Computer Software

Information Technology has improved the leasing process, parts at a time. Every company has evolved some manner of maintaining customer information. Accounting software has kept the back-end humming. The sales force has devised methods for maintaining customers and then bridging them with funding sources. The vendor is contacted when an order needs filling. Further down the chain, the collections process is managed independently. And, the savvy leasing business has found ways of retaining customers to keep the process alive.

Limitations of the traditional Lease Management Software
But the permeation of technology has been sporadic, at best. Thus far, the existent lease management software have spot lighted sections of the leasing process, affecting each uniquely, independently and in isolation from the whole lease operation. This has forced companies to tie together the disparate sections of the lease process manually, without using any lease management software. Inevitably, intervening to help one part of the business communicate with another without a technical platform such as lease management software to collaborate both parts creates inefficiencies. While financial data would help the sales-force negotiate with repeat customers, the sales-force may not be privy to the relevant information easily devoid of innovative leasing software. The lessee may be offered an online lease application, but a potential funding source is not intimated of the new request until much later. Unfortunately, the disjointed nature of traditional technology necessitates physical intervention almost every time one link of the lease chain needs to be connected with another.

Improving productivity through consolidated lease management
Here’s where concepts like Customer Relationship Management (CRM) and Supply Chain Management, so successfully used in manufacturing and telecommunications, become relevant to lease management. Today, Internet-driven technology such as the lease management software can consolidate the entire leasing process, beyond simply improving its various sections in isolation. Productivity-wise, this consolidation will do to the leasing business what the assembly line did to automobile manufacturing. And, if implemented wisely, the cost of this technology is quickly covered many times over by the resulting synergy – and the quantifiable savings — that it brings to the leasing enterprise, regardless of its size.

Managing leasing relationships through the Lease Management software

Lessor Lessee The lessee-lessor relationship, for one, fits intuitively into the Internet model of the lease management software, given the high level of interaction it requires. After all, lessees have ongoing and insatiable needs, ranging from the most basic monthly invoice to the more complex asset-dependent property tax management specifics. Lessees with numerous assets under each of their leases, for instance, need a specialized flow of information to track their assets and stay abreast of their accounts by way of an effective lease management system. With a lease becoming a service rather than a mere financial product, lessors have to find ways of catering to the growing customer demand for information. One cannot help wondering why the systems they use for lease management, veritable storehouses of the needed information, don’t have CRM functionality. Indeed, CRM is as relevant at point-of-sale as it is during the lease process; it allows lessors to understand a lessee’s ongoing needs and even distinguish one customer from another. An online interface by means of lease management software can form the perfect channel of information exchange for the data-starved lessee.

Lessor Funding Source Driven by tight marketing conditions and innovative funding models, the unique investor-lessor relationship can also benefit greatly from the use of technology via lease management software. Typically, lessors sell receivables, in whole or in part, to various investors to fund their leases. In some cases, the residual value is even sold separately with the investor and lessor sharing the proceeds generated from off-lease remarketing, contingent on various realization thresholds. But, regardless of the level of complexity in their relationship, there is one undeniable truth: Information that is already present with the lessor has to somehow travel to the investor. Typically, this entails hours of error-prone report and document preparation, the need for pain-staking clarification and, possibly, re-reporting. Again, these inefficiencies beg a rather obvious question: Why not let the investor get the information it needs, in a controlled, secure and real-time environment, devoid of manual intervention? Shouldn’t it be possible, at least in theory, for the investor to view information that lives with the lessor without the latter’s direct involvement? With an Internet based lease management system, this becomes a very practical possibility. Once the lessor determines the type and extent of information access it wants to offer, a customizable Web interface can provide the forum that eliminates the traditional inefficiencies of the lessor-investor association.

The Solution – Internet based Lease Management Software
Indeed, owing to the ease of information flow that the Net inherently facilitates, Internet based leasing software technology can tie in the hitherto unconnected parts of the lease process. Through this technology, the lessor can provide its business partners with controlled gateways to information residing in the back-end. In light of optimizing these relationships, the technology used to forge this data exchange must be based on the same technology that is used to maintain the information. If, therefore, the back-end accounting software were Internet based, it would become a minor step to make the relevant information available to investors or lessees online.

