Two Twin Cities-based companies that help banks and other entities manage their lease portfolios — IDS and Tamarack Technology — are teaming up to support the digital transformation of the equipment finance industry.

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Historically, we experienced the concept of real-time data in analog systems like driving a car and heating or cooling a house. But digital has changed the value of real-time data because it makes that data portable, accessible and more usable. Equipment finance in the days of analog – paper contracts and accounting spreadsheets – had little use for real-time data. But in a digital world, the value of real-time data is increasing and we must learn to take full advantage.

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“Put the customer first” is a business fundamental as old as the occupations of baker, brewer and candlestick maker. But our relationships with customers have changed dramatically since the time of town square markets. Thanks to exponential technologies like the Internet, social media, software-as-aservice and the Internet of Things (IoT), change is accelerating dramatically and the world of equipment finance is no different than other industries. We too are having to keep up with change and one could even say we have been behind given our anxiety around fintechs, cybercurrencies and new ecommerce competitors.

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Tamarack Technology, Inc., a leading provider of digital transformation services and solutions for equipment finance, has signed a strategic partnership agreement with IDS, a leading provider of mission-critical enterprise solutions for secured finance. The partnership will capitalize on the increasing demand for IDScloud and accelerate the migration of equipment finance firms to the leading end-to-end SaaS solution for equipment finance.

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As an equipment finance professional with more than 25 years of experience including more than 15 business acquisitions, I can tell you two things about a “seller’s market” – prices are going up and promises to management are going to be harder to keep. Buyers beware.

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Technology does not exist in a vacuum. Like living things, each technology trend exists in an ecosystem. Scott Nelson explores five technology ecosystems the equipment finance industry must consider to stay relevant and successful for many years to come.

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