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Yardi Voyager 8 - Exploring Yardi's New Cutting-Edge Features

• November 20, 2023

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Having the right tools and technologies at your disposal in real estate management can make all the difference. Yardi, a name synonymous with innovation and excellence in the real estate software industry for over three decades, continues to play a pivotal role in empowering professionals to streamline their operations, enhance efficiency, and adapt to the dynamic challenges of the field. Yardi’s commitment to staying at the forefront of technology is exemplified in their recent unveiling of Yardi Voyager 8 , the next generation of the technology leader’s flagship property management solution .

The Predecessor: Yardi Voyager 7S

Voyager 7S has been the cornerstone of Yardi’s success, serving as the most widely adopted real estate Enterprise Resource Planning (ERP) platform globally. Approximately 6,000 real estate organizations and around 500,000 end-users log in daily, benefiting from its comprehensive, user-friendly, and scalable platform for efficient property management, financial control, data-driven decision-making, and seamless integration with third-party applications.

As a testament to Yardi’s commitment to innovation, the introduction of Voyager 8 further enhances the benefits of its predecessor, offering an improved user experience, AI integration , and more, ushering in a new era of real estate management excellence.

What to Expect with Yardi Voyager 8

A leap in user experience.

One of the most noticeable and anticipated changes in Voyager 8 is the complete overhaul of the user interface. Yardi has put a significant emphasis on user experience, and it shows. The new interface provides a more visual and graphical way for users to manage their real estate operations. It neatly organizes functions related to accounts receivable (AR), accounts payable (AP), general ledger (GL), and PM reporting, making it easier for users to navigate and stay on top of their tasks.

Customized Interfaces

Voyager 8 caters to different sectors of the real estate industry. Multifamily operators will benefit from a brand-new property operations interface for resident ledgers. On the other hand, commercial users can enjoy a simplified and streamlined data entry and review interface. This customization ensures that the software aligns perfectly with the specific needs of each sector.

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Efficient Management and Reporting

Thanks to new tools and features, managing collections and tracking insurance requirements will be more straightforward with Voyager 8. Additionally, users will have enhanced capabilities to analyze and report on portfolio health and ensure compliance. 

Seamless Transition

Voyager 7S and Voyager 8 will be available by default, with no manual version switching required. This approach lets clients gradually ease their users into the new interface, reducing the learning curve for those familiar with Voyager 7S.

AI Integration

One of the most exciting aspects of Voyager 8 is its readiness for artificial intelligence (AI) integration. AI is transforming industries worldwide, and Yardi is not lagging. With AI, Voyager 8 users can perform various tasks, from asking the software questions and receiving intelligent responses to generating transactions and reports automatically. 

Furthermore, Yardi has recently elevated its chatbot technology with natural language generation powered by ChatGPT. This enhancement introduces the remarkable Voyager 8 Virtuoso assistant. This virtual assistant empowers end-users to seamlessly interact with the platform, allowing them to initiate tasks such as generating reports, creating work orders, and retrieving specific information. These AI capabilities promise cost savings, workflow automation, and increased productivity.

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Enhancements in AR and Financial Processes

Voyager 8 doesn’t stop at user experience and AI integration. It also brings improvements to accounts receivable (AR) processes. Clients can now manage all AR activities from a single dashboard, simplifying the navigation of reports, tenant ledgers, and alerts. Payment processing capabilities have been enhanced, making transactions smoother and more efficient. Importantly, Yardi has fortified the security of the banking portal, ensuring clients’ peace of mind during financial transactions.

When Can You Experience Voyager 8?

Voyager 8 is expected to hit the market in early January 2024. This versatile tool promises to address diverse real estate business needs while maintaining the high quality and value Yardi has provided for over three decades.

Wrapping Up

Yardi Voyager 8 is set to redefine how real estate professionals manage their operations. Its revamped user interface, AI integration, and enhancements in various processes offer a glimpse into the future of real estate management. The seamless transition from Voyager 7S to Voyager 8 ensures users can adapt at their own pace. As AI becomes an integral part of the real estate landscape, Voyager 8 stands ready to empower users with intelligent automation and increased efficiency. With Voyager 8, Yardi continues demonstrating its commitment to innovation and excellence in the real estate software industry.

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November 1, 2023 9:00 AM by Lauren Wetzel

Yardi Voyager 8 Q&A

The buzz surrounding Yardi Voyager 8 has been palpable in recent months as Yardi prepares to debut the software upgrade from Voyager 7S to Voyager 8. To learn more about the enhancements of Voyager 8, we had the opportunity to have a Q&A with Brian Sutherland, Vice President of Commercial Sales and Marketing at Yardi. Welcome to the REdirect blog, Brian!

