QV Systems, a provider of financial technology to automotive and asset finance businesses, today announces the launch of its smart Discount Management technology, which, it claims, could save the FN50 over £5.4M in lost revenue per year.
Sample analysis by QV Systems of several large Lease Cos found that approximately 1% of discount terms are entered in error and sold incorrectly. This has the potential to cost the larger leasing companies nearly £600,000 in lost revenue over a year and is a potential risk of £5.4M to the FN50.
Manual line-by-line terms input has high error risk and the auto-leading industry has struggled to standardise and accelerate, dealing with vast sets of terms data in different formats.
Discount Management was designed by QV Systems to digitise terms management for Lease Cos and original equipment manufacturers (OEMs), automating the process in seconds to eliminate risk, and improving pricing speed.
Discount Management allows Lease Cos to load both standard and customer terms, as well as OEM CSVs, onto pricing systems.
The technology is built to ISO standards – providing data security – and uses machine reading and ETL (extract, transform and load) computing processes.
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Daniel Layne, CEO at QV Systems, said: “The auto-leasing industry is working with a manual process that hasn’t changed for more than 15 years and I’ve seen first-hand the frustration and damage it’s causing.
“People want to deliver quick, accurate pricing for their teams and end customers but are hamstrung by a woefully out-of-date data integration process. It’s long, complex, and costing the auto-leasing industry incredible amounts. It’s unbelievable that we accept this as a norm in terms of management.”