The technological consolidation of the leasing process by way of a internet based lease management software begins, then, with the back end. Lease management software is the battering ram around which the rest of the leasing process is built. In fact, Supply chain management and CRM, as they pertain to leasing, are fueled primarily by the data-rich back end. After all, here’s where every detail about a lease, from inception through maturity, is maintained. Yet, despite the obvious opportunity to realize these efficiencies, the leasing industry has not recognized the benefits of online lease management software. Most software vendors still earn a living touting systems that are entrenched in the client/server model and that are seriously limited by their legacy origins. This scenario is changing, however, with companies like Odessa Technologies, Inc., based out of Philadelphia, that make Internet based lease management systems.

Through LeaseWave(Lease accounting and management software product), Odessa Technologies provides a cost-effective means to benefiting from the Internet. LeaseWave, at its nucleus, provides for complete asset management and lease accounting functionality, allowing the lessor to efficiently manage any number of lease portfolios. Beyond this core, LeaseWave provides a series of interactive web sites that connect the lessor with business partners including lessees, funding sources and vendors. This allows for the lessor to consolidate the leasing process, tying together business partners online, on a real-time basis. Through LeaseWave, the leasing supply chain meets CRM around a robust, Internet based lease management software.

Indeed, it was through supply chain management and CRM that Wal-Mart recently revolutionized the retail industry. IT investment “enabled the company to squeeze out every last inefficiency from [their] merchandising chain.” By connecting with their suppliers such as Procter & Gamble, Wal-Mart was able to reduce inventory, lower order-processing costs and thereby offer “low, everyday prices.” One better than Wal-Mart, Cisco, one of the largest Internet hardware suppliers now boasts a paper free supply chain. Cisco’s suppliers only begin assembling components after a customer places an order online, giving “just-in-time supply” a new standard. Why then can’t our retail shops (read lessors), their suppliers (read funding sources) and their customers (read lessees) be similarly connected? Don’t we also want low, every day prices?

Have you have found yourself lost in a software hell? You are not alone. Every magazine you pick up advertises new and improved software; your junk email, I like to call g-mail, tells you of the latest products; you see it in catalogs; and your phone rings and some vendor is pushing you to purchase their latest package. You know you need software, or newer software, and colleagues are telling you that the latest software will help your business, make you more profitable, and help your customer service experience. But how do you determine what software is good for your business?

Lab and quality managers are forced to wear several different hats when choosing software for their business. Labs that have the resource of an IT department or an employee that has some software experience get frustrated trying to sift through the software maze and give up (more often than not). They decide the only way they are going to get what they want is to build it themselves. This fix seems to be a simple solution up-front but anyone who has been through this process will tell you it is far from simple.

Classifications
Software can be classified into different functional areas. Some packages do a good job of overall functionality, but most of the “best in class” applications specialize in a few specific areas of function. General classifications of software would include bench top, management, internet, mobile, enterprise, PDA and instrument packages.

The Environment
The first evaluation that needs to be done is to review the hardware that will be used by the new system. Will it be the same hardware, new hardware, some of both? You will want to look at the oldest machine that will be used by the software and make sure it meets the specification requirements of the software. In some cases, the upgrading of the hardware can be just as expensive as the software. If the hardware being used does not meet the requirements of the software, then your first decision point has been reached: do you replace the hardware or look for different software? If the life cycle of the hardware is to expire before the life cycle of the software, then it is usually easy to determine which way to go.

The second evaluation should be your connectivity to the outside world. If the software package requires any connection to the internet you will need to understand the capabilities of your facility. Like the hardware, this too can be upgraded if required and many of the high speed cable or DSL connections are as cheap as dial-up. If your bandwidth to the internet is limited, this may hinder or stop functionality of some software products. As a general rule, each user going out to the internet will consume about 16k of bandwidth utilizing a standard browser. If the user is requesting data on a regular basis, this utilization will increase. As a general rule of thumb, divide the bandwidth by 64k to determine how many people can ‘work’ through the internet connection.

