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    You are at:Home » 6 ways in which the right asset management software impacts your business
    Tech

    6 ways in which the right asset management software impacts your business

    ghiselleroussoBy ghiselleroussoOctober 10, 2022No Comments5 Mins Read
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    In the hopes of delivering productivity gains, cost savings, and improved customer experience, many asset finance companies are deploying the latest automation technologies. There has been enormous benefit from the implementation and industry experts and analysts predict. That early growing pains will eventually give way to a transformation of traditional asset management practices. Resulting in enormous gains for the institutions that master the new capabilities.

    The technology is rapidly maturing, and domain expertise is developing among both asset finance organizations and vendors. Many of which are moving away from the one-solution-fits-all “hammer and nail” approach toward more specialized solutions.

    Asset finance organizations are also learning critical lessons about workflow in this new world. For example, how to manage handoffs more effectively between man and machine. And where typical process redesign/re-engineering can be put off or even skipped in favor of automation—particularly where systems are likely to be replaced.

    A good asset management system software, along with automation can transform key business processes in your asset finance business. Here are some ways in which automation can create a positive impact on areas other than just efficiency and productivity: 

    Streamline business operations: 

    A good asset management software integrates all your disparate business functions into a single system and allows them to communicate easily. It streamlines business processes, automates manual tasks, and drives productivity. Asset management systems like Odessa incorporate all business data into one database and eliminate data silos. From origination to servicing, collections, accounting, and contract management. As well as, It automates, manages, tracks, and connects every step in a dynamic process. 

    Delight your customers:

    One of asset management system software and automation’s main objectives in asset finance services is improving the customer experience.

    The customer onboarding lifecycle has traditionally been a challenge for all financial services organizations, regardless of their size or business model. Performing a compliant and secure onboarding with due diligence demands significant time, manual effort, and resources.

    A recent study found out that new customer onboarding can take anything between 20-90 days for commercial asset finance organizations’ customers, and delays result in up to USD 25,000 in revenue loss. 89% of respondents to the same study said they had a poor onboarding experience with their financial institutions.

    By streamlining key processes during origination, business process optimization can significantly reduce the time taken for data entry, document submission. And validation, signature verifications, credit decisioning, and creation of contracts or SLAs- thus improving the overall customer onboarding time and experience. 

    Better employee satisfaction:

    The combination of asset management software with automation is transforming the way asset companies work by allowing employees to focus on more value-added activities rather than mundane or repetitive tasks. With automation, businesses can eliminate the risk of human error whilst performing. The same processes quicker and with a higher-quality output without occupying professionals with rule-based tasks.

    Having their hands free from the chains of routine, mechanical processes, employees can leverage their critical thinking skills. So, To drive key business objectives forward, fostering innovation, providing analytical insight, and providing insight.

    Improved security and better protection from threats:

    According to a recent 2021 study, 1509 security incidents were identify in financial services alone with 448 confirmed data disclosures. 63% of these attacks were motivated by external perpetrators looking for monetized data, and 9% resulted from human error.

    For any organization that handles sensitive financial information for customers. The direct threat externally and the unintentional threat internally are significant and real. Automation and well-design comprehensive asset management software solutions are being applied to mitigate this threat. Data security is strengthen, and vulnerabilities are prevent by automation, specifically by reducing the frequency of cyber-attacks and internal errors.

    Automated health checks and vulnerability testing. As well as security patch management, are some examples of how automation can be use to strengthen cyber security within asset leasing organizations.

    Improved fraud detection:

    Considering that financial services organizations actively embrace automation and are the most advanced in its application. It’s not surprising they are also pioneers in exploring and adopting intelligent automation. So, A more comprehensive approach to automation is intelligent automation.

    Which involves combining business process optimization with artificial intelligence. Such as machine learning and natural language processing, to automate a greater number of processes, instead of just parts of them. 

    Asset leasing companies can leverage modern tech like machine learning and automation to improve their capabilities for data insights, predictive analytics, and fraud detection. For example, asset finance companies can use machine learning alongside databases. That include customer historical financial and transaction data to determine or better predict when a customer is most likely to miss lease/loan payments. 

    A collaboration platform for the virtual workforce:

    Before the pandemic, organizations stress the importance of smart office equipment, collaborative approaches, and innovative office design to increase efficiency, collaboration, and innovation. So, But the new normal and remote work has create a new paradigm for the financial services workforce. 

    Many employees and customers now prefer to remain virtual. Increasing the need for businesses to adopt digital and anytime anywhere access. Today, digital transformation is seen as the vehicle for driving employee productivity and customer satisfaction. Companies that master the digital landscape, from collaboration tools to automation tools (intelligent automation, financial process automation. And asset management platforms) are thriving in this age of digital disruption. 

    About Odessa

    The Odessa Platform is an end-to-end asset management software, delivering comprehensive functionality that enables self-service, automation, and business agility. Odessa’s platform-philosophy means reduced cost and complexity associated with traditional upgrades and legacy providers. By delivering 4x annual platform releases, customers can easily adapt, go to market faster with new products, and remain nimble.

    Headquartered in Philadelphia, USA, Odessa is the largest leasing-focused technology company in the world. With a highly specialized team of professionals across North America, Europe and Asia Pacific, Odessa has a 2-decade track record of excellence in providing industry-leading Asset Management technology. Learn more at www.odessainc.com

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    ghisellerousso

    Ghiselle is a UK-based professional blogger, content writer, and content marketer who writes about travel and tourism, finance, real estate, and other topics on his blog. Passionate about writing, traveling, and getting the best deal on everything he buys, Oliver also writes for customers and helps them publicize their products and services in the US and UK markets. She is a traveler who has visited over 35 countries and loves his job because it gives him the opportunity to find stories, experiences, and places which he can share with his readers.

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