Like some of your colleagues, you are confronted with a change that Infor has made in the product strategy of Lease Management within Infor. Previously, Infor had a product that was gaining traction across customers. You’re probably dealing with a few Lease Management emotions, but let’s focus on the next steps here.… So, now what?
Lease management is complicated. There, the unicorn said it. It is for sure a contributing reason as to why Infor chose a partnership position. There are lots of regulatory requirements affecting lease management. You must comply with ASC 842, IFRS 16, and GASB 87 at the minimum. Have you read all of them to ensure your current process is in compliance? Most would say no, quickly followed by “HELP!”. So, this brings us to where we are today, partnering with a company that is doing nothing but focusing on software related to leases and being compliant.
So, who do you talk to about this new company called LeaseQuery? You could call LeaseQuery directly for sure. They can sell you the product. You can call Infor and they can sell you the product (believe it or not) and you can call an integrator. Calling LeaseQuery directly, gets you setup on the application. What they don’t do is the integration of the product into core Infor and any related process automations leveraging IPA or RPA (Infor process automation or robotic process automation). So, you may wind up with a clunky or manual process. Calling Infor, well, I love them but they don’t have anything to do with the software so they will simply be a pass through. Calling an integrator like RPI gets you a few things. We will work with you and LeaseQuery to get the product licenses, we will understand your processes, we will ensure they are highly automated using tools like IPA or RPA and we will ensure the data gets back into Infor/Lawson.
Sounds good, right? This relationship is brand spanking new, so it will take a few weeks to work out some logistics. Sadly, the regulatory requirements of those agencies, are not on pause, so the time to move on them is now. I suggest moving in this area immediately. Given the time for contracting and availability of resources, you may have a 3-6 month timeframe facing you. The folks at LeaseQuery are very excited for the partnership. Are they your best and only option? Well, you could go out on your own and implement some other tool, but a quick look at the market players, LeaseQuery seems like it has great traction and is as good or better than the other players that may have been in the space a bit longer. So, should you just go to LeaseQuery—well this is only my personal opinion—you either manage it yourself (not advised given complexity), or yes, you sign up. Chances are there will be others joining you and we will have our own community of LeaseQuery users!
I’m happy to discuss a plan with you on handling your lease issues. This will vary from client to client depending on the type of lease you have, the amount and what you are doing today. RPI is actively talking to LeaseQuery on how we partner and help our clients achieve as seamless as possible of a solution integrated into FSM. One thing is for certain, leases aren’t going away or getting any less regulated, so getting a plan in place today is critical.