Article

LeaseWave WorkFlow offers Innovative Web-based Processing Solutions

  • Jay Mehra, COO

    Author:

    Jay Mehra, COOOdessa Technologies, Inc
  • Jim Humphrey, SVP

    Author:

    Jim Humphrey, SVPOdessa Technologies, Inc
  • Jeff Lezinski, SVP

    Author:

    Jeff Lezinski, SVPOdessa Technologies, Inc
  • Keelie Fitzgerald

    Author:

    Keelie Fitzgerald, VPOdessa Technologies, Inc
  • Madhu Natarajan

    Author:

    Madhu Natarajan, CEOOdessa Technologies, Inc
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LeaseWave WorkFlow is a Web-Based workflow processing system that accelerates lease processing time, effectively manages other related processes, and optimizes workforce efficiencies in any decision making environment. Any workflow process, whether it be for the decision on lease applications or vendor payments (check requests), can be accommodated.

Lease Application Processing

Specifically, workflow allows for lease applications to go through an approval process prior to getting approved or declined. Any number of approval processes is flexibly set up to accurately adhere to the requirements of each organization. Rules, conditions and tasks can be defined very specifically to automatically determine the movement of an application. Workflow also comes with full document management capabilities and also allows document management to intelligently impact workflows. Pricing formulas can be defined and automated in the system.

Credit decisioning can also be set up to be an automated function, while at the same time, allowing the user to exercise full manual control over it. Workflow allows for highly controlled security and role/user-access methodologies. Access rights are not only specific to a given workflow and certain information within a lease application, but can also be made specific to where in the workflow the given application might be. This multi-dimensional approach to defining security access allows companies, irrespective of the number of users involved, a powerful mechanism to control not only what information but, as importantly, when the user may access specified information. Approved applications can be automatically booked into the lease management software, with all the requisite accounting implications taken care of by the system.

Processes

  • Manage the workflow of lease applications, terminations, transfers, buyouts
  • Process complex check requests decisioning through to the A/P module
  • Easily customized to handle any type of transaction that may be part of a workflow
  • Allow for direct input by external sources such as vendors
  • Set up rules and security access constraints for all users in a role based setting
  • Automatically book leases from the front end system into the accounting system

Workflow Management / Leasing Process

The following graphic illustrates the components involved in the overall leasing process. As shown, Workflow Management affects both Lease Application Processing as well as Accounts Payable.

Automated procedures

Any given task that needs to be automated, whether it be getting information from external third party systems, or gathering credit-scoring information, can be bundled into automated procedures. Workflow comes with standard auto-procedures that can be set up and used as needed. For example, tapping into credit bureaus in order to obtain credit information is an automated procedure. By bundling it into a procedure, workflow allows users to determine exactly when and under what circumstances in a given workflow that procedure needs to be used. As opposed to hard coding this functionality, workflow allows for the flexibility to use it as and when it may be appropriate for each company. Like this, there are numerous other auto-procedures that come with the system. Others that may be unique to a given customer can be customized individually, or even incorporated with existing systems already in place. This feature in workflow allows for an unprecedented approach to accommodating for any type of integration or interface with other third party systems, including functioning as a trigger for events and procedures in other systems.