Preparing for the Rapid Pace of Change

Insights from the Operations and Technology Conference

In an era of technology and machines, people are more important than ever. During his keynote address at ELFA’s Operations and Technology Conference in Philadelphia in September, Dr. Robert Wescott of Keybridge LLC discussed the future of work. He put forward that in the next 20 years, 47% of all jobs could be replaced by machines. That may or may not come to fruition, but attendees were given the opportunity to consider that shift.

The conference immersed attendees in topics spanning from blockchain and cybersecurity to compliance and personal strengths during two-and-a-half days of learning, participating and networking.

Participants discussed hot topics from blockchain to driving efficiencies.

In a survey sent out to the industry prior to the conference, 69% of respondents stated that blockchain has moderate to strong relevance for the equipment finance industry (see story, p. 22). We kicked off the conference with an informative deep dive into this emerging area. Participants in this session worked in a collaborative fashion to envision various use cases within the equipment finance space. Using design thinking, scenarios played out that could impact every equipment finance company.

During the many interactive sessions, attendees were able to not only hear from experienced leaders, but also discuss and share best practices with regard to outsourcing, employee engagement and purchase money security interest (PMSI).

Fresh ways to gain insights from data were introduced by using visualization to help answer questions that may arise. As John Hurt from the Alta Group put it, “While the questions may not have changed, the tools available to answer those questions have.”

The 2018 Operations & Technology Excellence Award was presented to CWB National Leasing Inc. Pictured L-R: ELFA President and CEO Ralph Petta, Operations & Technology Committee Chair Andrew Cotter, Todd Neil of CWB National Leasing Inc., Award Subcommittee Chair Jen Martin and ELFA Immediate Past Chairman Dave Schaefer.

Not shying away from heavier topics such as cybersecurity, risk management and compliance, multiple sessions made an impact on the audience. As we address the gaps that exist between technology, individuals, businesses and public policy, a competitive advantage may emerge. Be on the lookout in your organization!

Exhibitors were given a chance to participate in a lightning-round format to present their elevator pitches. Both exhibitors and attendees alike enjoyed this fast-paced and fun introduction to what the vendors have to offer the industry.

Interactive sessions engaged attendees.

We took a break from traditional operations and technology to explore a more personal side. Heather Kay from member company FIS shared insights and tools on how to assess your strengths as a person and what impact that may have on your team, organization and life.

This conference also addressed the highly relevant accounting changes. Topic 842 has implications for multiple facets of equipment leasing and finance organizations. Are you prepared?

How are you preparing your people and positioning your organizations for the rapid pace of change in business and technology? I hope to see you next year at the 2019 Operations and Technology Conference, Sept. 16-18 in Chicago.