Sponsored by LTi Technology Solutions
3 Steps to Evaluating Your Servicing Portfolio Management System
Fuel and mileage overheads are part and parcel of every automotive operation. So much so that many dealers, OEMs and leasing companies rarely give them much thought.
Today, more than ever, organisations require a powerful platform that can deliver a seamlessly integrated experience allowing businesses to focus on their work instead of figuring out how to do their work. Asset-based finance companies need a solid servicing portfolio management architecture that can facilitate a fluid originations system.
Here are three questions your company should ask before investing in a new servicing portfolio management system.
1. Is this solution configurable or customisable?
It’s easy to understand why some organisations can be reluctant to take the step forward to committing to a new servicing portfolio management system when they hear that it is “customised.” Customised or customisations often means that the solution is specialised and tailor-made for your business. Typically, custom solutions are very pricey and involve starting from ground zero and building up to what your business needs.
An off-the-shelf, configurable solution offers several advantages over implementing a custom solution. It’s less expensive to implement, easier to integrate, and comes with a wide variety of functionality that can support multiple different workflows and business channels. A configurable solution essentially offers the best of both worlds. The system can be modified to fit the unique needs of your business but still take advantage of automated and streamlined processes that fit a more standardised model.
2. Will it integrate with our current systems?
Before investing in a new servicing portfolio management system, you need to ensure it can integrate with your existing technology. Some technology vendors will promise you the world, but their solutions won’t actually integrate with your current systems. This will end up just wasting more of your time than it was meant to save. Asking the right questions before implementing a new technology solution is critical in having a well-coordinated, cohesive infrastructure.
A trusted vendor will let you “try before you buy.” Ask the vendor to show you how their solution can integrate with your current system. You should be able to see how your originations system can seamlessly integrate to an aggregation of multiple third-party providers including biometric document verification, open banking, open general ledger, and much more. Finding a fully functional integrated platform provides you the ability to connect and centralise the best-of-breed applications to help you tackle your organisation’s biggest business challenges.
3. What real change will it bring to my business?
You need to make sure that the infrastructure of your servicing portfolio management system is really going to change what you can do before investing. That means seeing the difference it makes in the time you spend managing different workflows and the number of closed deals you get from that technology. Weigh the costs and see if it’s worth it in the savings it promises to deliver. A good servicing portfolio management system will allow you to keep your eyes on the big picture, while efficiently being able to execute the day-to-day tasks.
With an effective servicing portfolio management system, your business should:
- Have project alignment with the business strategy to drive business goals
- Have more efficient resource allocation to help the organisation allocate resources (time, money, and personnel)
- Improve greater balance between expected risk vs. return, short-term vs. long-term projects, and resource capacity
The future of aviation is strictly tied to several factors
Trust is earned, not bought
You don’t have to feel like you’re in a maze when searching for a new servicing portfolio management system. Strong technology vendors should score extremely high in these areas and provide you with the peace of mind you deserve. Just remember to look beyond the technology solution to the provider and its reputation in the industry as well.