The pressure to be competitive in the equipment finance industry has never been higher. The Covid-19 pandemic and the current economic conditions combined with the need for equipment finance companies to satisfy both current and future customer expectations have driven the industry to a place where digital transformation is no longer “nice to have”, it’s essential.

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At the Annual ELFA Convention in San Antonio last month Scott Nelson moderated a panel on how millennials will shape the market over the next 30 years and how equipment finance businesses should be preparing for change. The panel was kicked off by an interview with well-known demographer, Kenneth Gronbach, and featured panelists: Zach Kimball, Jena Morgan, and Shea Huston.

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Given that this was my first ELFA Convention as a member of the industry, I thought I would make note of some of my first impressions and comparisons to the technical conferences with which I have been more familiar.

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If you look deeper – behind the financials – at the factors that are influencing trends and transforming industry economics, strategic planning is much more than updating last year’s AOP.

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Recently, we received a follow-up question to the September 2021 Trail Mix: We often experience users anxious to get back into the system after month-end processing. Although the Period End flag has been cleared allowing this to occur technically, we still wish to prevent users from performing maintenance until the accounting/finance has given the “all clear.” How do you recommend we prevent users from accessing the system during these periods?

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Every company is at a different stage on their way to becoming digital competitors. Both customers and employees have increased digital expectations that are waiting to be met. As technology and expectations continue to change, it is vital for companies to be able to respond.

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