Prediction Automation Whitepaper
The next stage in equipment finance automation
Like other service industries, equipment finance started its automation journey in the early 1980s with software. The increase in computational power at ever lower costs enabled companies to automate calculations, communications and eventually transactions with partners and customers. But highly regulated industries like healthcare and finance held on to paper documents and human engagement much longer than other industries - retail, manufacturing and agriculture exponentially increased productivity with automation as a result of digital technology. The good news is that equipment finance has continued its digital journey and gathered tremendous amounts of data along the way. Equipment finance companies today still have disparate data streams and as a result, struggle with both comprehensive business intelligence and how to use that data. But the combination of an enterprise’s dark data with modern, open, cloud- based software platforms including machine learning and AI tools will enable finance companies to enter the next phase of automation: prediction.