EQUIPMENT LEASING IN THE DIGITAL BUSINESS ERA
Journal Title: European Journal of Business and Social Sciences - Year 2016, Vol 5, Issue 5
Abstract
Businesses of all sizes in all industries are being transformed by digital technology. In new businesses like Uber and Airbnb, we see that technology is no longer just an enabler—it is an innovation driver. But even in established industries, we notice the way technology can remake companies. Think of it this way: if you were starting a bank today, would you have live tellers? Gartner defines digital business as the creation of new business designs by blurring the digital and physical worlds.1 Essentially, digital technology creates new kinds of products and services, new business models, and new, more efficient business processes. It’s little wonder that 73% of large companies and 62% of smaller firms now have a digital business strategy.2 The equipment leasing sector is ripe for this type of transformation. The majority of leasing companies run on legacy systems that require significant amounts of manual work, especially when it comes to contract changes. State-of-the-art leasing software that is fully integrated on the front and back end eliminates manual processes, speeds up new-product creation and customer service, and provides a single view of the customer not possible with antiquated, siloed systems. Given that the equipment finance market is expected to grow substantially in the near future3, this is an ideal time for leasing companies to invest in a system that will help them compete in the digital business era.
Authors and Affiliations
Arnab Jana
Keywords
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