January may already be in the rear view mirror, but we’re still at the beginning of a new year! A time for resolutions. But unlike that gym membership and your newfound love of kale that might have already started to fade, business resolutions require a bit more planning and commitment.
The start of the year is ideal for evaluating the technology systems you have in place to determine if they helped your business reach its goals for the previous year. Having settled comfortably into the first quarter of 2019, you’re likely setting business goals for the next twelve months. Make a plan to evaluate your lease management system and consider making the switch to a new platform. Below, we’ve outlined several key benefits of transitioning to a new solution.
Centralize and streamline your leasing operations
Are you aware of how many total systems your business uses for leasing (and related) processes? Many businesses use different systems for sales, pricing, lease servicing, tax, and invoicing, among others. A convoluted web of tools will inevitably create gaps, often filled with manual procedures and spreadsheets, causing significant operating challenges. If this sounds familiar to how your business currently runs, the new year is a great time to get organized and cut back on the technical complexities related to originations, servicing, and remarketing.
As Marie Kondo says, “Does it spark joy?” And if the answer is no, it’s definitely time to start looking for a new solution.
You’ll want to select an integrated lease management system that enables you to manage not just your front end or back end, but all end-to-end asset management processes in one centralized platform. In the long run, this will save your business administrative time and money, and allow employees to access all necessary information in one place.
Eliminate your hidden costs
A significant cost associated with most leasing businesses is the overhead of maintaining disparate systems, and the support teams required for upkeep. Do all of your ‘mission critical’ systems operate on the same underlying technology? What about databases?
To avoid unnecessary overhead, partner with a platform provider that has a flexible technology structure and positions you for growth. This can ensure you don’t get trapped in compounded cost as your business adapts to changing priorities. The budget typically lost to unruly technology roadmaps can then be re-allocated to other areas of the business to help you continue to grow throughout 2019.
Give your customers the gift of self-service
How recently have you audited your customer touch-points? Does your leasing platform position you to provide excellence in customer service?
In the age of omnichannel, customers expect businesses to meet them where they are. If you’re interacting with customers primarily through email or phone, it can be costly and time consuming – and you may not realize how effectively you are (or aren’t) meeting customer SLA’s and delivering on your value proposition. By switching to a platform that offers integrated customer service solutions, such as portals, you can enable your customers to self-serve.
Build a more efficient business by leveraging an integrated lease management system starting in 2019. We know kicking off a system selection process can be daunting, so we’ve done the initial leg-work to help accelerate your time to RFI! Download our Quick-Start RFI Template to get started – we look forward to hearing from you soon.
By the time the ball drops to ring in 2020, make sure the one resolution you’ve kept is upgrading your lease management system.