In part one for this blog series, we discussed how software is changing the game and firms that are able to harness its benefits would be the ones to succeed as markets continue to evolve. But the software is only a tool…a platform for you to leverage and reinforce with good business process and to partner with a technology provider with a strong understanding of the challenges you face as a leasing professional. Part of this begins with being able to be a resource for how the technology can drive increased efficiency and drive down process and operational costs associated with your contract life cycle. One critical aspect of being able to optimize your process is the level of integration the platform has with the other 3rd party systems and the ability to automate manual steps or steps that require working in two different systems.
The Platform Lives in an Ecosystem
No two business operations are the same. While there are many similarities within equipment finance firms, each business will approach the market with a different focus and process by which it addresses the needs of its customers. It is the unique aspect of each business that requires a technology solution to be flexible enough to embrace these differences. This flexibility starts with the realization that no technology lives on its own. There are data inputs coming from a variety of sources both during the origination process and throughout the life of the contract. These include simple items such as credit score to more complex inputs such as asset usage for metered billing. Bringing all of these data inputs into a technology platform is part of the unique nature of each business and requires a technology platform to provide connectivity into the ecosystem of technologies that make up your business operation.
Integration can be an overused term and has a broad spectrum of definitions. For the purpose of this blog, I would like to focus on web-based integrations. To get the best benefit from an integration, it is important to make sure the connection between the technology solutions is one that leverages modern software design principles. Technology platform providers should be leveraging web services to connect solutions together. This means that the two technologies have provided connection hooks that allows them to exchange appropriate data needed to support your overall business process.
It is also important that your technology solution anticipates the future needs of your business. While none of us can see into the future, there are some constants that we can expect. It is a given that accounting laws will change, regulations will be imposed, and technology will advance. Change will happen, but will your technology platform be able to adapt to the changes? If a technology solution is built to live in an ecosystem, then the flexibility required to provide an integrated solution will be the ability to effectively handle the speed and complexity of market and regulatory changes. If you are looking to implement a system, our team of IDScloud consultants would be happy to connect with you and discuss your firms needs and seen how we can help build your business.
As you look to finalize your strategy to accelerate growth, is it time to explore if this technology solution is right for you?
Eldon Richards, Chief Technology Officer