Last week we had the opportunity to participate in the National Equipment Financing Association Funding Symposium held in Atlanta, Georgia. The conference was a huge success and broke yet another attendance record. At IDS, we have enjoyed getting to know the NEFA members and are inspired by the innovative thinking that came up in our numerous conversations. This group is truly at the heart of powering small businesses and helping the ongoing growth of our economy.
I also had the chance to sit through a town hall discussion moderated by Jim Jackson, managing director of The Alta Group. During this session, Jim led a discussion with key technology providers on “what to consider when building a new platform”. The subject matter experts on the panel included Mitch Kaufman, president of LeaseWorks, Randy Haug, executive vice president LTi, and our very own Katie Emmel, COO of IDS. A couple of interesting thoughts were brought forward by this group of industry experts. Here is a short list of things to consider when looking for a new platform:
- Chose a vendor that can grow with you. This is especially critical for vendors supporting micro through mid-size ticket funding. We are currently in an extended growth period and from what was mentioned, many lessors are doing well. When considering a platform, you need to have flexibility to quickly respond to new market opportunities. Equally important is the ability to scale down if needed. Chose a partner that has the flexibility to do both. Delivering the solution as a 100% software as a service application gives you this flexibility.
- Chose a partner that understands your business. This might seem obvious when discussing the specialized software needed to support both origination and portfolio management of leases and loans, but when evaluating a vendor, make sure they understand both the mechanics of your business and have the ability to quickly deploy to meet your needs. A key aspect of this is data migration…both historical and current contract. If a vendor is unable to help migrate your data or is going to put you on a waiting list to get your migration complete, you should probably look for another vendor.
- Consider the resources you will need to complete the project. Again, this might seem obvious, but it has been our experience and the experience of the panel that customers do not consider what it will take to complete a migration. It helps to lean on the experience of a vendor that has completed many migrations with small and large vendors as they have the ability to guide you on what is required to be successful in implementing the platform and optimizing your investment. The key is to listen to this advice and allocate the appropriate resources to the project.
Another NEFA Funding Symposium is in the books and we are looking forward to March when this innovative group will reconvene in San Antonio for the 2020 National Equipment Finance Summit. I hope you take the time to join this event and even more importantly, the conversation which is driving our industry forward!
Interested in learning more about how easy it is to transition to the cloud? Download the IDScloud Quick Start Guide.
Ray Wizbowski, Vice President of Marketing