Case Study: Cummins reduces lease costs and improves global lease management with insightsoftware LeaseAccelerator

Implementing a Best-in-Class Global Equipment Leasing Program

Cummins Equipment, part of Cummins Inc., needed to fix a broken equipment leasing process that was driving up costs on both the front end and at lease end-of-term. The company was paying too much for lease capital, making evergreen payments, and sometimes buying out equipment simply because it could not return it on time. insightsoftware’s LeaseAccelerator was selected to support a global, scalable leasing program with better controls and centralized lease data.

Using insightsoftware’s LeaseAccelerator, Cummins implemented a SaaS-based lease management solution configured to its corporate hierarchy and general ledger structure, with global tracking of leases, assets, lessors, and stakeholders. The results included about 9,000 leases processed on equipment worth nearly $800 million, more than 73 competitive sourcing events across 26 countries, average savings of 8% per lease, and a drop in evergreen payments from 18% to 8.5% of annual payments. insightsoftware also helped Cummins improve lease reporting, controls, and readiness for new lease accounting standards.

Cummins