“What Is REALLY Driving Digital Transformation?” This topic sparked robust discussion at the March 2017 Equipment Leasing and Finance Association Executive Roundtable in Naples, FL. Four drivers of digitization were highlighted by a panel of leading equipment leasing and finance industry executives moderated by John C. Deane, The Alta Group’s CEO.
The four drivers discussed are the “4Cs—Customers, Costs, Competition and Compliance.”
Presenters pointed out that customer expectations are changing dramatically. Customers are less loyal than in the past, and they want increasingly more flexibility and responsiveness—on their terms. Therefore, lessors are facing serious competition from industry entrants that have the technology and dynamic capabilities needed to respond to demanding new business requirements. Becoming more agile and responsive is part of the essential shift to maintain and grow a customer base.
“While our industry may be considered a laggard in digital transformation, our discussion at this conference showed major progress in front-end developments for digital applications to improve customer experience, the beginning of holistic digital applications, and ground-breaking digital transformation in the back-end, especially within asset management aspects of the business,” said Deane.
Panelists were Jeff Berg, executive vice president-North America, DLL; Tiger Tyagarajan, president and CEO of Genpact; and Jim Ambrose, president of Equipment Finance, GE Healthcare Financial Services.
Berg spoke about growth in mobile operations and services—how it requires un-tethering vendor sales teams. Finance processing must occur at point-of-sale and even from remote locations, he said.
The customer’s “commercial journey as re-imagined” was shown artistically conveyed in a chart presented by Tyagarajan. In another graphic he illustrated dramatic disruptions in value creation.
Collaboration and willingness to change were stressed as key organizational behaviors to foster. The panelists also said real-time asset optimization analytics are part of digitized business models.