Tuesday, 19 Oct 2021

How equipment leasing software leads to profitable asset leasing?

When you’re offering lease and related products to your customers, being flexible and ready to tackle upcoming challenges are must-have qualities. Sustainable business practices, innovative methods, high-tech tools, and tech-savvy staff are the main components behind a profitable business. In this article, we’d like to focus on one particular component and it’s going to be equipment leasing software. We’ll look at how businesses that are using it, generate a profit more consistently.

First off – equipment leasing software is flexible

Whether you lease heavy equipment, automobiles, or any other goods, it’s always nice to have versatile digital tools at your disposal. Most software solutions in the category of lease management are quite versatile and ready to meet your needs. Depending on the products of the lessor and their operating environment (taxation, regulations, practices, etc.), the software can be adapted and made to suit the needs of any leasing company.

It helps your staff do more in less time

Various case studies show that asset finance software solutions can help staff save up to 30 minutes per quote sent. Just imagine how much more you could save if such software was in use at your office. However, time is being saved not only through transitioning to automated billing and quoting. It’s much more than that.

Whichever administrative task you have in mind, equipment leasing management software will likely deal with the challenge. Beginning with the lease origination where you can send out quotes quicker, all the way to contract extension signing and advanced calculations, all can be done within the app, without any 3rd party involvement.

These features are very versatile, too. For example, you can originate leases with vetting checks, special conditions.

Combined, the wide range of tools available in the equipment leasing software are capable of saving your staff hours of time each day.

Much better risk management

Since a lot of tasks are automated, they’re free of human error. This can be taken a step further with the introduction of AI tools like the Decision Tree logic. Certain algorithms can be ran with new data for auto-approval or auto-declining. In cases where further clarification is required, the system will indicate a necessity for further reference. Once again, it saves time and prevents companies from taking unnecessary risks. That, in turn, decreases the risk of losses or, in other words, increases profits long-term.

CRM-like benefits to customer satisfaction

Modern equipment leasing software, especially ones based on Microsoft Dynamics NAV (Microsoft Dynamics Business Central) is comprised of many different modules. These modules work individually and communicate together. For the user, the main benefit of these compatible and interlinked modules is the vast amount of data and interactivity that comes with them. Equipped with abundances of new information, marketing people or leasing staff themselves can adjust product characteristics, change pricing and begin optimizing business processes to increase customer satisfaction. So, in a way, leasing software can work as a part of your CRM system, showing how well your business is doing to satisfy its clients in the leasing market.