CASE STUDIES \ Lease Management System


LEASE MANAGEMENT SYSTEM

Our client required an application that would automate the leasing processes of organizations. Based on their requirements, Icreon came up with a web enabled Lease Management System. Detailed interfaces were developed for each task in the leasing process workflow. Back-end modules were developed enabling administrators to manage the application. Extensibility and flexibility was built into the application to enable leasing companies to make modifications to business rules themselves. It is a 1300+ man-days Fixed Duration project.


Business Requirement
Our client required a web enabled application that would automate the leasing processes, in conformance with national and international leasing norms, to meet all the functional needs of leasing companies. The application is required to provide and receive data from the financial accounting system - Oracle Financials. Role based access needs to be granted to users i.e. leasing companies and dealers so as to maintain security. Provisions need to be made to integrate external systems such as the EUROTAX database with the application.


Lease Management System
Our client required a web enabled application that leasing companies could use to perform turnkey tasks associated with a typical leasing process workflow, listed down as under:

Contracting Financing & Re-Financing Customer Services Commissions Management
Upon receiving requirements, Icreon proceeded to analyzing the nuances associated with the Finance Vertical, in general and specifically, the Leasing Domain. This led to our co-conceptualizing an appropriate and comprehensive Lease Management System. The web enabled application has been created in a manner so as to facilitate smooth process flows within the application, in reference to collaborations between various context-specific "entities" such as Dealers, Managers and Administrators associated with the entire gamut of leasing processes. Icreon designed the application to address various aspects of leasing and implemented this within various relevant modules. CONTRACTING One such critical module is the process of Contracting - which in itself is sub-classified into two forms - Retail Contracting (Customers interact with authorized Dealers for requirements) and Asset Contracting (Customers interact with the Leasing Company directly). Before a contracting process is initiated, the leasing company's designated business administrator can perform the following tasks, using interfaces provided for him, within the administration section. Workflow Management: Administrators can create contracting workflows, define tasks within a workflow and associate it with a relevant user interface; set approval levels for each task and assign tasks to users. Define Constructions: Using the CALCULATOR Tool (elaborated in a separate section below) administrators can create Amortization Plans and define parameters within these plans. Document Management: Administrators also have access to relevant interfaces that allow them to define and tag relevant documents provided by an end-customer, each of which is associated with every stage in the contracting process. Icreon has developed interfaces for each task in the workflow, using which dealers and leasing companies can perform contracting tasks. Customer Interaction: Dealers can start the process of retail contracting by entering customer details such as name, address etc. Dealers have to enter details of relevant documents that need to be attached at this stage. Calculation: Dealers can choose from predefined Amortization Plans to calculate installment details. Offer: After the installment plan has been approved by the customer, the dealer adds details of the assets to be leased such as model, registration number, engine number etc (In this case, the leased objects are cars). Credit Application: Dealers can enter details such as payment means, currency and final sign off. Incoming Registration: Leasing Companies can then, view details of the credit application. After verifying these details in the application, they can send it to a relevant designated authority for approval. (This stage is relevant to Retail Contracting only). Approval: Designated authorities within the leasing company can view details of the contract and set its approval status. Contracting: After approval, the contract is sent back to the dealer who adds delivery details of the assets such as date of delivery, transport mode etc. Contract Live: Once the assets have been delivered to the customer, the contract is considered to be processed and becomes active. Contract Management Once a contract comes into force, various aspects of the contract can be amended either by the customer or by the leasing company. In such cases fresh approvals need to be sought from both parties before the amendments in the contract come into force. Interfaces have been provided to view and modify details of all the contracts that are currently live. STOCK FINANCING Dealers can seek assistance from leasing companies in order to stock their assets. Stock financing is further classified into Brand Financing (assistance provided by manufacturers or importers to dealers) and Normal Stock Financing (assistance provided by the leasing company). Icreon has developed interfaces to enable leasing companies to enter details of dealers seeking assistance, currency, amount to be financed, start date, tenor, interest rate and importer details. A business administrator can then enter details of the asset that has been financed such as name, brand, model etc. Administrators can define credit limits for dealers and also define financing parameters such as tenor, interest rate, period of financing, currency etc REFINANCING The application enables leasing companies to automate the process of seeking monetary resources to finance their contracts through lending institutions such as banks. This aspect is addressed through the Refinancing process within the application and is classified into Package Refinancing (financial assistance received collectively) and Account Refinancing (financial assistance received in parts). Appropriate interfaces enable leasing companies to enter details such as type of refinancing, financial institutions' information, borrower information, credit amount, interest rate and also enter details of relevant documents into the system. The amortization plans given by the financial institutions can be imported into the system and its details are used to generate reports, thereby enabling leasing companies to keep track of their refinancing contracts. Administrators have access to Document Management interfaces and can specify the documents that need to be attached with the refinanced contracts. COMMISSIONS MANAGEMENT Commissions are payments made to dealers or other agencies for handling contracts; using the interfaces provided, leasing companies can define commissions for dealers/agencies and set limits for the minimum contract period to avail commissions and set limits for the minimum percentage of commission that can be withdrawn. Based on the details entered these commission amounts can be calculated. Application USPs The application is built with several components that allow extensibility to existing business functionalities and cases without the need for any application-level code changes to occur. These features allow a leasing company's technical administrator (having rudimentary programming skills) to create parameters and rules that further define the scope of transactions that occur on a case-to-case basis. Flexible Data Definition Tool Icreon came up with the idea for a Flexible Data Definition tool. This tool enabled administrators to add new input parameters to the user interfaces and define its attributes such as data type, default value and control types. The Flexible Data Definition maps each parameter to a new column within the table in the database. Hypothetically, an administrator could define a new column for a database table and have this automatically displayed within relevant interfaces. Validations such as defining a specific rule for such dynamically added parameters are made possible using: Formula Editor The Formula Editor allows administrators to define validations for various parameters. Using interfaces provided administrators can define and apply conditions to different parameters. For example, a technical administrator with basic programming knowledge could set a dealer specific rule such as decrease a dealer's credit limit if the dealer is not generating business or a rule could be dynamically created that prevents specified dealers from accessing certain amortization plans. Amortization plans, in turn, can be defined using: Calculator This tool enables administrators to create amortizations plans and define various parameters within them such as tenor, down payment percentage, financial products etc within the plans. Dealers can choose from these amortization plans defined by the leasing company. The extent to which the dealer can modify the parameters of the plans can be set using the Formula Editor. Other features of the application include: Interfaces to enable administrators to perform user management tasks and to manage details of various aspects such as companies, agencies, regions, dealers, dealer depots, importers and insurance companies Administrators can tweak system settings such as the number of items to display on each page, date format, default value for the drop down menus etc. Administrators can import Exchange Rate files, received from financial institutions, into the system. Interfaces have been provided through which administrators can select the exchange rate to be used. Administrators can upload EUROTAX data files into the system and use this data to performcalculations. The application enables two-way synchronization of financially sensitive data, with Oracle Applications.

Technologies used in developing this web application are:

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