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Connecting the lease enterprise through lease management software
Information Technology has improved the leasing process, parts
at a time. Every company has evolved some manner of maintaining
customer information. Accounting software has kept the back-end
humming. The sales force has devised methods for maintaining
customers and then bridging them with funding sources. The
vendor is contacted when an order needs filling. Further down
the chain, the collections process is managed independently.
And, the savvy leasing business has found ways of retaining
customers to keep the process alive.
Limitations of the traditional Lease Management
Software
But the permeation of technology has been sporadic, at best.
Thus far, the existent lease management software have spot
lighted sections of the leasing process, affecting each
uniquely, independently and in isolation from the whole lease
operation. This has forced companies to tie together the
disparate sections of the lease process manually, without using
any lease management software. Inevitably, intervening to help
one part of the business communicate with another without a
technical platform such as lease management software to
collaborate both parts creates inefficiencies. While financial
data would help the sales-force negotiate with repeat customers,
the sales-force may not be privy to the relevant information
easily devoid of innovative leasing software. The lessee may be
offered an online lease application, but a potential funding
source is not intimated of the new request until much later.
Unfortunately, the disjointed nature of traditional technology
necessitates physical intervention almost every time one link of
the lease chain needs to be connected with another.
Improving productivity through consolidated lease
management
Here's where concepts like Customer Relationship Management
(CRM) and Supply Chain Management, so successfully used in
manufacturing and telecommunications, become relevant to lease
management. Today, Internet-driven technology such as the lease
management software can consolidate the entire leasing process,
beyond simply improving its various sections in isolation.
Productivity-wise, this consolidation will do to the leasing
business what the assembly line did to automobile manufacturing.
And, if implemented wisely, the cost of this technology is
quickly covered many times over by the resulting synergy - and
the quantifiable savings -- that it brings to the leasing
enterprise, regardless of its size.
Managing leasing relationships through the Lease
Management software
Lessor <------> Lessee The lessee-lessor
relationship, for one, fits intuitively into the Internet model
of the lease management software, given the high level of
interaction it requires. After all, lessees have ongoing and
insatiable needs, ranging from the most basic monthly invoice to
the more complex asset-dependent property tax management
specifics. Lessees with numerous assets under each of their
leases, for instance, need a specialized flow of information to
track their assets and stay abreast of their accounts by way of
an effective lease management system. With a lease becoming a
service rather than a mere financial product, lessors have to
find ways of catering to the growing customer demand for
information. One cannot help wondering why the systems they use
for lease management, veritable storehouses of the needed
information, don't have CRM functionality. Indeed, CRM is as
relevant at point-of-sale as it is during the lease process; it
allows lessors to understand a lessee's ongoing needs and even
distinguish one customer from another. An online interface by
means of lease management software can form the perfect channel
of information exchange for the data-starved lessee.
Lessor <------> Funding Source Driven by tight
marketing conditions and innovative funding models, the unique
investor-lessor relationship can also benefit greatly from the
use of technology via lease management software. Typically,
lessors sell receivables, in whole or in part, to various
investors to fund their leases. In some cases, the residual
value is even sold separately with the investor and lessor
sharing the proceeds generated from off-lease remarketing,
contingent on various realization thresholds. But, regardless of
the level of complexity in their relationship, there is one
undeniable truth: Information that is already present with the
lessor has to somehow travel to the investor. Typically, this
entails
hours of error-prone report and document preparation,
the need for pain-staking clarification and, possibly,
re-reporting. Again, these inefficiencies beg a rather obvious
question: Why not let the investor get the information it needs,
in a controlled, secure and real-time environment, devoid of
manual intervention? Shouldn't it be possible, at least in
theory, for the investor to view information that lives with the
lessor without the latter's direct involvement? With an Internet
based lease management system, this becomes a very practical
possibility. Once the lessor determines the type and extent of
information access it wants to offer, a customizable Web
interface can provide the forum that eliminates the traditional
inefficiencies of the lessor-investor association.
The Solution - Internet based Lease Management
Software
Indeed, owing to the ease of information flow that the Net
inherently facilitates, Internet based leasing software
technology can tie in the hitherto unconnected parts of the
lease process. Through this technology, the lessor can provide
its business partners with controlled gateways to information
residing in the back-end. In light of optimizing these
relationships, the technology used to forge this data exchange
must be based on the same technology that is used to maintain
the information. If, therefore, the back-end accounting software
were Internet based, it would become a minor step to make the
relevant information available to investors or lessees online.
The technological consolidation of the leasing process by way
of a internet based lease management software begins, then, with
the back end. Lease management software is the battering ram
around which the rest of the leasing process is built. In fact,
Supply chain management and CRM, as they pertain to leasing, are
fueled primarily by the data-rich back end. After all, here's
where every detail about a lease, from inception through
maturity, is maintained. Yet, despite the obvious opportunity to
realize these efficiencies, the leasing industry has not
recognized the benefits of online lease management software.
Most software vendors still earn a living touting systems that
are entrenched in the client/server model and that are seriously
limited by their legacy origins. This scenario is changing,
however, with companies like Odessa Technologies,
Inc., based out of Philadelphia, that make Internet based
lease management systems.
Through LeaseWave(Lease accounting and management software
product), Odessa
Technologies provides a cost-effective means to benefiting
from the Internet. LeaseWave, at its nucleus, provides for
complete asset management and lease accounting functionality,
allowing the lessor to efficiently manage any number of lease
portfolios. Beyond this core, LeaseWave provides a series of
interactive web sites that connect the lessor with business
partners including lessees, funding sources and vendors. This
allows for the lessor to consolidate the leasing process, tying
together business partners online, on a real-time basis. Through
LeaseWave, the leasing supply chain meets CRM around a robust,
Internet based lease management software.
Indeed, it was through supply chain management and CRM that
Wal-Mart recently revolutionized the retail industry. IT
investment "enabled the company to squeeze out every last
inefficiency from [their] merchandising chain." By connecting
with their suppliers such as Procter & Gamble, Wal-Mart was able
to reduce inventory, lower order-processing costs and thereby
offer "low, everyday prices." One better than Wal-Mart, Cisco,
one of the largest Internet hardware suppliers now boasts a
paper free supply chain. Cisco's suppliers only begin assembling
components after a customer places an order online, giving
"just-in-time supply" a new standard. Why then can't our retail
shops (read lessors), their suppliers (read funding sources) and
their customers (read lessees) be similarly connected? Don't we
also want low, every day prices?
About the author:
Madhu Natarajan became the CEO of Odessa Technologies, Inc. He
has consulted for various companies including Caterpillar, Inc
and Crowe Chizek, LLP; Madhu brings with him an extensive
research based leasing background with 5 years of leasing
software experience. He holds a Bachelor's degree in Computer
Science and Business Administration from Monmouth College,
Monmouth, IL; Madhu graduated Magna Cum Laude. Fax copy to
610-293-9903
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