Connecting The Lease Enterprise Through Lease Management Software

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?

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