When looking at the way in which technology is transforming the world’s business landscape, we thought it appropriate to evaluate how the effect of advances and changes in software is affecting the leasing industry, particularly the way organisations are shifting towards cloud-based software.
“The so-called ‘third platform’ – made up of cloud, mobility, Big Data, and social media – embodies a fundamental shift in underlying technology and is transforming how individuals and companies communicate, collaborate, and apply technology to their daily tasks
Jyoti Lalchandani, Group vice president and regional managing director at IDC Middle East, Turkey and Africa
When it comes to effectively managing complex and extensive lease portfolios, the same principles are beginning to be applied and many large organisations are turning to software as the solution to solving their lease management problems. When considering lease optimisation software, companies have two options available; to either adopt a traditional licensed approach or to look at a Software-as-a-service (SaaS) model. Each model has its advantages and both allow organisations to centralise there leasing procedures, improve processes and better manage their portfolios. However, it is the SaaS model that has become the preferred method.
Software-as-a-service (SaaS) refers to a software model where by user’s access the platform over the internet via a web browser and the software is hosted ‘on the third platform – in the ‘cloud’. This type of software offering generally operates on a pay-per-use or subscription basis and is a great alternative to the traditional licensed model. So much so that SaaS is now becoming an increasingly popular strategy for many global organisations.
With the traditional software model, organisations purchase a software package and then have to install it onto their own internal systems and computers. The software often has a usage restriction on the number of devices it can be installed upon. Whereas, SaaS, works on a subscription basis and in many cases allows organisations to add as many users as they require. Furthermore, this model often gives organisations the freedom to limit user levels/access to reflect that of the company’s own internal structures.
SaaS models are now becoming more prevalent within the leasing industry, with more service providers adopting a SaaS approach to getting their software to market. By embracing such an approach, lease consultants are able to provide their clients with powerful software solutions that facilitate the effective management of complex lease portfolios. It also provides their clients with the freedom to access lease documentation quickly and efficiently 24/7 without the hassle of purchasing traditional licensed software themselves and places all the complex maintenance and development in the hand of the SaaS providers.
Here at Innervision we’ve adopted such an approach and we see a number of key advantages to using a SaaS model over a traditional software model:
Higher Productivity – Hosted SaaS software solutions allow users to focus on their core business as opposed to learning, supporting and maintaining the software platform itself. Furthermore, adopting SaaS encourages companies to utilise efficient workflows and processes, leading to improved internal systems and productivity.
Save Time – With SaaS solutions, the software infrastructure is already pre-established helping reduce set-up times. This allows clients to become fully operational in a matter of hours/days. Cloud based software makes storing, organising and accessing important data straight forward, with instinctive search and filtration options to minimise time wasted on processing.
Save Money – By adopting SaaS cloud-based software, companies can help achieve economies of scale through lower maintenance, support and running cost. The fact that no licensing fees are required also helps lower the set up costs and additional training requirements.
Regular Upgrades and Enhancements – SaaS is becoming an increasingly popular option for modern organisations to adopt as the features are constantly evolving. Updates and upgrades to software are managed by the SaaS provider, meaning you’ll always have the most up-to-date versions helping to improve scalability. In many cases the software can be tailored to meet specific client requirements.
24/7 Access – As SaaS is a cloud based service; users have greater capabilities to access the software from anywhere and from multiple devices. There is also the ability to set up tailored access levels that reflect your own internal structures.
Data Security – Most SaaS providers host their software at high-tech and secure data facilities that are maintained and monitored constantly. Data back-ups and checks are carried out on a regular basis to ensure all critical data and information is safe and secure. As this is a service provided by the SaaS provider, clients can rest assured that their critical data is safe and secure without the hassle of having to store data on their own internal systems. The added benefit to this is that time, money and resources are saved by outsourcing this process to the SaaS provider.
As the world continues to see a fundamental shift towards adopting and embracing digital technology at an incredible rate, it’s becoming increasingly important for organisations to keep up to date and take advantage of advances in technology. There exists a real opportunity for organisations to better manage their lease portfolios through the use of quality SaaS lease management software and bring their lease portfolio management into the modern age.
For more information on lease management software and leasing best practice, download our Introductory Guide to Leasing by following the link below.
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