Implementing a technology platform is one way to optimize your equipment financing business, provide an improved customer experience and prepare you for the future. As you plan your strategy, here are few things to take into consideration:
(1) Understand data migration – One of the most important aspects of implementing a technology platform is the migration of your historical portfolio data. You need to make sure that your customer, contract and asset data is accurately moved to the new system as your new system of record. It is important to understand if the technology provider has experience with migrating data similar to yours. In many cases, the vendor will ask you to migrate your own data or will only do balance forward from the time the platform is live. If you are looking for full migration, including historical data, ask if your vendor has experience doing similar projects for other equipment financing firms. At IDS, we have a dedicated and professional services practice and have built proprietary tools to migrate from any technology or system to our IDScloud platform. With hundreds of migrations under our belt, we can help provide our expertise to simplify the planning process and make the migration as smooth as possible.
(2) Get the right stakeholders involved – Technology decisions need to involve more than the IT team. This is a strategic business decision and the technology platform needs to align with each aspect of your process which will help improve overall efficiency in your operation. Take a moment to understand which functions within your organization will be impacted. Gather requirements on how the technology platform should help their business and work through these with your technology vendor. Your technology vendor should help you educate key stakeholders and provide best practice guidance ensuring the needs of the business are optimally met.
(3) Decide how you want to consume the solution – The majority of our technical interactions are now cloud-based. The need to purchase and maintain IT infrastructure to support a technology platform is no longer a requirement. This means the computing resources required to power your operation are now in the cloud. There are several varieties of cloud computing. If you are looking to have the IT and application management taken care of by the technology provider, look for a full software as a service (SaaS) solution.
(4) Have a clear timeline for deployment –The perception in our industry is that implementing a technology platform takes a long time and is very expensive. This is not always the case. With the introduction of cloud-based technologies, we have delivered implementations in as little as 8 weeks, including data migration. Key to a quick deployment is choosing a core product developed for the market, requiring minimal configuration/customization, which speeds time to value on your technology investment.
Technology platforms specifically designed to support the needs of the equipment financing market have created a lot of value for those who have implemented them. As you look to finalize your strategy to accelerate growth, is it time to explore if a product SaaS solution is right for you?
Want to learn more? Check out the IDS Case Study & Overview video. If you are considering a move, we would love to talk.
Katie Emmel, Chief Operating Officer
Where to Start? Check out our Quick Start Guide eBook to give you a little more detail on what it means to transition your operation to the cloud.