Driving efficiency: Volkswagen Financial Services’ 40-year leap into the future

For well over 40 years, Volkswagen Financial Services relied on a robust leasing CMS that served its needs well. However, in today’s fast-paced business environment, it fell short. The system lacked automated and integrated data processing capabilities. This translated into low business efficiency due to manual data duplication, repetitive actions and a high risk of errors.

Replacing this system was a massive undertaking. It required the collaboration of Volkswagen Financial Services and SOFICO experts and the support of numerous stakeholders within the organization. Convincing the entire company to transition from an ingrained, long-standing system to a new one was a significant challenge in itself.

To tackle this challenge, Volkswagen Financial Services implemented SOFICO Miles Enterprise, a modern platform designed to meet both current and future needs. This platform was chosen for its ability to not only capture data but also process it, aligning with industry best practices and leveraging SOFICO’s extensive expertise.

In parallel of the platform implementation, Volkswagen Financial Services and SOFICO worked together to automate several business processes. They eliminated the need for manual entry of duplicate data and streamlined backend data processing to prepopulate necessary information for other processes, achieving a significant leap in efficiency.

Finally, one of the toughest parts of this transition was securing buy-in from all stakeholders. Change management is never easy, especially when it involves replacing a system with a long and storied history. However, through executing time tests comparing the old system against the new, Volkswagen Financial Services was able to gather compelling evidence to support the transition.

The shift from a leasing process distributed across many applications to a configurable integrated leasing software solution has revolutionized how Volkswagen Financial Services operates, making the organization more agile and responsive. Previously, the company had limited automated processes. With the implementation of the new system a significant increase of process automation has been achieved. This automation significantly accelerated operations, reducing the time from quote creation to contract activation by an impressive fourfold.

Volkswagen Financial Services’ transition to SOFICO Miles Enterprise is a testament to the power of technological innovation and strategic transformation. It showcases how even the most daunting challenges can be overcome with the right approach, ultimately leading to a more efficient, compliant, and competitive operation. This transformation is not just about a new software system; it’s about setting a new standard for operational excellence in the financial services industry.