We are proud to present the 2020/2021 Business Technology Performance Index (BTPI) in collaboration with the Equipment Leasing and Finance Association (ELFA). The BTPI provides insight into the technology trends and forward-looking initiatives that equipment finance companies anticipate, have undertaken, or recently completed in efforts to drive their firms into new markets and opportunities, and improve their operations.
Enabling Connected Equipment Finance
In the previous edition of the BTPI report, we introduced an emerging paradigm shift across the equipment leasing and finance industry and identified it as Connected Equipment Finance. This architectural concept centers around addressing the capabilities needed by equipment leasing and finance organizations through an ecosystem of platforms and fintech partners to provide robust capabilities to drive growth, operational excellence and customer satisfaction.
Our point of view at the end of last year’s report concluded that Connected Equipment Finance will enable a more contemporary model including a modern, digital, open API platform to address future needs and allow equipment finance organizations to remain ahead of competitors in markets served today and new markets in the future.
As we move into 2021, we are indeed seeing that organizations are not only embracing the concept but are further acting upon it. In this current edition of the BTPI report, we discuss the transition of Connected Equipment Finance from the conceptual to the practical. We explore how “traditional” equipment finance organizations will need to become “inventive” equipment finance organizations and the need to transform your core to create a sustainable platform.
Disruption by COVID-19
The COVID-19 pandemic has reaped significant disruption in all our lives and across the industry. In this year’s Connections section, we further build upon Connected Equipment Finance and discuss the impact of COVID-19 on accelerating the urgency around digital transformation.
- 70% of respondents believed Connected Equipment Finance would be at least partially available within 5 years.
- Almost 90% of respondents indicated their IT initiatives had not shifted due to the pandemic.
- 77% of respondents indicated that post-pandemic work location model will be a hybrid approach with some increased work from home options for employees.
- Over 90% of respondents are using Agile as a framework to deliver solutions in some form which is almost a 40% increase year over year.