As the U.S. economy continues to improve and new technology solutions enter the marketplace, equipment finance companies are modernizing their IT systems and using technology in new ways to solve problems and create opportunity. The 2014 Software Guide released today by the Equipment Leasing and Finance Association highlights the leading software solutions for the equipment finance industry. The guide outlines the following key technology trends for equipment finance companies in 2014:

• Integration: Integrating disparate systems is a goal for many equipment finance companies. Rather than managing multiple independent applications, companies are seeking to connect their systems and consolidate their data so they can see the big picture.
• Data Security: In an expanding regulatory environment, equipment finance companies are using secure solutions that protect customers’ information
• Cloud Computing: Cloud computing is expected to increasingly be a factor in equipment finance companies’ software upgrades/acquisition.
• Business Process Outsourcing: Some equipment finance companies are looking to outsource business processes, such as their accounts payable, or having third parties automate certain processes, such as document creation.
• Efficiency: A new generation of software solutions is available to help equipment finance companies modify and manage their business processes more nimbly and effectively.
• Mobile Apps: Self-service mobile applications are starting to gain traction, allowing sales teams in the field to meet end-user customers and input data on-site using mobile tools such as tablets.

In addition, the 2014 Software Guide notes that changes to the lease accounting standard, which are under development by the Financial Accounting Standards Board and the International Accounting Standards Board, will have an impact on equipment finance companies’ software upgrades/acquisitions.

The guide also reveals the top three IT-related initiatives ELFA member companies will undertake in 2014, and offers a Quick Quiz: How do you know when it’s time to upgrade your IT systems?

Access the full 2014 ELFA Software Guide on the ELFA website: browse the digital publication at http://www.mydigitalpublication.com/publication/?i=214433 and search the mobile-friendly online listing at http://www.elfaonline.org/Directories/Software/.

Learn more about technology and the equipment finance industry at the 2014 ELFA Operations & Technology Conference, Sept. 8-9 in Atlanta. The conference will be held concurrently with the ELFA Lease and Finance Accountants Conference. Both conferences will share a table-top exhibit showcasing technology-related processes and systems. Get details at www.elfaonline.org/Events/.