The Amazon Prime television show “The Marvelous Mrs. Maisel” recently re-introduced me to concept of matchmakers. The show’s plotline begins with Mrs. Maisel’s mother, Rose, launching a business as a New York City matchmaker. This intrigued me because the challenges she faced seemed very much like those I have come to understand working with and around brokers in equipment finance.

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Transformation to becoming a “digital business” may be a tired topic, but how many finance companies can actually claim success? Indeed, how many business leaders have a definition of success for digital transformation much less have communicated it companywide?

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Everything from the economy to the housing market is changing at an accelerating pace. Technology is the key to futureproofing your organization. So, how should organizations prepare themselves for the future?

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Automation has been a principal pursuit of business ever since Henry Ford implemented the first assembly line in 1913 and reduced the Model T assembly time from 12 hours to 93 minutes. Twenty-five years later, during World War II, increased demand for military equipment brought mechanization to production lines enabling higher speeds, fewer errors and more efficient use of raw materials.

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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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