A great lease management software delivers functional improvements across the entire spectrum of your enterprise- from automation, data modernization, integration, improved analytics, and much more. It can help your employees work smarter, improve efficiency, and enable better visibility across all business units.
But with so many solutions in the marketplace today, how does one find the right fit for their business?
While each business has its nuances and needs solutions specific to those challenges or pain points, there are some common goals that every business is trying to achieve today. Here are some key points to consider when choosing a lease management software for your business:
Comprehensive, End-To-End Solution: When implementing an organization-wide lease management system, you must choose a comprehensive platform that takes care of all your organizational needs. From origination through servicing and remarketing- the ideal lease management software ties all your business-critical processes together. It enables cross-functional workflow across key processes like applications, verifications, document management, contract management, accounting, and collections and creates a single collaborative space for all your teams to work together.
Scalability And Flexibility: The best lease management software solutions today are built on the fundamental concepts of scalability and agility. Your business needs to pivot and reinvent every time there is a change in the market dynamics or customer demands. A cloud-native solution like the Odessa Platform assists your organizational goals and business growth by enabling agility in your processes and the systems that support them. It allows you to scale up or down your operations on-demand without having to worry about time and resources. It improves the overall productivity and efficiency of your company while incurring massive cost savings among other things. A win-win situation for all!
Mobile-Enabled: Imagine if your executives could approve a loan/lease application while waiting for a flight on their vacation. Or you could acquire a customer in some remote location where you don’t even have a physical office- all because your field agents could initiate or process loans through an application on their mobile device.
The way to a customer’s heart today is to meet them where they prefer to work, at times and on devices of their choice. The way people work has changed- today your customers, employees, and your partner community want to access information and workflows wherever and whenever they need it. Mobile-enabled is no longer a good feature for the business, it's key to overall productivity, a massive competitive advantage, and profitability.
Regular Upgrade Cadence: Your organization, business environment, and customers are evolving every day and the systems that support them must change accordingly. If your organisation is relying on outdated and ineffective legacy technology, it will never be able to keep up and survive in these highly competitive markets. Also, one-time software updates can be cost, resource, and effort intensive.
Technology partners like Odessa focus on continuous product improvement and regular updates to deliver new and improved features and speed enhancements for a better end-user experience. Odessa does not one or two but four quarterly updates each year to ensure that your lease management software has all the new features that you need to run your business smoothly, is secure from emerging threat vectors, and you are always at the cutting-edge of technology.
Industry And Domain Expertise: Asset and lease management is a niche industry, and your business is unique to you- as are your processes and challenges.
You need an end-to-end lease management solution that is designed specifically for your business. Though the core solutions offered by most asset/lease management software are the same, there are significant customization and add-ons that require an in-depth understanding of the leasing industry.
Odessa has been working with some of the largest global lease management companies for the last 24 years. As a result, the teams at Odessa understand the requirements of the leasing industry and bring in solutions and services that follow the industry standards and best practices. This gives the teams at Odessa a head start in delivering quick and effective solutions.
Reporting And Analytics: With Odessa, all the business units' information is consolidated into one database, which allows employees to pull a wide variety of reports utilizing templates and advanced report generation tools. There are multiple reporting options and modules that automate the creation, scheduling, and sharing of reports, in near real-time, and with complete accuracy. This simplifies the process of accessing critical business information while eliminating the need to maintain spreadsheets and paper files.
Integration: Your business doesn't operate in a vacuum. You need to collaborate and share information across various stakeholders and third-party applications like customer or partner portals, vendors, industry-specific tools or apps etc. The smooth functioning of this complete business ecosystem depends on how well your internal tech stack can integrate with these third-party systems. A lease management software needs to interact with databases, legacy apps, other SaaS (Software as a Service) applications such as CRM (Customer Relationship Management), and industry-specific external applications such as credit bureaus.
Odessa platform enables seamless integration within and across the platform to ensure a frictionless exchange of information and workflows across all your systems.
Speed Of Implementation: One of the biggest competitive advantages today is how soon you can take an idea to the market. Gone are the days when a standard company-wide rollout of new software would take months or years and multiple phases. Today both customers and employees prefer easy and faster-to-deploy systems that can enable them to transition quickly and efficiently.
The right lease management solution will enhance your adaptability to changing business needs and reduce the time it takes to launch new features, products, and services by implementing an asset management framework. The Odessa team uses an agile MVP-led development methodology and an open-design framework to make it easier to design, build, and ship new features/products.
Partner For The Long Haul: Most asset finance organizations transitioning to a new lease management system inevitably require support, ongoing assistance, and training, either due to limited IT (Information Technology) skill sets, time constraints, or change management concerns. In addition to having the best lease management software with features that add value to your business, you will also need a partner with comprehensive industry expertise, teams that have a deep understanding of your business processes, and a proven track record of process expertise. It is also important to ensure that the technology partner has a well-defined product roadmap that compliments your growth plans, has the global reach to meet your requirements, and has a proven record of committing for the long haul with other customers.
About Odessa
Headquartered in Philadelphia, USA, Odessa is a software company exclusively focused in the leasing industry. The Odessa Platform powers a diverse customer base globally, providing end-to-end, extensible solutions for lease and loan origination and portfolio management. Odessa facilitates business agility through rich feature sets including low-code development, test automation, reporting and business intelligence to ensure organizations can more effectively align business and IT objectives. Learn more at www.odessainc.com
The Lease management market size is expected to grow from USD 4.4 billion in 2020 to USD 5.9 billion by 2025, at a CAGR of 5.9% during the forecast period.
The demand for lease management is driven by the Increasing demand for SaaS model for effective management of lease, Increasing demand for smart building projects to efficiently manage lease, and Emerging technologies, such as IoT, AI, and mobility, for real-time data analysis.Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=210283139The solution segment to hold a larger market size during the forecast periodThe solution segment is projected to contribute majorly to the lease management market among the types, while the services segment is projected to witness a higher growth rate during the forecast period.
This growth these segments are supported by the rising installations of new lease managements that require underlying servers for enabling proper facility functionality along with growing need for upgrades and maintenance of existing solutionsSMEs segment to grow with higher market size during forecast periodThe Small and Medium size enterprises (SMEs) segment is expected to grow with higher rate contributing to the market.
This growth of SMEs is supported by the implementation of the lease management solution, along with services, is expected to result in better risk mitigation, reduced administrative overhead, reduced cost of compliance, favorable business outcomes, and improved business efficiency for SMEs.North America to hold the largest market size during the forecast periodThe North American lease management market is already mature for lease management systems, and a significant number of new installations of lease management and upgrade of the existing lease management solutions.
Currently, the United States (US) holds the highest share in the lease management market as it is home to large telecom giants, well-established suppliers, as well as end-user industries that continuously adapt to newer technologies for improved business productivity and work efficiency.Market PlayersMarket players profiled in this report include Accruent (US), IBM (US), Oracle (US), RealPage (US), SAP (Germany), Trimble (US), AppFolio (US), Odessa (US), CoStar Group (US), Nakisa (Canada), LeaseAccelerator (US), LeaseQuery (Singapore), Spacebase (US), RAAMP (US).
These players offer various lease management solutions and services to cater to the demands and needs of the market.
