We are now into month five of being a ‘work from home’ world, something that managers and HR departments alike probably never thought possible before COVID-19. Business teams have adapted, ensuring connectivity to drive performance and re-building office culture via happy hours and virtual meet-ups. As business leaders, we are in varying stages of readiness and response but what is for certain is that we’re all moving at one speed – fast(er).
This catapult into virtual working has laid bare for businesses just how effective their technology landscape is – or isn’t. Instead of systems planning being one of many business needs leaders are weighing, the need to upgrade technology is now more clearly an existential imperative. It is a seismic shift, and hopefully it also now serves as a catalyst to put technology at the forefront of business strategy.
For asset finance companies that still maintain high-touch, manual processes, this experience has likely been more difficult to navigate. They have no doubt been reinventing processes to be able to work as distributed teams but may not have the ability to leverage technology to accelerate or bring efficiency to these changes. What if they still require paper documents to be executed for origination? Will they now be amenable to e-signature to accelerate time to funding? As a more complete solution, they may now be considering a customer-facing portal to more fully automate the management of not only the initial sale, but the entire customer lifecycle.
In today’s market, the first instinct may be to throttle capital expenditures - but now is an optimal time to reevaluate your systems and migrate off legacy products that are holding you back.
Investing in a core technology platform will allow you to consolidate all your disparate systems and be better positioned for business agility. Are you still maintaining separate front and back end systems? Do you have a high vendor dependency to get changes made? That’s legacy thinking. You can bring efficiency t