The client is world’s leading independent financial services provider, headquartered in Chicago. They are the premier authority for asset valuation, monetization, and advisory services. They perform 2,500+ valuations annually for a single asset in one location to millions of assets in scores of locations. They have expertise in conducting asset valuations of all tangible and intangible asset categories of diversified businesses.
What were the business challenges?
The client followed a paper-based process for asset valuation where asset appraisers, field examiners, and valuation advisors were visiting the customer’s location and taking notes about assets and its valuation on a paper.
The papers were brought back to the back-office and collected data were entered into backend systems (CRM & Asset Valuation System) manually to finish the remaining workflow. Later on, the data were matched to a proprietary database on a web-based system of the client. And, on-field auditors had to wait for a long time until the system generates results.
To set up a more efficient asset auditing process, the client wanted to extend their CRM and Asset Valuation Systems to a mobile-enabled device to eliminate this paperwork and make the data valuation workflow totally paperless.
How Credencys addressed the challenges?
The client partnered with Credencys to digitize the paper-based asset valuation process. Credencys developed an iPad app that allows on-field asset valuators
- To carry out iPad devices at the customers’ location and collect data in the app
- To access location details and digital forms of the respective customers on the go by connecting the app with existing backend systems
- To manage data in the iPad app that is quite easy and simplified in comparison to paper-based data entry
- To sync and submit the data directly to SugarCRM and Asset Valuation System using the app
Key features of the application
Accessing data from backend systems
The iPad app is connected with the client’s existing SugarCRM and Asset valuation System. It allows field examiners to fetch the customer’s data in real-time and perform a valuation.
Field examiners can save time and reduce errors & delays during the asset valuation process.
Digital data collection forms
The app enables asset appraisers with simple and rich forms that break up the process in steps to make data entry easy from mobile devices and tablets. They can store asset and its related value so that anyone can use it for future reference.
Increase the performance of on-field auditors and lower overall cost of collecting the same data in the future.
Offline data management
Field auditors collect and store valuation of customers’ assets in the iPad app without internet connectivity. They can sync the data to SugarCRM and Asset Valuation System once the internet is available.
The asset valuation process is not interrupted due to internet unavailability.
Real-time data upload & processing
After completing an asset audit, field examiners can upload the data from iPad app to SugarCRM and Asset Valuation System. The back office executives can review the audit data and process them in real-time to generate the audit results faster.
The client can review the asset valuation of all the customers in real-time.
Ability to access historical data
Asset appraisers can access historical data of the customer while they visit a field location. They can check the past records of asset valuation and compare it with the current one to get better insights about the changes occurred in asset values over a certain period of time.
Field auditors can make a better decision about the customer’s asset valuation with the help of past data.
Business impact/benefits of the app
More efficient asset valuation process
Earlier, the asset valuation process was too time-consuming due to paper-based data collection and manual data entry. iPad app has transformed it into a paperless workflow where on-field asset auditors perform data collection and data processing using the device only.
With digital asset valuation workflow, there is a complete elimination of paperwork. Field examiners can conduct asset audits by collecting and processing the data through iPad app. Digital asset valuation takes just a couple of days in generating the ultimate results.
Reduced overhead costing
The client does not need to hire data entry executives after adopting a digital asset valuation process. iPad app directly submits the data to backend systems without human interference. Moreover, they can save the money spent on obtaining papers and stationery as well as storing paper forms.