As new modes of transport come and go, leasing has remained an incredibly appealing option for consumers. This is a trend that isn’t going anywhere.
With this success comes more business for automotive finance companies, and with more business comes more data. If used correctly, this data is a gold-mine for improving customer experience and satisfaction. If managed incorrectly, businesses deal with vast amounts of paperwork, manual administrative tasks and accountability requirements from auditors and regulators.
Furthermore, as supply chains continue to be disrupted, it’s becoming harder to manage terms efficiently. A solution is required to help manage this data, reduce manual workload and effectively manage terms.
That’s exactly why QV Systems created Radia. Radia is a solution that handles terms management for leasing companies and OEMs with ease.
The issue:
Without a single source of truth for terms management, process work must be manually completed and accountability requirements from auditors and regulators must be met, all while ensuring this workload can be managed in a way that continually drives value.
The manual workload associated with answering enquiries on terms and managing claims, means manufacturers and dealers cannot be as tactical as required for efficient business growth. This process also makes it difficult to obtain good analytics on support terms, making for missed opportunities when it comes to new sales.
Similarly, lessors are also losing out on tactical deals due to the time it takes to manually enter terms. This process leaves room for human interpretation, in turn, creating opportunities for errors, often having a financial or reputational impact. The time it takes to bring terms to market also causes customer satisfaction issues which in turn, affects revenue.
Once leasing companies have received the terms, this manual process also affects OEMs. OEMs must read and re-enter the data into a pricing system, preventing effective selling.
Lastly, most leasing companies also do not have a specific, central system for terms specified. Terms are typically stored on shared drives, email, Excel or existing incumbent pricing systems. Without a single source of truth, data cannot be used effectively across the business.
How to solve for this:
To keep up with the demands of the customer, businesses must ensure they are able to manage this workload in a way that allows business to continue to drive value, without being overburdened with mundane process work.
Radia:
Radia is the all-in-one terms management solution to connect your core systems and modernise your workflow. By simplifying your processes you can spend less time managing data and more time using it to add value for your customers and your business.
Radia radically simplifies your terms management process by bringing all the tools, data and connections you need into one place.
For leasing companies and OEMs, Radia offers a single place to access terms data and manage the standard and end user terms with ease. Our machine reading and AI tech makes light work of reading PDF terms letters.
It also interprets and cap codes the terms, putting them in a structured data format and pushes them into the Radia platform without manual intervention, meaning they can be loaded in a matter of seconds.
Radia does all of this while offering new functions such as alerts and lists, improving workflow (automatically notifying users when terms are ready to be checked), reporting and audits to better your effectiveness. The API design of Radia helps to provide full integration with pricing and quoting systems, subsequently increasing mobility for your business.
Radia - simple, central, terms management:
Close faster
Load terms instantly to rapidly reduce quoting times, while automating data entry to focus on the work that matters.
Connect your team
Manage terms in one place, fully integrated with other systems to align finance, pricing and your sales and procurement teams.
Reliability & efficiency
Quickly spot discrepancies, minimise errors and eliminate manual intervention with seamless CAP integration.
If you’d like to hear more about Radia, book a strategy call with our expert team today.
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