The Right Asset Leasing Software Can Transform Your Business: Here are 5 Ways 

The times, they are a-changing’. With the rise of disruptive technologies like cloud, mobility, the internet of things, advanced analytics, and automation among others, the last decade has touched and transformed every aspect of the leasing industry.  

The post-COVIDworld is more digital than ever. And for asset finance organizations, this is the perfect time to build momentum.  

The good news- companies that get it right will successfully pave the way to future-proof their business and build a solid foundation that can sustain long-term growth. The bad news- becoming truly ‘digital’ is not easy. Companies must go beyond just technology and re-evaluate customer demands, market dynamics, employees, operations and organizational culture.  

Industry experts advise companies to begin with baby steps on this transformational journey. And deploying the right asset leasing software is a great place to begin with.  

A good asset management system can integrate various departments and functions into a single comprehensive system that can minimize friction between workflows, build operational efficiency, and increase collaboration. Thanks to increased digitization, today it is possible to create a cohesive, consistent, and comprehensive system that is scalable alongside the business and tailored to its individual needs.  

Here are five ways in which asset management software brings ease and efficiency to help you build a friction-less organization that is both agile and customer-centric.   

1.Building operational efficiency and streamlining processes:If you are still dependent on paper-based, manual processes and legacy IT systems, you already know how time-consuming, error-prone and expensive it can be. These technologies were not built to cater to the dynamic customer and market demands of today and can hamper your ability to respond to market changes with the speed and accuracy that is expected of you.  

A comprehensive asset leasing software will help you build the basic blocks of a truly digital enterprise. Increased automation creates frictionless processes that are free from human intervention and errors and ensure optimal utilization of resources. From document management, automated accounting and taxation, invoicing, electronic signatures, integration with third-party applications, compliance and regulations- integrated management modules can help you gain better control and visibility for end-to-end business operations.   

A cloud-based asset management suite enables you to build a scalable, agile business model that can also bring in cost savings and free your internal teams from mundane, routine work. For global businesses, a great asset leasing software can provide a single framework to handle multiple languages, currencies, and regulatory requirements.   

2. Delivering a customized, omnichannel customer experience:Customers today are more informed, empowered, and demanding than ever. They need customized experiences delivered to them, 24/7, on omnichannel platforms and formats.  

Great customer experience model rests on two key requirements- speed and agility, something that manual processes and legacy systems inherently lack. To deliver a superlative experience, there must be a seamless transition between your backend systems that support the customer-facing processes.    

From easy-to-use, self-service customer portals, to chatbots that provide timely and relevant information, and freeing up your internal teams so that they can focus on delivering best-in-class customer services, the right asset leasing platform is a game-changer. It can help you reach out to a broader range of consumers and build long-term relationships with higher business value. 

3. Promoting a culture of data-driven decision making:If you have dealt with the pain of sifting through stacks of files and paperwork, trying to find the relevant information in the time of a business crisis, you know what we are talking about.   

An asset leasing software creates a centralized system for gathering the relevant data across different functional units within an organization, translates raw data into valuable business insights across multiple touchpoints, and integrating it for advanced business intelligence. Ultimately, it produces a single, comprehensive view of the customer journey, internal operations, productivity, and newer business opportunities. 

A great asset management platform not only helps with data consolidation and integration but also leverages advanced reporting tools to help your employees generate visually compelling business reports in an intuitive, easy-to-use format.   

 A centralized data repository not only creates a single version of the truth, but also helps in adhering to regulatory and compliance requirements and facilitates data recovery in case of a disaster.  

4. Improve employee productivity: According to Gartner, employees waste 20 to 30 per cent of their workweeks managing physical documents, including searching for information lost in stacks of paperwork. That is almost 12 hours of every workweek. 12 precious hours that employees could have spent on innovation or paying more attention to your customers.  

Manual processes, paper-based documentation, and legacy tech are time and effort-intensive, and one of the leading causes why employees feel like they are stuck with routine jobs that don’t add much value to the business. Eventually, it just leads to a lot of delays, frustration, and wasted time and effort- both for your customers and employees.  

A good asset leasing software can help increase employee productivity and eliminate human error by automating and streamlining processes. You need fewer employees to manage the processes more efficiently and achieve more in a typical workday, directly boosting your bottom-line savings.  

By choosing a cloud-native asset management solution, you can provide your employees 24/7 access to systems and information, enabling them to work from anytime, anywhere, and create a better platform for collaboration between teams.   

5. Go beyond costs savings to revenue generation:  

While bottom-line cost savings have been a highly promoted benefit for any asset leasing software, it is just the tip of the iceberg. Good asset management software builds capabilities that can support newer lines of business and revenue generation.   

For example, ‘digital’ asset finance organizations can explore consumer-friendly consumption models like pay-per-use models, auto leasing services offered on a pay-per-mile basis, medical equipment such as scanning machines leased on a pay-per-scan basis, and robots on production lines offered as pay-per-pick.   

While choosing an asset leasing software, organizations must look for a solution that is built on global standards, yet is flexible enough for business-specific customization, and has a proper roadmap for increments and augmentation (DevOps, app development, mobility solutions) in the future. This will ensure that as market dynamics compel you to evolve your core business offerings, your backend tech stack can be modified to support the same without the need to overhaul everything.   

The right asset leasing software can help your business gain a competitive edge and achieve higher revenues at a lower cost. It can help build customer loyalty and free up your employees for more valuable work. For asset finance and leasing companies, adapting to this new reality isn’t an option anymore. It’s a compulsory path one must take to survive. And it’s a journey that begins today.  

Why Odessa is the right leasing software solution for you 

The Odessa Core is an asset-based, cloud-native, end to end management platform that can streamline your business operations, build a centralized database, and provide the right platform for your teams to collaborate- saving cost, time and resources and making your business more efficient. By choosing to host your infra on the cloud you can leverage the scalability, agility and cost-effectiveness of the cloud.   

Odessa tightly integrates with a host of complementary surround capabilities for a comprehensive digital transformation experience. Odessa Build and DevOps enable companies to integrate their core platform with third-party applications or easily build or extend apps and customize workflows. Various enablement portals make it easy for the customers and partners communities to do business with your organization.  

A low-code development platform for applications, mobility, data intelligence and analytics services are some features that cater to all dimensions of a leasing enterprise across captives, large customers, mid-size enterprises. Odessa is working with some of the leading equipment and auto finance businesses in the world to build the next-gen digital companies of tomorrow. 

 

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