Here's What the New Normal for Lease Administration Looks Like
Time goes by in a blink-of-an-eye. We go through our daily routines only to end up, years later, wondering where the time has gone. Lately, I’ve been doing some soul searching. My eldest son is a few weeks away from high school graduation. My wife and I have been reminiscing about the years of sporting contests and school events that are now in the history books as we prepare ourselves for his departure to college, and for one less child sitting with us at the dinner table. While I totally saw this day on the horizon, I’m shocked that I feel surprised that this day finally arrived.
Often times it takes an outside event to force us to see things from a new perspective. Human beings are creatures of habit and don’t subconsciously seek out change – quite the opposite, we stick with what we know until something causes us to re-evaluate. While those outside influences trigger emotions - both positive or negative - our reaction to these emotions is often the agent of change.
I’ve been involved with lease administration software solutions for twenty years and find a strong parallel between personal change and what has have transpired in this specialized technology. Change has not been embraced or encouraged. Companies spent millions investing in technology that they wanted to pay forward for many years without the bothersome “distraction” of change. Common justifications for resisting change were often “it works” or “it’s not a priority given other business issues”. As a result, time passed, functionality became antiquated, and companies using the technology felt it was acceptable for this to be treated as a back office or operational function and not strategic.
Thankfully, consumer technology has changed people’s thinking. Technology is now in a constant state of change. This is expected and encouraged. The user interface matters. Existing problems need to be solved in new and innovative ways. Change needs to occur without cost – hard dollar and opportunity – that would otherwise cause us to delay, to re-think, to justify.
Lease Administration software solutions are ripe for this change. The years of solution vendors doing the least possible is no longer acceptable. Technology needs to put the user experience near the top of the priority list.
Learn more about the new normal for Lease Administration in Tango’s whitepaper: Lease Administration – The Time for Change is Now.