Alan Weiss, author of “Million Dollar Consulting”, once said, “Ask your customers to be part of the solution. Don’t view them as part of the problem.”
For many leasing and financing businesses, this philosophy is an integral part of their lending practices. Every loan that is processed should be designed to fit the unique needs of the requesting business. This presents the need for a delicate balance of satisfying their customers, while also meeting the high expectations of their vendors, in terms of equipment leasing and financing.
That’s why our customers get excited when we tell them that not only can we satisfy both parties, but we also add efficiency to your processes, which in turn saves the company money. For OnePlace Capital, an equipment leasing and financing company serving the healthcare industry, this is exactly what happened.
By automating its document-based transactions, introducing intuitive workflows, and utilizing eSignature and eVaulting technology, the company has never been functioning better. Because every loan processed costs the company the exact same amount of time and money to originate, regardless of its size, efficiency was key.
As a result of implementing a joint digital solution from eOriginal and LeaseTeam, the company has:
Improved its document processing by over 50%
The company reduced the cycle time from an average of three days to receiving them back the same day, and in many cases, in a matter of hours.
Improved operative margins
OnePlace Capital’s shipping expenses have dropped to almost zero. It’s a rare case when the company has to revert to wet signatures and incur shipping expenses. Also, since the company no longer has to chase incomplete, erroneous contracts or track down originals, it has reduced the touch time on each transaction, which increases the volume per employee. Based on the company’s numbers, it anticipates a 50% increase in productivity per employee for this task.
Enhanced vendor and customer relationships
The company’s customers are excited about the eSignature process and respond faster because they are interested in how it works. They love the simplicity and the ease of the process, and over 25% of them have taken the time to contact the business in support of the new process.
The company’s vendor prospects have shown increased interest in the technology, specifically the reduction in the time it takes to go from credit approval to purchase order issuance or funding, giving OnePlace Capital an edge for closing new business.
Added contract flexibility for increased post-signature management
The company has multiple options available for executing further contract activity, including transfers, sales, securitizations, syndications, participations, etc. Additionally, it also has the flexibility to convert 100% of the electronic contract to paper if desired.
Increased business by $12 million annually
In the company’s first implementation, it slowly introduced the technology to the vendor over seven months. Following the roll out, OnePlace Capital experienced a 40% increase in volume from that vendor.
According to the vendor, the increase in volume was a result of their reps and their finance department vocalizing how much easier it was to do business. Prior to adding the new technology, their vendor was splitting their transactions between OnePlace Capital and another financing company. OnePlace Capital is now seeing 90% of their business. This equates to an additional $12 Million annually.
And, there is more.
The company realized benefits that were widespread across departments and truly provided ROI evidence for their executives and investors.
To learn more about the benefits OnePlace Capital received from its digital transformation, read our newly released case study: https://www.eoriginal.com/oneplace-capital-case-study.html