Salesforce.com features native functionality to build “Approval Processes.” Tamarack’s clients have used the configurable “Approval Processes” to implement authority rules for approving leases and loans. Using this functionality allows for more streamlined operations, complies with internal credit policies, and provides a comprehensive audit trail of the approval history. With some basic configuration, you can:
1. Setup Auto-Approval Rules (see Scorecard below)
2. Setup One or Many Approvers
3. Enforce Credit Authority limits
4. Lock records from further updates
The Approval Processes is mobile enabled in the Salesforce1 App allowing the approver to have remote access. From the Salesforce1 App, users can review credit bureau reports and exposure, as well as other credit elements and issue approvals directly from their mobile devices. In addition to credit approvals, the Approval Processes can also be used to approve vendors, programs, or credit policy exceptions.
A credit scorecard is an effective way to create objective measures of your applications. There are a variety of applications that can be used to create a scorecard. You can create a native scorecard using native Salesforce tools such as Process Builder. If you’re in need of a more robust scoring model, one that uses historical portfolio performance to return a score, there are a few options that should be considered:
•Orion’s SAIPH score which has a native app to Salesforce.com.
•Tamarack’s native PayNet for Salesforce app if you only need to pull PayNet reports.
•Tamarack also has a very simple “App” that allows you to pull attributes from anywhere on the Deal, Borrower, or PG and include those attributes in the Scorecard. It’s 100% configurable in terms of the values and weights that are applied.
Tamarack’s Lease & Loan originator is listed with a number of other great leasing and lending applications in this year’s ELFA 2017 Software Guide. This is an invaluable tool for companies looking to make major technology investments.