affiliation administration companies.
Again in 2021, we surveyed affiliation administration professionals to seek out out their prime challenges and priorities and the way they have been utilizing know-how. To comply with up on that analysis, we lately surveyed affiliation administration professionals once more to know how these challenges and priorities have modified and if there are new alternatives on the horizon. Under are a number of of probably the most notable findings from the survey, together with a hyperlink to the total report.
Assembly clients’ wants stays a prime problem for companies
Assembly clients’ wants and expectations was the commonest problem confronted by group affiliation administration professionals. In actual fact, 37% of respondents ranked this within the prime three challenges. Based mostly on our earlier board analysis, this strains up with how board members really feel, in that solely 23% stated they’d advocate their present or most up-to-date administration firm, indicating that their administration firms weren’t assembly their wants. Different top-ranked challenges have been software program assist/reliability, enterprise development, and discovering and recruiting new employees.
In comparison with the 2021 analysis, assembly clients’ wants and expectations was the one problem that remained within the prime three. Final 12 months, the highest challenges have been communication, assembly clients’ wants and expectations, and guide/outdated processes. This implies communication and guide or outdated processes could also be much less pressing challenges than they have been final 12 months — maybe companies have adopted new applied sciences and finest practices to resolve this, so it’s much less of a problem.
To learn how these challenges differed from smaller to bigger firms, scroll right down to learn the total report.
Corporations are prioritizing customer support at the start
Enhancing customer support was the commonest precedence for affiliation administration professionals, with 41% rating it of their prime three priorities within the survey. This aligns with the highest problem of assembly clients’ wants and expectations. Together with this, bettering firm tradition and enhancing cybersecurity/knowledge safety have been listed most frequently as priorities.
In comparison with the 2021 analysis, bettering customer support was the one prime precedence that was nonetheless listed within the prime three in 2022. Final 12 months, streamlining operational effectivity, bettering customer support, and adopting new applied sciences have been listed as prime priorities.
Learn the total report for a deeper dive into why these priorities have modified and the way know-how has performed a job.
The long run is vivid for companies which have the correct instruments
Based mostly on the survey, 72% of respondents felt their enterprise was ready to adapt to the altering wants of the business. It is a slight lower from final 12 months when 79% of respondents stated they felt ready. This may very well be due to inflationary strain and rising issues a few potential recession.
Of the respondents, 84% who have been happy with their software program stated they felt ready, whereas solely 37% of those that have been dissatisfied stated they felt ready. Happy respondents additionally appeared to have extra complete options, which suggests leveraging extra applied sciences improves buyer satisfaction and will assist gasoline optimism for his or her enterprise’s outlook.
Enterprise outlook additionally impacted internet working revenue (NOI), as those that have been dissatisfied with their software program have been almost twice as prone to anticipate NOI to lower in 2023, and fewer than a 3rd (30%) anticipate NOI to extend, in comparison with greater than half (54%) of respondents who have been happy with their software program.
Companies need to undertake extra applied sciences
As talked about beforehand, companies that use extra tech instruments typically really feel extra ready for the long run than people who don’t. Amongst people who had not adopted know-how, nearly 70% deliberate to undertake cellular communication instruments. This was adopted by on-line architectural requests (64%), on-line voting (61%), and on-line upkeep requests (60%). Final 12 months, respondents have been extra prone to say they deliberate to undertake cellular communication instruments, on-line voting, and violations software program.
The challenges and priorities of affiliation administration companies have modified barely since 2021; nonetheless, assembly clients’ wants and expectations stays a serious problem and precedence. Know-how and software program satisfaction largely impression a enterprise’s outlook on the long run and whether or not it feels ready. To uncover the remainder of the findings from the survey and see how one can overcome these challenges and place your corporation for achievement, obtain the total report: 2022 affiliation administration business pulse.