In recent years, several forces have put enormous pressure on the asset finance and equipment leasing industry, leaving many institutions with unsustainable cost-income ratios. In addition to new regulatory mandates and augmented capital requirements, fintech competitors are becoming increasingly aggressive.
A growing number of businesses are recognizing that conventional cost-reduction tools are nearly exhausted. And that further cutbacks are likely to negatively impact profitability and sustainability in the long run. Regardless of whether an institution is performing well now or not. It is likely to continue to face competitive threats and cost pressures.
Thankfully, leasing companies have a savior that can save them costs. While ensuring that companies are running as efficiently as possible to maximize revenues. That savior is technology. By investing in the right technology, companies can not only improve the current productivity of their workforce. But also streamline and make day-to-day operations more efficient. As a result, the business can optimize existing resources and extract more from each business day.
Moving forward with a focus on productivity
The post-covid world is playing by different rules- from your customers to your employees. As business demands become dynamic and demanding, you must find ways to keep your workforce productive and motivated.
The right combination of asset finance software along with other modern-day technologies like automation, cloud, artificial intelligence, analytics. And machine learning can ensure that you can free your workforce from routine mundane jobs. This ensures that your teams are working on innovation and ideas that add more value to your business. With processes more streamlined and information handy. Your teams can serve your customers better, collaborate more, and get more done without necessarily investing in more resources to manage your growing business.
Technology, in short, choosing the right leasing technology enables you to boost productivity within your organization in the following ways:
Improves efficiency of existing resources :
By standardizing processes and procedures across the business, asset finance software delivers significant operational efficiencies and reduces reliance on specific employees or departments to move the process forward. This consistency also helps boost customer confidence and loyalty.
The right leasing technology platform allows departments to collaborate better, and complete daily routine tasks faster and with more efficiency. It also improves transparency among various departments and teams, keeping everyone in the organization in the loop.
Easy access to information, 24/7: In today’s business world, waiting until month-end to get management information and data is no longer an option. With the right lease management platform companies can centralize data and make it available to everyone within the organization, 24/7, with the right data insight tools. Employees can see real-time data from sales, production, inventory, and finance departments across the business.
A business can respond quickly to operational issues to minimize their impact. If management and employees are using live data and evidence to make critical operational decisions. In addition, asset finance software like Odessa comes with advanced data visualization capabilities via dashboards. That provide a real-time picture of business performance.
Better data security and governance: An integrated asset finance software often streamlines, collates, and validates data from multiple sources and departments within the organization. Preserving customer and supplier information in a secure and usable format protects data security and customer privacy. Having a single point of truth means that decision-making is more accurate.
It can also show management how departments are working so that they can make improvements. For example, the system can keep track of how long it takes sales to secure an order. Finance to collect payments, and warehouse to fulfil and ship. A central repository can also make data more secure and more protected from external threats.
Fill process gaps: A small business without proper asset finance software will likely have multiple systems that perform similarly or the same functions. Inaccuracies and information silos result from entering the same data multiple times across departments. The right technology creates a single, centralized location for all business activities and information.
Improve each stage of the customer journey : In addition to streamlining the customer journey from origination to servicing and closing the lease/loan, choosing the right asset finance technology has other benefits as well.
In addition to automating the most critical functions of every customer journey, asset finance companies can provide regular communication. And updates to their customers throughout the entire leasing process with integrated, end-to-end leasing technology. In addition to improving post-sale service, the software can be used. To build customer loyalty by providing an efficient customer service function that records every interaction.
Better business insights drive better decisioning : The right leasing technology, when coupled with advanced tech like analytics and reporting, delivers forecasting capabilities. That help to improve productivity by filling in gaps and raising red flags early on. For example, the right analytics tools can analyze your historical data to predict in advance the times of the month or the year. When your business witnesses increased activity that results in a skill-set staff crunch. Insights like these can help you plan, reduce last-minute panic, and help you plan to ensure smooth operations.
With it, you can estimate likely demand by customer, product, and season based on order history and trends. With real-time data on income and expenditure, financial controllers can monitor the profitability of jobs and customers, improving financial forecasting. By monitoring stock levels and considering supplier lead times, also aids in supply forecasting.
- Business process optimization : An integrated, end-to-end asset finance software automates repetitive and time-consuming procedures across all business departments. From generating quotes to customer onboarding, origination, and credit decisioning, invoicing and accounting, to document and contract management, the right technology can automate and streamline most of your day-to-day tasks to ensure that your operations are frictionless and optimized.
- Connect the dots: In addition to bringing your disparate teams together, the right software ensures that no one department becomes a bottleneck for information, as the entire business can access the data at any time. By reducing delays, the business can increase productivity as orders move through the system.
Additionally, it facilitates better collaboration and cooperation between various business departments, such as sales, production, and customer service.
- Keeping upbeat with regulatory compliance: Compliance and regulations are a constant part of doing business. One of the key benefits of choosing the right asset finance software is that some of the data required by these regulations can be collected automatically.
Automation of reporting and compliance allows businesses to meet stringent regulatory requirements without taking away personnel from their core operations.
Choosing the right asset finance software for your business has multiple benefits. It helps you become flexible and agile to adapt quickly, move fast, learn rapidly, embrace dynamic career demands. From the workforce of the future and continuously reinvent yourself. Now you can reduce your costs without having to lay off employees. And in fact can utilize your resources better to do more for your business, every day.