5 Trends Changing Our Workplace

The future of work is now as we reinvent almost everything about it. Delve into this topic at ELFA’s 2021 Operations & Technology LIVE! on Sept. 14.

As the COVID-19 pandemic continues to recede in the U.S., equipment leasing and finance professionals are finding they have more questions than answers when it comes to returning to the workplace. “No one wants to go back to work as it was before,” says Jennifer Martin, Chair, ELFA Operations & Technology Committee and Vice President, Leasing and Vendor Program Support at Key Equipment Finance. “We know that culture is outdated now, and we have an opportunity to do things differently.”

Indeed, the future of work is no longer a fuzzy concept to be considered at leisure, but a startling new reality to be grasped right now and shaped to maximum advantage. The big question is, “How?” How to grow internal connections and optimize collaboration if some employees continue working from home? How to redesign technology roadmaps to accommodate changes clients made over the last 16 months and have now decided are permanent? How to adjust physical office space if only a fraction of workers will be on-site at any given time? “The future of work is not just about technology; it’s about answering the questions we all have regarding what’s in store for our workplace, our workforce and even the nature of the work itself,” says Martin.

These questions and potential answers will be the focus of ELFA’s 2021 Operations & Technology LIVE! conference, to be held virtually on Sept. 14. Packed with breakout sessions, a keynote and general sessions, and a multimedia exhibit hall allowing interaction with exhibitors, the one-day event promises relevance for all who attend. “We think everyone in ELFA would benefit from this year’s conference,” says Martin. “Anyone who’s uncertain about how to lead through these changes, anyone who’s hoping to return to the ‘old’ office but in ‘new’ ways, and anyone interested in how their company may evolve, should attend. The conference will serve as a valuable platform for exploring these topics and exchanging ideas on how best to address them.” Below are five emerging trends to be discussed.

1.  Innovating Apart

2020 was a lot about “making it work” amidst unforeseen and uncertain circumstances. The initial focus was how to keep the business going with a distributed workforce. That focus has now shifted to how to foster an innovative culture and thrive as businesses embrace hybrid workplaces (at least partially) in the future.

Tawnya Stone, Vice President, Strategic Technology at GreatAmerica Financial Services, and Peter Haug, Product Manager at LTi Technology Solutions, will co-lead a session that will explore ways to improve innovation in the new world of distributed workforces.

“When we think about brainstorming, we usually picture a group of people huddled in a room, sketching out ideas on a white board,” says Haug. “But when some team members are working remotely, how do we make sure every participant is fully included? Some may not be able to hear all of the conversation or be able to write on the same whiteboard. What steps are necessary to allow everyone to contribute ideas, and how can we be sure every idea is captured?”

The session will discuss and demonstrate several tools now available for such purposes. “We’re not going to promote one system or tool set over another, but present some potential solutions attendees can explore on their own,” Haug explains. 

“No one wants to go back to work as it was before. We know that culture is outdated now, and we have an opportunity to do things differently.”

Jennifer Martin, Chair, ELFA Operations & Technology Committee

2.  Creating More Agile Systems

In a world where constant change is the norm, old monolithic systems no longer suffice. By building new systems that provide greater business agility, equipment finance companies can seize market opportunities and respond to disruptors and threats, while maintaining resilience. 

In the past, companies selected complex core systems within which multiple capabilities, such as asset management, contract management or accounting, were integrated. “But these systems were not employee- or customer-centric; they were contract-centric or functionality-centric,” says Denis Stypulkoski, Principal of Reimagine Advisors. “Today, we need one system whose software architecture is a composition of best capabilities, orchestrated to deliver a beautiful outcome. We want a system that delivers work to our employees and provides a single experience for customers, whether they want to lease or loan, bundle services or rent equipment. Irrespective of the core we choose, we want a single system that provides end-to-end experience and makes it simple for both customers and employees.”

The starting point, he says, is a no-code or low-code platform such as those from Microsoft, OutSystems or Salesforce. On it, companies can build proprietary customer and employee experiences by assembling capabilities designed to be added to that platform. 

“We’ll still need skilled developers and designers, because the building requires considerable knowledge of technology disciplines to do it,” Stypulkoski says. “But this will be outside-in design, starting with customer and employee capabilities and then driving into the tools and systems to make it all happen. Some say this is replacing core systems with another core system, but it’s not—this is very different.”

