Software - Lessee Lease Management Software

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.

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.