We live in a time of rapid business and technological evolution. I was reading an article in INC. magazine about business automation, and it made me think of how many in our industry are still dependent on manual processes and generic tools – like spreasheets – to run their business. Technology trends, like cloud computing are changing the way we consume technology. They have opened the door to “right-sizing” complex industry-specific solutions, allowing SMB customers to gain access to full lifecycle solutions for the management of their asset finance portfolios. So the question is… should your equipment and asset finance organization evolve beyond the use of spreadsheets to manage your business? Are there risks in making this transition? By making this transition, are there new opportunities to grow your business?
There will always be risk in business, but the risk of missing out on growth potential is greater. You can’t afford for one of your most important assets (your people) to be tied up wading through the complexities of lease accounting with a less than perfect tool. Migrating to a purpose-built structured solution helps free up time, allowing your people to focus on growing the business.
So why should you leave spreadsheets behind in managing your asset finance portfolio?
Spreadsheets Limit Growth Potential: As an SMB, it’s critical that you are positioned to win business by responding to new opportunities fast and with the best information possible. This enables you to provide customers with an exceptional experience. But this is challenging with the use of spreadsheets: they inhibit your ability to quickly assess the full picuture, from opportunity to decision (e.g. credit, documentation, digitial signature) and to efficiently manage your growing portfolio (taxation, reporting, invoicing, etc.). With implementation of a standard solution, these steps are strucutred, automated and integrated across the lifecyle. Building predictabiliy into your process is critical. This is why IDS continues to invest in a growing ecosystem of integrations, meaning you can beat your competitors to the right deals, and provide a memorable customer experience to retain customers.
Lack of scalability = Lack of accuracy: Many SMB organizations begin on day one managing their businesses with spreadsheet applications. Yet as SMB’s grow, even in the early days – in number of users, in lines of business and asset classes, in regulatory / accounting impact, in sales channels – can you count on spreadsheets to make informed business decisions? As your business expands, the quantity of spreadsheets will rapidly increase. As they are passed around, with new data input and business logic changes made, erroneous data can make its way into the decisioning process or be passed along to your customers. Do you and your staff trust this data? Structured systems provide scaleable and repeatable answers to the challenges of spreadsheets, enabling you to act confidently with results, whether in front of your customer, in a management meeting, or during an audit.
Cloud changes everything: We entrust much of our personal and business lives to cloud-driven technology – our finances, our social media interactions, our email, and even our virtual healthcare. Cloud right-sizes standard solutions for the SMB market, enabling consumption of leading software without a dependency on IT resourcing. With this cloud model firmly entrenched in our culture, IDS has taken over 40 years of finance ‘know how’ and built a 100% software as a service solution for originations through portfolio management. With an internet connection and a short implementation timeframe, our IDScloud solution was designed to take the headache out of migrating from spreadsheets, allowing you to realize the benefits of an industry-proven full lifecycle solution that drives your business growth.
At IDS, we continually deliver solutions to make business easier for our customers. Let us show you how easy it is to evolve beyond spreadsheets and begin using a system that can support you winning new business – today, and as you continue to grow well into the future!
Lisa Nowak, Senior Product Manager, IDS