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A Mobility Application, also referred to as a mobile app or simply an app, is a computer program or software application designed to run on a mobile device such as a phone, tablet, or watch.
As the entire lease management cycle is automated when using a lease management software, the calculations are also done by the software. As the value of lease contracts in terms of US dollars or other currencies tend to be high, even a small discrepancy in calculation can cause a significant loss. Hence, lease management software eliminates the chances of error as calculations are done as soon as data is entered in the software. Real time inventory management further enhances and updates the calculations.
Diversified and vast amount of data is stored and generated in the lease management software. This data also contains contact information of clients. This customer data base gathered is particularly useful for marketing purposes in the future. Furthermore, information about client’s credit scores are also obtained through the credit bureau along with their preferences of type of financial products they use. This data can be used for cross and up selling purposes by understanding their current choice of financial products and their ability to obtain further credit.
Another important aspect to consider is data migration which is the transference of data between data bases or storage systems or sometimes simply transferable in data formats. Lease management systems usually have a built in data migration system and the vendor providing the management system is responsible for the successful migration of data, if need be. Businesses using the lease management system therefore do not have to worry about loss of data at any stage, as data back up and migration are domains covered by the software vendor.
If you are using a lease management software, the vast number of daily transactions on your platform are bound to create Big Data. This data when analysed over a period of time can be used to create useful insights. Predictive modelling can be carried out combining these data insights with Artificial Intelligence (AI). AI can be used for data modelling and in some cases even automatic decision making where possible. Customers’ leasing behaviour can be predicted and certain aspects of decision making can be automated resulting in more informed and swift decision making.
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