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Home > Finance > Leasing > Workflow automation in the leasing industry creates efficiencies
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Workflow automation in the leasing industry creates efficiencies
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Lease management software provider Odessa Technologies contends that
automated workflow processing accelerates lease processing times,
effectively manages related processes, and optimizes workforce
efficiencies in any decision making environment. Any workflow process,
whether it be for the decision on lease applications or vendor payments
(check requests), can be accommodated by an automated workflow system
that is built with adequate versatility. In fact, the automation of
decision making can fundamentally change the way an organization works,
forcing it to confront its bottlenecks and find new ways to create
efficiencies.
Workflow model applied traditionally
A standard workflow that can be managed through an automated workflow
system is the lease application process. Typically, a lease application
traverses through various departments or stages before an approval or
rejection decision is made. An application may, for instance, first go
to the credit department, then funding, and finally to the legal
department before getting approval. Moreover, certain applications
(i.e. those which exceed a certain pre-defined dollar limit) may have
to make two (or more) stops in the credit department before moving
forward. Workflows such as these can be easily modeled in an automated
system; further, based on certain user-defined conditional logic (such
as a credit limit), the application can even move through different
paths within the same workflow.
Extending the workflow concept beyond the traditional
With the advent of sophisticated leasing software applications, it is
now possible to automate entire workflow processes within an
organization. Workflow automation in the leasing environment lends
itself to a high degree of control over the typical processes followed
by companies with tight security controls and access rights of users
and roles. It also lends itself to planning, based on the data that is
maintained by the system. At any given point, managers can, for
instance, accurately assess where applications stand, which payments
need approval, their stage in the approval process, and any related
impact on cash-flow planning, etc. Performance can be appraised based
on approval rates, the quality of applications, the number and type of
credit checks made, the length of time a particular role/user took to
make certain types of decisions, etc. Therefore, an automated workflow
system not only allows for greater efficiency, but given its
data-richness, also serves as a natural control and planning tool for
the entire organization.
Workflow software functionality
Automated workflow software provides businesses with unparalleled
flexibility and functionality. Users can easily perform a range of
functions such as:
-Replicate real-world workflows for efficient management of front and back office processes
-Receive applications online or through any source desired
-Set up vendor programs, unique to each vendor
-Automate credit decisioning
-Apply pre-determined price matrices
-Automate decisions based on one or many variables
-Set up unlimited workflows to process decisions
-Define unique conditions and tasks for each stage in any workflow
-Comprehensively generate and manage all related documentation
-Process complex decisions that exactly represent the needs of each situation
-Manage and control the overall system with extensive levels of control
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