Strides in Leasing Technology

Author: Jim Humphrey, VP Odessa Technologies, Inc.
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Like going to the dentist, making investment decisions on technology can be a time consuming and painful experience. If the process of building consensus on a business case and analyzing all the vendors and products available in the marketplace takes too long, the business runs the risk that by the time a decision is made and the technology is implemented, market or regulatory changes will have occurred and the solution will be inadequate.

Based on the dramatic events of the last few years (not to mention pending changes in the way that leases will be accounted for beginning in the near future) leasing companies should start by looking at the flexibility of their systems and their ability to support change. The most flexible organizations, with capabilities to foster product and process innovation are able to better ensure success in the face of dynamic market and regulatory conditions. If nothing else, having weathered the latest storm, the survivors in the leasing industry should become more adept at responding to changing realities and improving their ability to evolve with the needs of the marketplace.

Today, leasing companies can achieve flexibility and maintain alignment of business and IT by managing business processes through technology that is based on Service Oriented Architecture (‚SOA‛). Leasing companies are most likely to see the potential benefits of SOA if they have a view that the world in which we live is changing significantly and leasing companies will also have to change significantly in order to flourish (or even just to avoid a slow and painful decline). And the beauty of SOA is that it can start small as an incremental approach, implementing pieces of applications based on the greatest pain points, or it can start big, with an entire services-enabled platform creating a solid foundation for all future technology investments.