Technology has been changing lives since the development of the wheel. But Scott Nelson argues that it is only a means — not an end — for users and customers that only improves their experiences when empathy is applied and problems that matter are solved.

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Transformation to becoming a “digital business” may be a tired topic, but how many finance companies can actually claim success? Indeed, how many business leaders have a definition of success for digital transformation much less have communicated it companywide?

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Historically, we experienced the concept of real-time data in analog systems like driving a car and heating or cooling a house. But digital has changed the value of real-time data because it makes that data portable, accessible and more usable. Equipment finance in the days of analog – paper contracts and accounting spreadsheets – had little use for real-time data. But in a digital world, the value of real-time data is increasing and we must learn to take full advantage.

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“Put the customer first” is a business fundamental as old as the occupations of baker, brewer and candlestick maker. But our relationships with customers have changed dramatically since the time of town square markets. Thanks to exponential technologies like the Internet, social media, software-as-aservice and the Internet of Things (IoT), change is accelerating dramatically and the world of equipment finance is no different than other industries. We too are having to keep up with change and one could even say we have been behind given our anxiety around fintechs, cybercurrencies and new ecommerce competitors.

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