The third evaluation will be the location of work. Is all of your work done in the lab or is some done on-site? Depending upon the ratio of on site work, the ability for the software to support the on-site process may be a factor. Additionally, if work is being done on-site and the software requires an internet connection, does the facility you are working at have a connection you can use? Many companies have requirements and limitations in allowing outside users access to their system. On-site work may require the use of a laptop or other portable computer device. Make sure you understand the basic requirements of the software for performing the work onsite before purchasing or upgrading any hardware. Licensing of on-site software should also be evaluated; if the on-site license cannot be used while that technician is not on site you may be forced to purchase more licenses than you have users. Software packages that allow the license to follow the user whether on-site or in the lab can be more cost effective.

The Workflow
Before seeking a software package sit down and develop a simple work process flow chart of your facility, starting from the time you contact the customer through the time you return the equipment to the customer. Include notes about other applications being used that impact your business or any requirements that you have to export data. It is recommended once you have developed the baseline chart that staff from different areas of your business review the chart. Technicians on the bench will most certainly have a different view from the quality auditors or business managers. Get as much input as you can for the business model. This will make it easier to evaluate how your software should support your business.

Once you have developed a good work flow model then the difficult task begins analyzing each of the work processes to determine if they will fit your future business needs and how critical they are to your business model. Some software packages expect you to change your business practices to meet the needs of the software. If you are highly flexible in how you do business, this aspect of the software decision will not be too difficult. However, if your business practices are supporting other processes outside of your business model, then it is important that the software be able to adapt to support your critical processes as well as the other outside business practices.

The Platform
The next step is to determine what operating system and style platform you want to run on. Some packages can run on Windows, Unix, Linux, or Mac operating systems and do not care what data storage product you choose. Generally these packages come in one of two platforms: Browser-based or Desktop.

Asking the Right Questions
Now you have some good tools to help you evaluate each software package. If you have determined the platform and the type of application you want to use this will narrow the number of applications you need to review. Next you will need to determine what types of software you need to review.

In Summary
Do your homework and don’t be afraid to ask for some help. Remember, every product was new at one point. New software will take advantage of new technology which usually means you get more bang for the buck. Examine all the angles and trends. You want to mitigate the risk, improve your processes, create a better work place, provide better customer service, and, of course, make more money.

Cabling of data and voice systems is often ignored by many companies until the last minute just before relocation or new building takes place. Many information systems professionals view it as a low priority or something that just takes away from their budget for real network components such as servers or software. However having a state of the art easy to manage cabling system is just as important as good reliable servers on a network. Cabling is the backbone of any computer network; it ties all the components of the network together therefore it should receive as much careful consideration as any other network component.

Mistake number one – Blindly choosing the lowest bidder

This is the most common mistake made when installing voice and data network cabling. Often the lowest bidder is the contractor who is the smallest, has the least experience or the one that made a mistake on their bid. Prior to making this decision you should know your contractor. Find out how long they have been in business, visit some of the large installations they have done and by all means go visit their offices and warehouse. A site visit to their office will tell you most of what you need to know about an organization. Make sure your contractor has completed jobs of similar scope and size.

Mistake number two – Choosing the manufactures product that will be installed

Many companies have tried to standardize on a particular manufacture of cabling system. Some of the larger manufactures are Belden, Comscope, Ortronics, AMP and Leviton. You can’t go wrong with any of these big names. However IT managers and corporate executives get hung up on trying to standardize because they believe it will make things easier for the IT staff. The reality of the situation is that if you choose any of the larger names the only components that might not be interchangeable are the faceplates. Of course there are performance criteria as well and they all claim to be the best. Do your own research and choose a manufacture that you feel has a strong company that will be there to stand behind their product should you even need to make a warranty claim

Mistake number three – Paying too much for the latest cabling technologies

The fact is that today’s network components and network components of the future cannot exceed the specifications of Cat 5E and Cat 6 cabling components. Combine this with the fact that the average company moves every 3 to 4 years. You will find it hard to benefit from future proofing a building you don’t occupy. Look at you current infrastructure, what equipment or applications do you plan to add or upgrade? Is Gigabit or 10 Gigabit Ethernet an option for you in the near future?

