If you’ve got a complex lease portfolio, you probably already know that your lease abstracts can be one of the best tools you have for managing and manipulating information. It can help you simplify an information sprawl, then be used to share that same information across different departments and make better business decisions.
But you won’t be able to do any of that if you don’t have the right software to work with your lease abstractions. You need comprehensive capabilities and the right feature set, and the software has to be easy to use so you can access, analyze, and share the data, so let’s take a deeper dive into the software itself and the benefits it can provide.
How Lease Abstraction Software Works
Today’s lease abstraction software is remarkably sophisticated. It can extract the relevant data you need in minutes, not hours, which will save both you and your employees from endless hours of tedious data extraction.
There’s another important benefit that comes with the time savings. Instant data extraction can also save you from making simple common errors, and the fact that you can automate the process will make it even faster and more beneficial.
Moreover, the software can convert and store that data in any number of ways. You can have it in machine-readable text, optical characters, or any other format.
That means you’ll be able to analyze and optimize your leasing portfolio to get the most out of the dollars you spend on real estate, equipment and anything that might be in your portfolio. The ways you can manipulate that data are nearly endless, too, They include the ability to index, map or create tables with it, which will give you all kinds of valuable insights into your portfolio and how it’s impacting the way you do business.
But lease abstraction software isn’t just about saving money. A comprehensive high-end package can also give you a complete audit trail, which is just as invaluable.
That means you’ll know exactly where your equipment is, how well it’s performing, and whether you need to change your plans and projections to better utilize it.
Data sharing is part of the package when it comes to lease abstraction software, too. That same data can be used by different departments, and the software will make sure it arrives in the same format as its spread and shared. It will be instantly usable, not to mention easy to share with numbers that are easy to tabulate and manipulate.
So what does that mean on the back end? Better reports, for one thing. The software will make sure they contain accurate information that’s up to date and current, which is another huge time saver. It will also help you make better business decisions going forward, and the state of your leasing portfolio will be constantly improving.
Not only that, but the ways you use that lease abstract information can go well beyond those capabilities.
The fact that you can have the data in any format means you can integrate it with the rest of your leasing software, and you can use it with any other software packages that are a part of your enterprise as well.
You’ll be able to generate whatever charts, tables, and spreadsheets you want, and this also means the accuracy of your numbers and information will improve over time.
The AI Addition
Now let’s talk about AI. It’s becoming an increasingly essential element of leasing abstraction software, especially as more predictive qualities are integrated into the software.
Want to know just how valuable that AI is? Let’s go back to those pesky errors we discussed earlier. It’s estimated that the average workforce loses about ten hours a week doing manual data entry, which is inexcusable in this day and age, and AI can help eliminate nearly all of those errors.
So what specific features does AI provide? Start with the ability to instantly digitize documents, then store data in a centralized database. After that it can provide automated updates and deliver sophisticated analytics that you’ll be able to use in ways you never thought possible.
The process starts when the software pulls key data from each document while linking it to the source. That gives you the audit trail you need, and the software is learning every time it pulls data from the abstract. That means the accuracy increases with each iteration, and the process goes faster ever time out, too.
The importance of the ability to organize data can’t be overestimated. Once the data is extracted, it can be analyzed from any number of different angles. That means accounting, management, HR, IT, and any other relevant department can use the data and integrate it into their procedures.
The Problem-Solving Piece
So why is all of this so important? Let’s look at lease abstraction software from a different angle by examining some of the problems that can occur when you don’ have it.
We’ll start with a brief examination of the information pipeline as it pertains to your lease. When you get new leases and you don’t input current data, that means you’re behind the eight ball right for the start. When your lease gets updated, some of that data may already have changed.
Running behind is a bad way to do business. If you’re constantly doing updates that are inaccurate, your reports and the data they contain may be off in ways you simply can’t afford.
The iLeasePro Solution
So how do you stay on top of your lease abstracts, input the right information, and get accurate, comprehensive updates? Our leasing abstract software is the best in the business, and we’ve had years of working with many different kinds of businesses to make sure they get the most out of their lease abstracts.
If you’d like to be one of those businesses, call us at 1-888-351-4506 to get an idea of what our lease abstract software can do for you. You should also visit ileasepro.com, where you’ll find more valuable information about lease abstracts and lease abstract software, and we can answer any questions and help you get started with a comprehensive demo.
Let iLeasePro Simplify Your Lease AccountingSchedule a Demo
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