Asset tracking is a key part of day-to-day operations for captive finance companies. There are a wide range of reasons why it is so vital, such as boosting efficiency, helping with decision-making, maintenance and management of the assets, just to name a few.
Despite asset tracking being such an important part of the success of these businesses, many of them are not utilizing the technology that is available to address their pain points.
Do these issues sound familiar?
Tracking assets manually is not easy. There is a lot of data you need to be able to access and control, and at a variety of levels. For example, residual tracking, depreciation calculations, asset level IRR calculations, usage data…the list goes on. A lack of centralization can make this even more challenging; if data is stored and managed by different departments across multiple systems, it can become almost impossible for lenders to accurately track their assets.
Data silos are also easily created without the right technology. By not having integration between asset tracking and the rest of their business processes, there is a data disconnect. This can not only lead to errors, but can also hinder your ability to access detailed analytics, and as a result, make informed business decisions.
Expanding the business, which means more assets to track, is the top goal for captive finance companies. If you are having issues with a lack of centralization and data silos as a smaller business, it only becomes a bigger issue as you grow. Having solid foundations is imperative.
Are you overlooking the benefits of asset tracking technology?
Many businesses, especially in the secured finance space, have reservations when it comes to implementing new technologies. However, asset tracking through software solutions such as Solifi’s can actually be a major benefit to your business.
Firstly, there is a misconception that technology comes at a high cost. In reality, by optimizing your asset tracking, you can truly get the most out of your assets, making them much more cost effective. It also reduces the risk of human error, which can have cost implications in some instances. Therefore, your costs may actually be reduced.
Security risks are also a key consideration for lenders. Using spreadsheets are much higher risk than a cloud-hosted solution like Solifi’s equipment finance technology. Not only does Solifi Open Finance Platform meet AICPA standards for SOC 1 and SOC 2 Type II, but our team also ensures your data is safe, taking away the need for constant monitoring on your end.
Finally, many workers become concerned over job security when new technology is implemented as it is able to carry out some of the tasks in their workload. Solifi’s asset tracking capabilities are here to support your staff, not replace them. Often, businesses find their staff are stuck doing routine manual tasks instead of value-adding activities. By streamlining processes, you can focus on growing your business.
How can Solifi help?
Here is just some of the functionality that Solifi’s equipment finance solutions can add to your business:
- Track the usage of your assets and gain insights into operational efficiency. You can have a clear view of what’s working and what isn’t, helping to inform changes you can make to boost your business. You can also follow payments, dispositions, and inventory at asset level.
- Terminate asset contracts properly, including partial contracts, to avoid overpayments on unused assets.
- Improve your billing accuracy with asset level invoicing, ensuring all costs are accounted for.
- Calculate the internal rate of return (IRR) for individual assets, allowing you to assess the efficiency of your assets.
- And finally, enjoy the integration within our end-to-end solution. Everything you need is all in one place, making your processes quicker and more efficient.
Want to learn more about our asset tracking functionality? Get in touch with our team today.