3.  Finding Optimal Balance Between People and Technology

While sci-fi has depicted a world taken over by an artificial intelligence, the reality is much more balanced. Today digital technology is being leveraged to augment the person-to-person connection.

Since the pandemic vaulted companies’ adoption of technology to new heights, equipment finance firms need to renew their efforts to balance digital transformation and human interaction, says Stypulkoski. “Digital transformation done right is not about replacing people with robots, but about augmenting employees with tools that allow them to become ‘thought workers’ focusing on what they alone can deliver: their humanity and ways of personally connecting that make them special,” he says. 

“Digital transformation done right is not about replacing people with robots, but about augmenting employees with tools that allow them to become ‘thought workers.’” 

Denis Stypulkoski, Reimagine Advisors



Stypulkoski will co-lead “You Can’t Digitize Humanity,” a breakout session designed to produce dialogue about where we are now as an industry, how companies inside and outside equipment finance are creating balance, and what optimal balance looks like. 

“While the world is dependent on technology to drive operational efficiency and speed of transaction, you have to be intentional when thinking about the experience you’re creating for customers and employees,” says Sheila Oliver, Global Product Manager, Retail Product Families at John Deere Financial. “People are at all points along the continuum regarding their desire to interact with technology and their desire to interact with people, so how do you create an experience that meets every customer and employee where they are? How can you enable digital experiences that are so effortless, customers or employees prefer or even enjoy those experiences, and how can you provide a digital off ramp for those who want it? Our session will hit on these areas and more.”

4.  Removing Unconscious Bias in Technology

How do you ensure your technology and design is appropriately consumed and understood by your customers? How can you uncover and understand unconscious bias in your work?
 
To serve diverse audiences, a company’s entire infrastructure must be examined and tested for its agility, says Martin. “Understanding inherent biases in our data is part of this,” she says. “Finding these biases and figuring out how to address them are part of an equity conversation and effort taking place all over the world.” 

“We know that much of the data output from software used in equipment finance is biased, because technology contains the innate biases of those who develop it,” explains Haug. “Even in machine learning, the starting point is a frame of mind or a paradigm held by the creators. And if the same people who build the software also analyze its results, nothing will change.”

“Successful leaders today know they have to lead by example, and that they can’t do it without technology. Brushing it off as the domain of the IT department is no longer valid.” 

Candace Reinhart, CoreTech Leasing, Inc. 



A breakout session on this topic will discuss ways of including a greater diversity of voices in the design and implementation of technology so it can better serve wider audiences. Says Haug, “Involving many voices is time-consuming and can be difficult, but the better understanding we gain of customers, employees and markets is worth it.” 

5.  Leading Through Uncertainty

The pandemic drove home the point that uncertain times can arrive without warning. When they do, business leaders are challenged to guide their company and employees with vision and confidence. 

“This is why it’s so important to be adaptable and nimble, to see a chasm of opportunity when you feel as though you’re standing on the edge of a cliff,” says Candace Reinhart, Senior Vice President of Operations & Syndications at CoreTech Leasing, Inc. “Leaders who strive to have prosperous businesses in the future are those unfazed by uncertainty.”

To this end, Operations & Technology LIVE! will present “Leading Through Uncertainty” and an adjoining session, “Every Leader is a Digital Leader.” Reinhart will co-lead both. 

“Successful leaders today know they have to lead by example, and that they can’t do it without technology,” she says. “Brushing it off as the domain of the IT department is no longer valid. You may not be proficient at Microsoft Teams or Zoom, but by admitting it and, more importantly, taking on the challenge to change that proficiency, you demonstrate that it’s okay to be uncertain as long as you’re still driving forward, learning and finding opportunities, and adapting to positive change.”

Reinhart says the goal of both sessions is to produce actionable takeaways that attendees can employ as leaders or bring back to their leaders to help drive enthusiasm. “No matter how you’ve fared through the pandemic, you’ll be able to relate to a challenge or experience with technology that was uncertain,” she says. “We’ll bring tools to drive positive change.”

“Even if everyone decides they’re going back into the office, we’ve proven we can hire and work from anywhere,” says Martin. “So again, we’re not going back to the same culture, and we have to reinvent ourselves and our organizations. Operations & Technology LIVE! will provide tools for everyone—executives, managers and staff members. We’ll shine a light on things that need to improve and offer ideas for making changes.”