Mistake number four – Not using universal wiring

The EIA/TIA and BICSI both recommend a universal wiring platform for your Communications Infrastructure. In the old days the average install would consist of a single voice grade cable for the phone system and a single data grade cable (Cat 3, Cat5, Cat5E or Cat 6) for their computers. This of course dedicates the usability of these cables to one system type. This is further exacerbated by the termination method used. Voice cables were traditionally terminated on 66 style blocks (66m1-50), which are not user friendly and require a special tool and cross connect wire to make changes. Telephony companies have made a killing for years just performing MAC work (Moves, Adds and Changes) because a customer was unable or unwilling to brave the telephone closet and perform the MAC work themselves.

The practice of using a true universal wiring platform is now the standard for all reputable cabling contractors. A Universal Wiring Platform is made up of all data grade components that are downward compatible for all voice applications. A common installation would consist of 3 Category 5E or Category 6 cables all terminated on a 110 type Patch Panel. At the wall plate all cable would be terminated on the matching grade of 8 position modular jack (incorrectly know as an RJ-45). This design not only allows for maximum flexibility were the customer could have 3 computers or 3 phones or 2 computer and 1 phone or any configuration that works for their application. The point is that now the customer is in complete control of their cabling infrastructure and does not need to pay a contractor to come out every time they move an office. In the long run this will also save you money on the overall cabling system as it will shift and flex to meet your needs without having to bring in your cabling contractor. Remember, having the contractor in after construction has completed will involve them pulling out ceiling tiles and standing on desks while you are trying to do business. The elimination of the disruption alone makes it worth while.

Mistake number five – No CAD pre installation and post installation CAD drawings.

Most customers really have no idea what their cabling platform will look like when they sign the paperwork. They rely on their contractor to “just do the right thing”. Do not make this mistake, if you don’t understand how your infrastructure will work or what it should look like, don’t sign. Your contractor should have the ability to take your building blue print and overlay his cabling plan on top of your electrical plans. This will give you a visual representation of what you are paying for and allow you to ask questions. Likewise, after the job is complete you should receive what is called an “As Built Drawing” showing all of your communications outlets with a standards based numbering system. Some contractor will even provide a scale elevation plan showing were your patch panels are and how much room you have left in each rack for growth and or other equipment. This should be provided to you both hard copy and in AutoCAD format for your architect to incorporate into your final building As Builts.

Mistake number six – Not getting a design before the job starts.

This seems to be all over the board, some people have no design plan what so ever. Some will pay $10,000 for an engineering firm to write a specification were they charge by the pound for the spec. Don’t be fooled that a large spec is a good spec. Often a specification filed with time consuming exercises for the bidding contractor and unnecessary pricing breakouts will only prevent good contractors from bidding on your project. What you want is a spec that clearly defines your realistic requirements, requires basic qualification with references and does it as quickly and simply as possible. Do not try to write a spec that will cover every contingency, you will drive your contractor away and you will only confuse the process more. Once you have selected your contractor based on an apple s to apple comparison, you can always and should always sit down to discuss the project and other options that they recommend. One more thing, always, always have the contractor provide you with a parts list with quantities, not individual prices, just quantities. This will help you weed out the contractors that did their homework when you start to compare their list of parts.

Mistake number six – No cable management

All cabling systems will look organized before they are used, that’s easy. Show me that cabling system after 6 months and I will tell you if the proper wire management was used. “Used” being the key word here. Remember, you can have the best wiring management in the world, if you don’t strictly enforce its use with your IT Staff, you will have a mess. That said, your contractor must provide you with a good design. My recommendation is, listen to your contractor, they know more than you do about this. Then, go visit some of the sites that are done the way they recommend. See how they look after being used a few months. Ask the customer how easy it is to keep organized. Don’t underestimate the value of this step. If your patch panels are a mess and you can’t effect changes in a rapid and orderly fashion then you would have been better off paying your contractor to do the MAC work for you.