management
“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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In the complex world of lease types, workflow, and accounting principles how does one know when the technology is broken? At Tamarack we find that there are three keys to enterprise system efficacy and efficiency.
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Business consultants and operational leaders have a focus on two big promises of IoT: cost reduction through automation and better asset management. Both are delivered and propagated by the analysis of data that IoT edge devices generate from the value chains of enterprise operations. But this view has a pronounced blind spot, the fact that IoT success will be driven by dramatic demographic shifts.
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The harsh reality of Internet & enterprise software-based business models is that one scales exponentially and the other scales only as fast as the company can develop a relationship with each customer. But knowing your customers needs and meeting those needs is a fundamental of any business. So how does one succeed independent of relationships-by-name? The answer to this paradox can be found in three key principles in the practice of SaaS business models.
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InfoLease has always allowed options to safeguard customer data via access control. As with all enterprise applications, access control is achieved through User IDs and password controls. (See the Security Module for more details!) But occasionally we are asked if there are means to achieve additional safeguards via data masking and encryption. Yes, there are!
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As the equipment finance industry evolves, technological advancements must explore emerging technologies as a solution to greater control of risk.
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