Wolters Kluwer announced new fourth quarter analysis from its Equipment Lease Finance Digital Transformation Index, a key resource that tracks the rate at which equipment lessors and service providers are seeing growth in the evolution from paper-based finance back-office processes to digital. Click here to see the complete data report.
According to the Index, the rate of adoption for digital contracting has increased by 22 percent over the last four years. The fourth quarter digital adoption rate was up 3 percent compared with the same time the previous year.
According to recent media reports, new orders for U.S.-made goods increased more than expected in November amid a surge in demand for civilian aircraft, government data showed recently. Factory orders rose 2.6 percent after declining by 3.4 percent in October, the Commerce Department's Census Bureau said. Economists polled by Reuters had forecast orders would rebound by 2.1 percent. Orders climbed 0.7 percent on a year-on-year basis in November. Manufacturing, which accounts for 10.3 percent of the economy, is being constrained by high interest rates.
The Equipment Leasing & Finance Foundation released its January 2024 Monthly Confidence Index for the Equipment Finance Industry (MCI-EFI), which shows an assessment of the prevailing business conditions and expectations for the future according to business leaders from the $1 trillion equipment finance sector. Overall, confidence in the equipment finance market is 48.6, an increase from the December index of 42.5.
"As we witnessed the sustained strength in business orders and heightened demand for equipment financing toward the end of the year, it is evident that our commitment to innovation and adaptability is paying dividends,” said Tim Yalich, Head of Motor Vehicle Strategy for Wolters Kluwer. “Embracing digitized contracting strategies has played a pivotal role in navigating these dynamic times. This not only enhances efficiency but also positions companies at the forefront of a rapidly evolving business landscape. We remain committed in our dedication to meeting the evolving needs of our clients and ensuring the continued strength of their business operations."
To learn more and to access additional data insights from the Wolters Kluwer Equipment Lease Finance Digital Transformation Index, click here.