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Reimagining Product Innovation with a Smart Asset Finance Software

We are witnessing a paradigm shift in the asset finance industry, a shift from traditional finance and leasing to delivering a more customer-centric holistic digital experience. Customers today want the ease and convenience of doing business on a channel and medium of their choice, and your employees need a platform to collaborate and add value to the business, irrespective of their physical location. 

Lessors today recognize that to survive in this digital age they need to constantly re-invent and become a more agile and smarter version of themselves. Your asset finance business needs to go beyond the restrictions and rigidity of legacy systems that are impacting your business growth. From application development to business operations- speed, efficiency, and scalability have become the cornerstones for success today. But while this leads to the belief that rethinking the technology landscape is an existential imperative, simply upgrading the “as-is” business via a new software suite or product is not enough.

To understand how asset finance leaders envision the future, how they plan to build for it, and what capabilities they need to be able to do so, we brought together a panel of industry experts, leaders and solution providers in a two-part webinar ( To watch webinar click here). As a part of the webinar, we also asked industry leaders strategies on adapting to this digital revolution. Read to find what your peers think are the top capabilities that a smart asset finance software should be able to essentially deliver.

1.     The Shift to Consumption-friendly Pricing

The current shift toward more agile and flexible business models are pushing Lessors to build new products and services. Lessees today want to have the flexibility of paying only for what they consume and avoid getting into significant upfront capital investments. Under-utilized assets may come out cheaper for customers when compared with conventional leasing.

From an economic perspective, it means that lessors now will have to find ways to predict asset usage to set their price accordingly. This is because, with consumption-based leasing, it is difficult to predict what portion of the fixed expenses such as tax, insurance and asset depreciation should get allocated to every customer. 

Needless to say, that this culture of product servitization is difficult to drive with manual or legacy systems. As these consumption models change the form, lessors will be left asking themselves – how

do we build core systems that provide enough flexibility and enables us to make corresponding changes as these newer consumption models develop and mature. 

A smart asset finance software will provide a coherent platform ecosystem that helps you to build stability for your core business operations today while provisioning for iterations and incremental changes in the future without upsetting the entire tech stack. A centralized, platform-based approach will streamline your current operations, provide a granular level view across all stages of a customer’s end-to-end journey so that you can monitor, measure and build transparent pricing models. 

2.       The Rise of the Low-code Platform

 Gartner forecasts low code to increase its share in application development activity to 65%, with three-quarters of large enterprises running on multiple low-code development tools by 2024. Low- code development platforms provide organizations with the much-needed agility and speed that have become the cornerstone of modern-day app development. 

Conventional legacy systems were never built for the kind of changes, speed and flexibility that the market demands today. These monolithic systems are closely interlinked and hence, changes to a single component can impact the functioning of the whole system. This pushes organizations into a vicious cycle of development, tests and fixes, eating into precious time, efforts and resources. 

A framework-based low code environment enables developers to leverage an existing set of codes, behavioural and structural models, and pre-built modules in the development environment. This allows for more automation in the development and testing process, faster development and

delivery, and lesser requirements for resources, skill sets and engineering efforts.  

The right asset finance software is designed as a rich technical ecosystem built on top of the underlying framework so that changes made to functional modules don’t upset the core structure. The pre-built system components and the underlying power of the framework enable lessors to configure and customize application on-demand, extend or build new applications, and make quick changes. 

3.  Adapt, Accelerate, Scale

With more than 60% of the respondents choosing a faster time to market and scalability as some of the biggest business priorities, it is evident that the rigid, obsolete legacy systems are going to be inadequate to meet the demands of the future. An intelligent asset finance software will help transform how you operate, speed up policy implementation and decision making while maintaining strong compliance.

Conventionally, business processes have mostly been built keeping an inward view of a company’s operations- concentrating on optimizing and automating core transactional processes and systems like accounts payable/receivable, order management, procurement etc. However, an architecture that enables companies to perpetually evolve their businesses cannot focus only on the journey that customers use in purchasing their offerings. Many asset finance companies are looking at transforming to an outward view focused on the customer experience online and offline and an IT architecture that reflects a larger journey. 

Technology lies at the heart of this transformation- an agile IT ecosystem that can provide end-to- end asset-based functionalities, data intelligence and extensibility in one seamless platform to bring value across all dimensions of the leasing business. By standardizing and digitizing, companies can remove friction from processes and the time and effort taken in tedious, manual paperwork. By leveraging the power of mobility and APIs and portals, companies can deliver a superlative customer experience- by facilitating transactions from anywhere, at any time. Be a customer who wants to apply for a new lease or a vendor who wants to reduce the time to funding, it’s all down to the ease of the digital experience.

4.    Data is the New Oil

Traditional asset finance organizations are realizing that advanced analytics can enable them to make better decisions quickly and consistently. By embracing data intelligence and analytics at multiple points across the asset-management value chain, asset finance leaders can transform business efficiency, from providing valuable insights to customers and help them make better investment decisions to drive changes in the middle- and back-office productivity internally. 

