An increasing number of equipment leasing and finance companies are seeking to modernize their information technology (IT) systems due to an improving economy and new features that helping companies make the business case for their investment, according to the 2012 Software Guide released today by the Equipment Leasing and Finance Association.

The guide outlines the following five key technology trends for equipment finance companies:

1. With the economy improving, equipment finance companies are starting to upgrade their IT systems.
2. New business intelligence tools and customer relationship management solutions are helping equipment finance companies to compete in the marketplace and serve customers.
3. With headcount at some equipment finance companies below pre-recession levels, more companies are looking to their IT systems for help increasing efficiency, reducing costs and doing more with fewer employees.
4. Cloud computing will increasingly be a factor in equipment finance companies’ software upgrades/acquisition.
5. Lease accounting changes under development by the Financial Accounting Standards Board and the International Accounting Standards Board will have an impact on equipment finance companies’ software upgrades/acquisition.

The guide also offers pointers for "How do you know when it’s time to upgrade your IT systems?” The 2012 ELFA Software Guide is available on the ELFA website at  ww.elfaonline.org/Directories/Software/.