No matter what type of business you lead – from a small bank to a large captive – chances are you will need to rely on good business partners to help you steer your ship. Finding a good cloud technology partner for asset and equipment finance companies can help increase automation and productivity, gain workflows, and give you an edge over your competitors. In the first two parts of this series, we helped you develop a roadmap for your cloud journey. While there are many different types of cloud solutions, not all of them will be a good fit for you. In the third part of this series, we differentiate the four habits of a good cloud technology partner.
1. Be Committed to Understanding Your Business
A true cloud technology partner prioritizes long-term relationships over short-term gains and marginal cost savings. For example, in LTi’s Discovery process, we strategically work with our customers to understand what makes their business unique. We partner with our customers in understanding how they intend to take their specialty finance business to its next stage of growth. Moreover, we do this by understanding how using our ASPIRE™ platform in the LTiCloud can assist and support the operations of our customers’ business. The key to a true partnership is feeling confident that your technology partner understands your business processes and goals. A true partner also understands that vendor management is not just about negotiating the lowest price. Furthermore, they are constantly working with you to come to agreements that will mutually benefit both companies.
2. Investing in the latest technology
Secondly, the asset and equipment finance industry is constantly becoming more competitive. As a result of the competitive nature of the industry, it is important to invest. For example, this is why LTi elected to write its systems from scratch to create ASPIRE™ in April 2006. ASPIRE™ was designed as a comprehensive equipment finance platform. Being ahead of the curve, LTi believed an end-to-end solution was the way of the future for the asset and equipment finance industry. The latest technology in asset and equipment finance can offer powerful tools to improve productivity by automating otherwise manual business functions. An investment in new technology can result in reduced costs and improved profitability. Furthermore, finding a good cloud technology partner that invests in their technology can boost growth in companies of all sizes. Having a good cloud technology partner that has effective business technology management can make all the difference.
3. Functionality of the vendor’s system should improve business processes and automation
Next, as an organization’s technology demands grow, productivity becomes a bigger concern. For instance, a true end-to-end system, such as ASPIRE™ in the LTiCloud, can support companies of all sizes’ current and future needs. With a complete and integrated suite of applications to manage operations, companies can streamline workflows, increase automation, and expand organizational growth. With ASPIRE™, companies can take advantage of the cloud to improve productivity, drive down costs, and gain workflow across all its functional areas on a single integrated cloud platform.
Above all, every business wants to get the most out of its resources. Apart from making more profit, companies strive towards reducing overall operational costs. A good cloud technology partner has functionality in their system that allows companies to carry out tasks without the need for any manual input. The functionality in their system should use automation to efficiently provision technology resources and cut operational costs.
4. Collaborating to Scale and Grow Your Business
Lastly, a good cloud technology partner will help your company adopt best practices and automation processes. This will allow you to focus on your core goal – serving customers. In addition, they should have a track record that proves they can handle whatever you throw their way. They will have experience with organizations of all sizes. This means that even if you’re headed into uncharted territory, they’ll know the lay of the land.
When thinking about running your business, the number one thing on your mind is growth. You’re not just thinking about how you can meet business demands of today. You are thinking about how you can expand to take over your market. You’re thinking about how your business can scale. A good cloud technology partner will have that in mind. For LTi, we already have the infrastructure in place to make it happen. For example, having a true robust lifecycle management system, such as ASPIRE™ in the LTiCloud, can result in superior market positioning for your company. Having every process from origination and decisioning to portfolio management and dispositioning on a single integrated cloud platform will allow you to ultimately expand and grow in the markets you serve.
Customer-Centric Approach to Cloud Technology
Choosing a good cloud technology partner is a tough process. The reality is that a beneficial partnership must be interconnected. We spend our time developing key relationships with our customers. As the industry’s leading cloud-based platform, we differentiate ourselves in the marketplace by taking the time to understand our customers. As a true cloud technology partner, we take time to understand your business and implement the functionality for our customers that fit their best practices. To learn more about our customer-centric approach, contact us today on how ASPIRE™ in the LTiCloud can expand your organization’s growth and improve your bottom line and profitability.