A combination of new demand and new competitors has brought equipment finance to a turning point where business-as-usual is no longer an effective approach and the risk of stalling out is a real probability.

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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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Business media, led by the Wall Street Journal, is trying to help companies deal with the new norm. WSJ has published over a dozen articles on the subject in the last month addressing everything from real estate and urban design to wages and new regulations requiring remote work options.

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Within months of the implementation of the artificial intelligence (AI) platform from Tamarack Technology, Inc., KLC Financial, Inc. has realized significant improvements in its operational efficiency. By implementing custom reporting using Tamarack’s Data Console business intelligence framework, the national equipment leasing and finance company has dramatically reduced the amount of time dedicated to completing the company’s complex monthly commission process.

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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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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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