Q: Can you provide some background on yourself and your role at Yardi?

A: Absolutely. I'm Brian Sutherland, Vice President of Commercial Sales and Marketing at Yardi. I've been with the company for nine years, serving in various roles, including leading the strategic direction of our commercial solutions and launching products like Yardi Elevate and CommercialEdge. Prior to Yardi, I was self-employed for 17 years and was involved in several dot-com startups. I'm based in Santa Barbara, where Yardi's headquarters are located.

Q: Your current ERP platform is Voyager 7S. Can you give us a sense of its adoption?

A: Yardi Voyager 7S is the most widely adopted real estate ERP platform globally. Currently, it's used by approximately 6,000 real estate organizations, with around 500,000 end-users logging in daily.

Q: At your recent user conference, you announced a new platform called Voyager 8. Can you provide some background?

A: Voyager 7S is a mature and stable platform with about 10 years of development behind it. However, its user interface and user experience have become somewhat antiquated and outdated. We're excited to launch something modern and updated. We already have experience with this approach, as we've upgraded over 2,000 customers to Yardi Elevate , which is built on the same framework.

Q: What can Yardi customers expect to see in the new platform?

A: From an end-user perspective, the new platform offers a refreshed experience with fewer clicks, improved screen design, and numerous new capabilities. On the commercial side, we've introduced many new dashboards, enhanced reporting, tenant COI management, activity feeds, improved communication tools, bad debt management, enhanced sub-lease functionality, and many other features. From an accounting perspective, there are reporting enhancements, an AR calendar, a receivable dashboard, a month-end dashboard, usability improvements, and enhanced communication tools.

Q: Can you talk to us about the upgrade process from Voyager 7S to Voyager 8?

A: It's important to note that it's an upgrade, not a conversion, from Voyager 7S to Voyager 8, and it's designed to be an easy upgrade. The unique aspect of our approach is that users can work in either Voyager 7S or Voyager 8, making the transition smoother. We've been rolling out upgrades in phases, starting with property management and then finance.  However, we will work with each client to determine the proper approach for their needs. 

Q: What's the timing of the release?

A: From a commercial perspective, early adopter implementations will start at the end of November 2023. In Q1 of 2024, we'll move into general release in the US, followed by beta testing in Canada and the Netherlands in Q1. We'll also have a beta test in the UK in Q2 and, finally, a beta test for multi-currency in Q3.

Q: Your announcement mentioned that Voyager 8 enables AI. Can you elaborate on this?

A: Certainly. In the spring of 2024, we're set to launch Yardi Voyager 8 Virtuoso, a groundbreaking addition that seamlessly integrates AI and machine learning into our platform. Virtuoso leverages the wealth of data stored in your Voyager accounting environment and harnesses platform-agnostic large language models (LLMs), such as ChatGPT. This empowers us to work with vast datasets and maximize the capabilities of AI.

We're extending our machine learning capabilities to our clients, delivering significant time savings estimated at an impressive 97%, particularly in areas like invoice processing. Moreover, Voyager 8 Virtuoso will introduce lease abstraction capabilities, further enhancing our offering.

Additionally, we've recently upgraded our chatbot technology with natural language generation powered by ChatGPT. The most remarkable feature is the Voyager 8 Virtuoso assistant, which allows end-users to prompt the platform for tasks like generating reports, creating work orders, and seeking specific information, such as, "Show me my exposure in this market, including the largest tenants expiring in the next 12 months."

To say we're enthusiastic about AI is an understatement—it's a central focus for our leadership team. Personally, I recently completed an MIT AI certificate program titled "Implications for Business Strategy," which equipped me with both a foundational AI knowledge base and insights on applying AI within the Yardi organization.

Q: Can you talk about security as it pertains to Yardi Virtuoso?

A: Data governance, security, and integrity are top priorities for us. We have stringent protocols in place to ensure the security of our AI framework through Yardi's cloud. Our goal is to augment our clients' efficiency and enhance their customers' journey and experience.

Q: Is there anything in closing that you would like to mention?

A: We're extremely excited about the next version of our core platform and are confident in our approach to bringing it to market. The enhancements will be noticeable, and our clients will certainly benefit from the upgrade. In addition to new features and improvements, Voyager 8 will offer a streamlined experience for user provisioning and enhanced security administration. We appreciate the partnership with REdirect and thank you for giving us the opportunity to discuss our new platform.