However, to be able to leverage the power of data, the most critical step in addressing the problems of the source data. Data stored in legacy systems, siloes or spreadsheets are poorly documented and formatted and are difficult to collate and integrate. For any data intelligence strategy to work, it is important that there is a seamless flow of business data generated across all business and third- party applications, with minimal manual intervention, and that the data is centrally located and accessible to all in easy to understand formats.  

Companies can then use this granular data to build pay-per-use models or leverage visualization tools to generate reports for critical business insights. 

 How Odessa’s asset finance software can help you

Over the last two decades, product innovation at every stage has been guided by us asking ourselves the following questions

·       How do we enable our customers to scale their business and operations on demand?

·       How do we help our customers deliver seamless digital experiences to their stakeholders?

·       How do we empower our users with insights through real-time data analysis?

We knew that to counter these challenges, most businesses would conventionally have to opt for multiple product-based solutions, all bolted on top of each other and creating a complex

environment that is rigid and difficult to scale.  

To solve this we extracted the core technology framework and put it down as the foundation layer. The basic technology framework provides a robust functional core build to global standards. On top of this foundation, we build our functional layer which hosts all our products, functionalities, and the business logic and rules. The topmost layer is a highly user-friendly and intuitive UI that allows for

integration and customization unique to your business.  

The Odessa Core platform is an asset-based, cloud native, end to end management platform that can streamline your business operations, build a centralized database and provide the right platform for your teams to collaborate- saving cost, time and resources and making your business more efficient. By choosing to host your infra on the cloud you can leverage the scalability, agility and cost-

effectiveness of the cloud. 

Odessa tightly integrates with a host of complementary surround capabilities for and a comprehensive digital transformation experience. Odessa Build and DevOps enable companies can

integrate their core platform with third-party applications or build, extend apps and workflows easily without any hassle. Various enablement portals make it easy for the customers and partners communities to do business with your organization. A low-code development platform for applications, mobility, data intelligence and analytics services are some features that cater to all dimensions of a leasing enterprise across captives, large customers, mid-size enterprises.

 We are not just another asset finance software. We are a smarter asset finance software. Contact Odessa to learn more.

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Want to Become an Astronaut? You Might Be More Qualified Than You Think

Have you ever wondered if you have what it takes to become a NASA Astronaut? We’re accepting applications starting March 2, and we’re encouraging all eligible Americans to apply by March 31! 

It’s an incredible time in human spaceflight to be an astronaut. With Artemis, our sights are set on the Moon – to stay – by utilizing sustainable lunar missions, and you could be one of the humans on the surface! During their careers, this next class of astronauts may also fly on any of four different U.S. spacecraft: the International Space Station, Boeing’s CST-100 Starliner, SpaceX’s Crew Dragon and our Orion deep-space exploration vehicle; They will be at the cutting edge of a new era in human exploration. 

So, still interesting in joining our ranks as an Artemis generation astronaut? Here are a few things to note.

Myths about becoming an astronaut:

MYTH: All astronauts have piloting experience.

FACT: You don’t need to be a pilot to be an astronaut. Flying experience is not a requirement, but could be beneficial to have.

MYTH: All astronauts have perfect vision.

FACT: It’s okay if you don’t have 20/20 vision. As of September 2007, corrective surgical procedures of the eye (PRK and LASIK), are now allowed, providing at least 1 year has passed since the date of the procedure with no permanent adverse after effects.

MYTH: All astronauts have advanced degrees like, a PhD.

FACT: While a Master’s degree from an accredited university is necessary, the requirement can also be met with the completion (or current enrollment that will result in completion by June 2021) of a nationally recognized test pilot school program.

MYTH: Astronauts are required to have military experience in order to be selected.

FACT: Military experience is not required to become an astronaut.

MYTH: You have to be a certain age in order to be an astronaut.

FACT: There are no age restrictions. Astronaut candidates selected in the past have ranged between the ages of 26 and 46, with the average age being 34.

Okay, but what are the requirements?

The basic requirements to apply include United States citizenship and a master’s degree in a STEM field, including engineering, biological science, physical science, computer science, or mathematics, from an accredited institution. The requirement for the master’s degree can also be met by:

Two years (36 semester hours or 54 quarter hours) of work toward a Ph.D. program in a related science, technology, engineering or math field;

A completed doctor of medicine or doctor of osteopathic medicine degree;

Completion (or current enrollment that will result in completion by June 2021) of a nationally recognized test pilot school program.

Candidates also must have at least two years of related, progressively responsible professional experience, or at least 1,000 hours of pilot-in-command time in jet aircraft. Astronaut candidates must pass the NASA long-duration spaceflight physical.

Applications for our next Artemis astronaut class open on March 2! Shoot for the stars and visit: https://www.nasa.gov/astronauts

Make sure to follow us on Tumblr for your regular dose of space: http://nasa.tumblr.com 

Financial Sources

In the future, for a business I would be starting up, I would be the first investor into that business. A personal investment is always a good place to start. I would use savings and/or collateral on my assets. This will also help when applying for a bank loan as it will show them I have commitment.

The next financial source I would look into for my future business would be a bank loan. I would need a bank loan in order to expand on my business and I think bankers wouldn't mind helping me because I have work experience related to my business and will have a solid business plan that will lead to action.

Personally I wouldn't choose "love money" as an option because I believe business and family should be kept seperate as it can sometimes cause stressful situations.