5 Tech Questions to Ask Now

As technology continues to transform the equipment finance sector, organizations are learning the value of aligning their tech teams with their overall business strategy and breaking down departmental silos. “We’re seeing that finance businesses need to be tightly integrated with their technology teams,” says Tawnya Stone, Chair of ELFA’s Operations and Technology Committee. “A holistic approach is really important for creating a future that benefits both the customer and finance company.” 

To help members navigate this holistic approach, ELFA has unveiled plans for the much-anticipated 2023 Operations & Technology Conference (see sidebar). Showcasing hot topics, real-life lessons learned and people development tactics, the program is designed to give finance companies a comprehensive view of “what companies should be thinking about today in order to be successful tomorrow,” says Stone, Vice President, Strategic Technology, GreatAmerica Financial Services.

Conference goers also will have the opportunity to uncover answers to these five pressing questions:

1. Will AI take my voice away? 

Ever since OpenAI introduced its ChatGPT last November, the discussion surrounding artificial intelligence has gained intensity. Now that AI is starting to be in general use, the questions are many.  

“People are starting to imagine how AI might change their world,” says Peter Haug, Product Manager, LTi Technology Solutions. 

The quandary is how to use AI in a way that fits into your corporate culture. For example, if a company’s strength is its personal dealer relationships, Haug says, it doesn’t make sense to create an AI interface to handle dealer conversations.  

“Many are hesitant to use AI,” Haug says. “They’re afraid it won’t understand how they want to treat their customers and partners, since AI cannot be empathetic by definition.” 

Haug is organizing a session at the Operations & Technology Conference on “Don’t Lose Your Voice When Using AI.” The session will delve into AI’s shortcomings and opportunities.  

Interactive polls on AI adoption and attitudes will give attendees a reading on where they stand among their peers and prompt conversations. “We want people to hear from each other on how they’re approaching AI,” Haug says.  

For example, there likely will be places where companies can dip their toe into AI waters, Haug says. They could ask a program such as ChatGPT or Bing AI to suggest ways to communicate a message, and then refine the results. 

Still, AI is a tool that is ingesting information 24/7 and then providing sips from the fire hose. Haug likens it to a child learning from a billion teachers. “Whether it’s learning the correct things or not, you don’t really know,” he says.  

“Make sure you understand what your business strategy is and who you want to be as an organization, and then work that into the context of using AI,” Haug advises.  

2. How can you create true teams with a hybrid workforce?  

The 2023 Survey of Equipment Finance Activity points out that the hybrid workforce is likely here to stay. More than 90% of SEFA respondents say they are in a hybrid office/remote situation, with 35%-plus saying they work less than five days a month in the office.  

“We’re now well into our hybrid journey,” says Christine Evershed, Project Manager, John Deere Financial. “Working remotely has opened a lot of doors for getting talent. Now we need to ensure that remote team members have visibility both from a development and opportunity perspective.”  

Working remotely poses additional difficulties in a team leader’s awareness of individual personal struggles. Mental health issues are easier to hide when you can just click a button to end a conversation.  

“How do we ensure that we’re recognizing burnout both in ourselves and our employees while helping them find when it’s best to step away from their laptops and take a break?” Evershed says. This includes making them aware of employee assistance resources. 

The hybrid workforce has also enabled a more diverse approach to hiring. “Making sure we’re leveraging that diversity in our hiring options and team building is important to a high performing team,” Evershed says.  

Evershed will lead a session on “Engaging, Developing and Supporting Employees in a Hybrid Work Environment” at the Operations & Technology Conference. “We want attendees to have an open dialogue in an interactive session on how to engage a workforce with flexible work arrangements,” she says. “How do we ensure that we are developing and building future leaders?” 

Also under discussion: How to onboard a hybrid employee to bring them into the cultural fold of the company. Companies need to guard against “proximity bias,” which makes it easy to focus on employees onsite instead of those who are remote, Evershed says.  

3. Am I at risk for a ransomware attack?  

Ransomware is malicious software used by cyber criminals to encrypt company data and extract payment before it can be released. Depending on the attack, several business-crucial databases could be locked down, including those used in invoicing, collections and customer communication. 

