The last couple of years have seen many equipment and asset leasing companies starting their digital transformation. Some as a response to the changing business and customer expectations, some to adjust to the changes that the pandemic brought upon us. Companies that were mid-way in their journey amplified their efforts. Those who did not have a plan put together something that could see them and their business through the hour of crisis.
Some moved to the cloud so that their employees and customers could access business information from anytime, anywhere. Some moved to digital models for a better customer experience. Others decided to up their ante in data analytics. To get a better understanding of the shifts in the business environment.
But how will these efforts shape the future? How does one tie up these individual, fragmented pieces of transformation into one cohesive journey?
Say hello to digital acceleration.
Digital acceleration is a sum of two processes: one that enables you to address today’s business and operational challenges. Another for incrementally improving the IT ecosystem for future growth.
How are digital transformation and digital acceleration different?
Digital transformation and digital acceleration are inherently different in the way companies approach these two concepts. What is need to prepare for them, and what is the expect business outcome.
Digital transformations as we know them today is a more focused approach that involves embedding new digital tools and platforms to address current challenges/gaps.
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Digital acceleration, on the other hand, is the overall roadmap of where you would like your equipment leasing business to be in the future and how can you build up for it. It includes strategies for future business growth, shifting business priorities, newer business models and revenue streams. Instead of a final goal or endpoint, it is constantly striving to gain from the newest options and watching what is coming.
Think about it this way. The pandemic-induced lockdowns forced a lot of your customers to look for companies that provide an easy and hassle-free online lease/loan application. Many companies had to shift from physical office-based applications to digitizing the complete end-to-end loan application for the approval process. From digital POS (point of sale) user interface to streamlining, digitizing, and automating the backend.
But that was digital transformation. It enabled you to deploy modern-day technologies like an asset tracking software suite, digitization, automation, e-verifications, e-signatures etc to solve existing business challenges i.e., how to get my customers online.
With digital acceleration, you would build a larger blueprint of how an ideal customer journey should be in this digital age. It could start with enabling customers to apply for loans online. But over time include other digital transformational journeys in the future like portals, mobility, and predictive analytics. By breaking the larger vision of digital adoption into smaller sprints, acceleration simplifies the task and makes it more attainable.
Step up your digital acceleration journey with Odessa
Both digital transformations and digital acceleration have technology at the core of everything. And that is why it is important to find a strategic partner who can help you make the absolute most of the technologies and their impact on your business.
The factors that distinguish digital acceleration from any digital transformation project are the emphasis on speed, continuous improvement, and the right foresight to understand where the industry is headed. Here is how a technology partner like Odessa can help you achieve them
It is open to change: Unlike most proprietary software suites, Odessa’s asset tracking software has been design as open and scalable- it is one unified solution with no disparate front end or back end and no siloed data. The core platform is built on a standard non-proprietary tech stack on top of which sits the functional and business layers and an extensibility suite.
This makes it easier to build as you go and add iterative and incremental changes without disturbing business-as-usual. It makes new product development less effort-intensive and seamless, significantly reducing your time to market.
It focuses on speed:In contrast to the conventional big bang launch, Odessa prefers an agile methodology where teams deliver work in small,consumable increments. Iterative approaches to software development and project management make it possible. For teams to deliver value to their customers faster and with fewer feedback loops.
Project requirements, plans, and results are constantly evaluated and adjusted so they can respond to changes quickly. Our minimum viable product (MVP) led approach delivers immediate value, while minimizing development costs, and speed tracks feedback. That can then be apply to improve future iterations of the product.
It delivers continuous improvement: Odessa provides its customer not one or two, but four software upgrades every year. It means that Odessa customers are always in a state of continuous iterative improvement.
This is done through a constant loop of working closely with customers and getting customer feedback to develop new features. Functionalities based on what the business and end-users demand. New incremental changes are test and analyse for further improvement. So, This ensures that your tech landscape is constantly update on security fixes and new user-centric features and functionalities to deliver a great user experience.
It relies on in-depth industry experience: With around 24 years of experience, Odessa’s asset management platform has been built over the year through forging close collaboration with some of the biggest global asset finance and equipment leasing organizations. This had given the teams at Odessa an in-depth understanding of the asset finance business. Our product roadmap is aligned with where the industry is headed in the future and over the years, we have built teams that can provide our customers 24/7 support and expertise. Working with a technology partner like this helps you envision. The future base on where the industry and technology are head and how well it can complement your business growth.
The Odessa Platform is an end-to-end equipment leasing software, delivering comprehensive functionality that enables self-service, automation, and business agility. Odessa’s platform-philosophy means reduced cost and complexity associated with traditional upgrades and legacy providers. By delivering 4x annual platform releases, customers can easily adapt. Go to market faster with new products, and remain nimble.
Headquartered in Philadelphia, USA, Odessa is the largest leasing-focused technology company in the world. With a highly specialized team of professionals across North America, Europe and Asia Pacific. Odessa has a 2-decade track record of excellence in providing industry-leading Equipment Leasing technology. Learn more at www.odessainc.com