Redwood Shores, Calif.-based enterprise software maker Oracle Corp. is releasing a new package designed to automate process at companies that count leasing among their enterprise operations.
Dubbed as Oracle Lease Management, the application is meant to reduce expenditures related to lease management, control of lease renewals and monitoring of leasing partnerships.
The firm maintains there is a burgeoning opportunity in the sector based on many companies' practice of maintaining leasing information and asset contracts stored in disparate legacy systems. Oracle estimates that 80% of U.S.-based companies are involved in leasing of some kind.
"Almost any company that manufactures something is going to be involved in the leasing business on some level," said Mike Finta, senior director of development for Oracle CRM Applications group. "The focus of the tool will be in centralizing contracts and helping businesses view leasing from an asset perspective."
Practical applications of the package would include sales and contract automation for manufacturers that lease out products or as a management tool for businesses that employ a large number of lease agreements, such as for a corporate fleet of vehicles.
The product, aimed at both CRM and e-business customers, is first being included with the next iteration of the Oracle eBusiness suite, due out sometime this summer. The company has not detailed pricing but said it would fall in line with other individual elements of the suite.
Oracle is betting on the idea that business process distinctions will continue to blur between traditional CRM and ERP functionality, driving demand for applications such as lease management that provide better customer service through sharing data between back- and front-office systems and databases.
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