“These threat actors do their homework, and they understand their victims and how much money they might pay to get their data back,” says Danny Gonzalez, Vice President, Business Development, Odessa. “And in some cases, even after the money is paid, the data is not restored, so it could be lost forever.” 

Many who experience a ransomware attack want to put the experience quickly behind them. Fortunately for attendees of the Operations & Technology Conference that’s not true of Howard Shiebler, President, Crossroads Equipment Leasing & Finance. Shiebler will provide an inside look at the ransomware attack on his company and go over lessons learned in what is sure to be a standing-room-only session. (Get a sneak peek in an interview with Shiebler at www.elfaonline.org/OpsTech.) 

“Crossroads has a compelling story that’s so relevant to our industry,” Gonzalez says. “Howard has specific suggestions about what he could have done to come out of the situation in a stronger position. We’ll hear how we can apply their lessons learned.” 

Adds Stone: “He truly is doing it for the good of the industry because he doesn’t want someone else to experience the same disruption and frustration.” 

4. What are best practices for innovation in equipment finance?  

Everyone appreciates a success story, especially one that provides a valuable template. Each year ELFA’s Operations & Technology Excellence Award program recognizes the innovative use of operations and technology in equipment finance. If you’re looking for inspiration, turn to the award recipients. 

At the Operations & Technology Conference, along with celebrating the newly named winner of the award, attendees will receive an inside look at why the company won the award.  

“The projects that are submitted are fantastic,” says Candace Reinhart, COO/CXO, CoreTech Leasing. “What bubbles to the top will be a phenomenal project. We always get such a great impact as an industry when the winners share their processes and lessons learned.” 

2022’s winner, Meridian OneCap Credit, for example, shared details of its Project BOOST, a multi-year program that drove operational transformation.  

“You hear all sides of how the winning company managed its project and how adoption flowed through their organization,” Reinhart says.    

“The winner—still undetermined—will have completed their own transformation and is willing to share the challenges as well as the accomplishments.  There’s no better way to learn than from somebody who has come out the other side successfully,” Stone says.

5. What’s new from service providers? 

 In the rapidly changing tech landscape, keeping up with the latest business solutions is essential—but can be a challenge. The Ops & Tech Conference will include three “lightning round” sessions featuring quick presentations by service providers. 

“It’s fun and gives the exhibitors who are supporting our industry a chance to showcase what’s new,” says Andrew Cotter, Executive Vice President, Chief Information Officer, Somerset Capital Group. “The audience gets a tidbit that may lead them to visit their exhibit and learn more.” 

Plus, sponsor swag bags are up for grabs for attendees who can correctly answer questions about a presentation. 

Cotter acts as the ringleader, making sure the presenters adhere to a concise pitch and uses the proverbial hook if they go over time. “We usually have a little twist each year as a way to keep everyone engaged,” Cotter says. “It’s fast-paced and energetic.”  

What Members Are Saying About the Ops & Tech Conference  

Slated for Sept. 11-13 in New Orleans, the 2023 Operations & Technology Conference is a chance to step away from the day-to-day. This year’s conference theme is “Enable, Evolve, Engage: The Evolution of Change.” 

“We’re often head down, focused on our work, but this is a fantastic opportunity to look up and appreciate the events unfolding around us,” says Candace Reinhart. “We all encounter real experiences and challenges, and this event gives us an opportunity to learn from each other.” 

“The conference is great for networking with your peers, dedicating time to focus on your business and understanding that some of the challenges you are facing are not unique,” says Tawnya Stone.  

“You have the opportunity to meet people you wouldn’t meet elsewhere, generate ideas and ideally transform not just your business but the entire industry.”  

“It’s a great mix of people,” says Peter Haug. “One of the things I look forward to the most is the level of interactivity and conversation. It’s awesome just to hear what’s on people’s minds.” 

Also important are the opportunities to break up into small groups, says Andrew Cotter. “That way, you can have discussions, brainstorm and think of ways to take nuggets home to help your organization move forward.”  

And don’t forget the service providers who will be offering their latest products and services. 

“I really enjoy meeting the vendors and understanding what they have to offer to help us enhance our processes and build the workforce of the future,” Christine Evershed says.  
The Ops & Tech Conference is held concurrently with the Lease and Finance Accountants Conference, so attendees of each conference can explore topics of mutual interest.