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So You Think You Have Document Management Under Control?

Last week, members of our team traveled to Omaha, NE for the 2016 LeaseTeam Users’ Conference.

The LeaseTeam Users’ Conference is an opportunity for LeaseTeam clients and prospects to connect and collaborate with other leasing and equipment finance professionals as well as learn about features, functionality, and updates of LeaseTeam products, especially ASPIRE, LeaseTeam’s end-to-end single system lease and loan management solution that bridges the gap between front-end and back-end processes and manages the total transaction life-cycle.

The conference gives LeaseTeam partners (like MTS Software Solutions) the opportunity to participate and share information about their products and services.

Looking forward to the LeaseTeam Users Conference to share info on our doc & data solutions for the #equipmentfinance industry.

A photo posted by MTS Software Solutions (@mtssoftware) on

“OK…so document management.”

We had a lot of great conversations at the conference. Many of them went a little something like this…

Document Management Under Control?

See? We have document management under control.

Conference Attendee: “So what do you guys do?”

Me: “It depends on who’s asking…haha…”

(awkward snickering at an unfunny joke)

Me: “The short answer is we provide document and data management solutions for the leasing industry.”

(awkwardness transitions to slight confusion)

Conference Attendee: “OK…so document management. We have that under control.”

Me: “I see. So, after you approve a credit application and you send the docs out to get signed and returned with supplementary documentation, how do you receive and review those files?”

Conference Attendee: “Well, we receive them via email attachment and then someone prints them and puts them in a manila folder for each transaction. We keep track of the paper documents and move them from desk to desk around the office to make sure they undergo the proper review and signature procedures. Someone ensures that all of the documents and the signatures are present and the data is accurate. Once we have everything we need to proceed to booking, we scan all of the files back into a shared drive.”

Me: “Sounds familiar. That’s what we automate.”

(Conference attendee looks at me incredulously)

Yup. We automatically ingest emails and attachments, identify the incoming documents, populate a required document checklist, initiate workflows, integrate with other systems like Outlook, Salesforce.com, and ASPIRE, and make it easy for anyone – who has the appropriate permissions, of course – to access the documents associated with a given transaction when and where they need it from their preferred applications. In fact, we’ve done it for a LeaseTeam customer – Lease Corporation of America. And that’s not all!

We also automatically extract line-item information directly from incoming invoices in order to populate your portfolio management system without anyone having to key the information in manually.”

(I stop to catch my breath)

Conference Attendee: (Pleasantly surprised look on face) Ohhhhhhh…um, yeah, we need that. We should continue this conversation.”

Um…yeah…we should continue this conversation.

Time to Raise Your Document Management Standards

We all know the adage, “If it ain’t broke, don’t fix it.”

This is the conventional wisdom that you shouldn’t change something if it’s working. Good philosophy, right? Sure…sometimes. Yet, sometimes you can classify this saying in the “We’ve always done it this way” category. Sometimes, you don’t realize that a process or system is broken until you realize there’s a better way.

Well, there is a better way to manage documents and data…and actually move towards a paperless process…even for a document-intensive industry like equipment finance. So, if you want to continue the conversation on how to manage documents and data more efficiently, let us know.

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