The Challenge
Haas Automation, founded in 1983 by Gene Haas, is the largest machine tool builder in the Western world. The company faced significant challenges with customer experience, turnaround times, and errors in application processing utilizing off-the-shelf tools. While Haas prides itself on creating state-of-the-art machinery, their equipment finance division relied on a financing process that lacked automation, leading to inefficiencies and delays for clients. These issues underscored the necessity for an automated solution to streamline operations and enhance customer experience.
- Manual Processes: The application process was heavily reliant on paperwork, leading to inefficiencies and time wasted.
- Human Errors: Manual data entry and processing were prone to mistakes.
- Slow Turnaround Times: Approvals and processing times were lengthy, affecting customer satisfaction and deal flow.
- High Operational Costs: The labor-intensive process consistently incurred significant costs.
- Poor Customer Experience: Customers faced delays and constant need for manual follow-up communications.
Our Solution
Liventus developed a comprehensive online customer application tool tailored to Haas Automation’s needs. This tool automates the equipment financing application process, ensuring efficiency and accuracy.
Key Features and Functionalities:
User-Friendly Interface
The tool features an intuitive design, making navigation simple for users.
Document Management
Users can upload required documents seamlessly, and the tool includes automated document verification.
Real-Time Status Updates
Clients can track the progress of their applications in real-time, eliminating the need for follow-up calls.
How it Works
The application tool is divided into several sections, each designed to collect specific information, listed below. After entering all necessary information, users can upload documents, specify terms such as down payments and desired terms, and authorize the application by providing their name and title.
Step 1:
Collects data such as country, business name, company type, state of incorporation, years in business, gross annual income, and the company address.
Step 2:
The application Liventus built gathers important details like first name, last name, contact title, phone number, and email.
Step 3:
Requires info about guarantors, including their country, first and last names, social security numbers, titles, phone numbers, email addresses, percent ownership, and addresses.
Step 4:
The application safely collects data about the asset, including dealer name, asset cost, install address, and delivery address.
Results and Impact
The implementation of the online credit application tool resulted in significant improvements for Haas Automation including a 30% decrease in operational costs.
Efficiency
Streamlined application processes reduced processing time and increased efficiency.
Cost Savings
TOperational costs were reduced by up to 30% due to automation and decreased manual labor.
Customer Satisfaction
Enhanced user experience and real-time updates led to higher customer satisfaction & reduced follow-ups.
Security
The tool’s robust security features ensured data protection and compliance.
A Trusted Partner, for 20+ Years
Liventus is a strategic tech partner for equipment finance leaders who want to optimize operations and grow revenue. We build custom solutions and integrations that can automate workflows, integrate your siloed systems, mitigate risks, and visualize your data. Our goal is always to maximize your tech stack so you can boost productivity and profitability.
Custom Software. Scalable Solutions. Long-Term Partnership.
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