Tamarack Technology has introduced the third and final whitepaper in a series examining the application of artificial intelligence (AI) in the equipment finance industry. Entitled “Distributed Workflows: Innovation that makes remote work work,” the paper is available for free download here.

Building on previous topics of leveraging dark data and using AI prediction tools, the final paper describes the need for distributed workflows in a post-pandemic world. In the new environment built around hybrid and remote work, traditional workflows have become antiquated and demand digital innovation. Central to distributed workflows is the generation, analysis, exchange and storage of data.

“In this new post-pandemic world, digital strategies are needed to support remote work and workflows that are now widely distributed,” said Scott Nelson, President and Chief Digital Officer at Tamarack Technology. “Distributed workflows will force organizations to become more data-centric, requiring that they provide anywhere/anytime workflow access to staff and also 24/7 access to customers as the new norm.”

The paper details how distributed workflow designs should support three behaviors so that equipment finance companies can meet customer and employee expectations consistently. By addressing these behaviors, the distributed workflow delivers more value to customers and drives innovation by changing how the organization leverages its data:

• Data-Centric Cultures: Every workflow step, decision and communication is digital, documented and recorded.
• Data Accessibility: All data is housed in a single location providing multiple distributed teams access for analysis, business intelligence, decisions and process execution.
• Customer Engagement: Customers require faster decisions and on-demand access to all of the information pertaining to their business with the organization. They expect a digital experience that delivers their financing transparently and without delays.

“At its core, innovation is about changing behavior,” said Nelson. “Companies that want to survive and thrive in the new norm must change the way they behave. They must innovate the way they do work. By building a distributed workflow, designed to change how an organization interacts with its data, opportunities for innovation will be discovered.”

Tamarack’s suite of AI products has been developed with the intent of helping customers innovate and establish their own distributed workflows. The AI products use data from across an organization's digital systems – past and present – to enhance operational workflows and automate decisions like approval, syndication and funding. The utilization of AI products allows organizations to increase productivity and differentiation and drive new innovation.

For more information or to download the distributed workflows whitepaper, visit tamarack.ai/whitepapers.