IoT
Technology continues to transform business models around the globe as companies compete for customers and employees. How will emerging technologies impact equipment finance and what will the industry look like in five to 15 years? Monitor checks in with three industry leaders who share their outlooks and provide advice for creating business strategies that will survive the test of time.
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The availability and analysis of data is the driving force for change in business today and we see five ways that it is going to change the way equipment finance operates over the next few years. We note that “changing the way a business operates” is another way to say “changing our behavior” so we are really talking about five ways data is going to create innovation in our industry.
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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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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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“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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