Many commercial finance companies consider themselves “relationship businesses.” The leaders of these companies often see digital transformation as a potential threat to the foundational relationships of the business. Scott Nelson, Chief Digital Officer at Tamarack Technology, explains how digital can extend and strengthen relationships while providing scale to businesses when considered in the right context.

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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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“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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The equipment finance industry “owns the invoice,” putting lessors at the nexus for helping customers connect among a growing list of sectors. Scott Nelson details the steps necessary for defining the good, the bad and the ugly for invoice methods and techniques.

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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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