Learn More About Yardi Voyager 8

REdirect is proud to be a partner with Yardi and is here to help support your business with Voyager 8 every step of the way. Contact us with any assistance needed with Voyager 8 or further optimizing your Yardi software.

About the Author

Lauren Wetzel

Lauren comes to us with a great combination of marketing and real estate experience.  She began her marketing career in the property management industry where she focused on email marketing, SEO strategy, and graphic design.  Lauren’s most recent role was with a large Denver based …

YARDI ® Consulting / Customization

Introducing Voyager 8: A Leap Forward in Property Management

You might suddenly be hearing a lot about Voyager 8.  To the customer who has been with Yardi for a long time, the prospect of another Voyager upgrade may be a scary one – you may remember having to migrate your data from 6 to 7s, perhaps the giant lift of 5 to 6.  Here’s the great news – moving from 7s to 8 is nothing like that at all.  No data has to move at all – and you won’t even lose access to 7s.

Think of this upgrade more like adding a second story to your house rather than moving to a new one.  Voyager 8 builds on what you already have.  Your database stays the same, but the user interface is improved and comes with added features to improve the quality of life of the day-to-day Voyager user. 

Let’s take a look at some of the features this upgrade will bring.

Less Clicking

Depending on the products you’ve licensed, you might be logging into Voyager 7S to run your financials, opening up VoyagerPlus to access CRM Flex to review leads, then pulling up Elevate to access your Revenue IQ platform to set pricing.  As the Yardi ecosystem has grown to include so many great products, so has the amount of different programs you need to click into.  The future of Yardi exists in the “Elevate” platform and Voyager 8 is no exception.  You’ll be able to access your daily Voyager Tasks, CRM IQ, Maintenance IQ etc all from one program. 

Reporting Enhancements

Voyager 8 brings a host of reporting enhancements aimed at providing users with deeper insights and enhanced control over their financial data. These upgrades include transaction filter improvements, enabling refined searches based on criteria like payer type, amount, and customer hierarchy. With the added convenience of emailing generated reports with just one click, efficiency takes center stage. The new Tenant/Customer ledger enables filtering and sorting, while the capability to save multiple financial analytic filters ensures consistency when running reports.

Moreover, Voyager 8 offers advanced collections analysis capabilities with age collections categorized by months versus days and showing tenants with zero balances, offering a nuanced perspective on receivables. Additionally, reports now have the capability to run in the background, freeing users to focus on other tasks without interruption. These enhancements collectively elevate the user experience, making financial management smoother and more efficient than ever before.

New Features

Among the standout features debuting in Voyager 8 are the A/R calendar and receivable dashboard, as well as a month-end dashboard. Thanks to configurable write-off reasons and receipt application templates, users can expect significant time savings compared to Voyager 7. Moreover, the integration of Aspire training directly within the functionality being reviewed is a welcome addition when dealing with new features or niche questions. Vendor spend analysis rounds off the new features, offering insights into expenditure patterns for informed decision-making. 

Voyager 8 has finally introduced subleasing, so there is now a way to track information between the tenant and the sublease. With unit/space lineage tracking, gain clear visibility into the history and lineage of each unit or space. Seamlessly integrate Tenant Portal COI tracking for comprehensive insurance management. There is now a bad debt function instead of manually adding a charge to a G/L, as well as a function to redemise units so you can add them together or split them apart. Enhancements were made to collections management for smoother financial operations. Additionally, leverage master lease templates for standardized and efficient lease agreements.

Voyager now boasts enhanced workflow capabilities, addressing previously missing functionalities such as units, and customers, as well as new items such as the redemise function. Moreover, users can now manually trigger workflows and simultaneously execute multiple workflows on the same records, thanks to the newly introduced options.

Usability Enhancements

Voyager 8 not only introduces new features but also enhances usability across the board. The enhancements to account tree modification and simplified custom financial analytic creation significantly streamline the fulfillment of specific reporting requirements. The inclusion of credits on AR cleanup functions will help get those prepays tied off, while simplified attribute management and redesigned payer screens contribute to a more user-friendly experience.

Streamlined Communications

Effective communication is vital in any property management system. Voyager 8 introduces transaction activities, offering valuable insights into user actions and considerations during approval processes or for special cases. These activities can be designated as either public or private, enhancing transparency and collaboration within the system.

In essence, Voyager 8 represents a significant step forward in property management software, offering enhanced reporting capabilities, new features catering to diverse needs, improved usability, and streamlined communications. With these advancements, users can expect increased efficiency, greater control, and ultimately, better decision-making capabilities. Welcome to the future of property management with Voyager 8.

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