I had a great experience at the 2021 ELFA Annual Convention in San Antonio. One part of that great experience was learning more about what others were doing across the equipment finance ecosystem. As a technologist and thought leader, I am always on the lookout for ways that others are changing the business or changing the way they use technology to improve their business.

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Given that this was my first ELFA Convention as a member of the industry, I thought I would make note of some of my first impressions and comparisons to the technical conferences with which I have been more familiar.

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If you look deeper – behind the financials – at the factors that are influencing trends and transforming industry economics, strategic planning is much more than updating last year’s AOP.

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The fundamental role of empathy in innovation is not changing, but the tools we use to empathize with customers and employees are. Those who can learn and adapt in times of change will survive.

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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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For some curiosity is natural and instinctive. But others must learn how to learn - just as children do in their early years when they are encouraged to ask questions. The complexity of modern day business and pressures to conform to operational tenets can diffuse the clarity that comes from questions and learning.

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