The latest ELFA Innovation Roundtable, hosted by Deborah Reuben, CEO & Founder of TomorrowZone, tackled one of the most pressing challenges faced by organizations today: balancing innovation with business as usual. Held on Aug. 8, 2024, this discussion brought together industry leaders and experts to explore strategies for fostering continuous innovation without compromising day-to-day operations.

Panelists Jillian Munson, QuickFi; John Cooper, CNH Industrial Capital; Darpan Saini, App0; Kaheres Hahn, Finova Capital; and special guest Nate Gibbons, QuickFi who kicked off the program, shared insights on the challenges of maintaining an innovative edge while still delivering on the promises of today’s business.

The discussion analyzed how neglecting business as usual in the pursuit of innovation can lead to operational risks, while on the other hand, failing to innovate can result in stagnation and eventual irrelevance – pinpointing that innovation is key, and balance is crucial.

In case you missed this incredible conversation, we’ve put together a list of key takeaways from our speakers:

Tips for Balance:

• Dedicated Innovation Teams: Allocate specific teams to focus solely on innovation initiatives, separate from daily operations.
• Governance and Prioritization: Implement governance structures to evaluate and prioritize innovation ideas effectively.
• Cultivating a Culture of Innovation: Celebrate innovation wins and communicate the vision throughout the organization to foster a culture of continuous improvement.
• Stakeholder Input: Gather input from customers, partners and employees to identify and prioritize innovation opportunities.

Tips for Overcoming Common Barriers:

• Think long-term innovation over short-term gain.
• Set measurable innovation goals that align with the overall strategy.
• Collaborate early with legal and compliance teams.

Tips for Driving Innovation Forward

• Regularly Scan Industry Trends: Stay informed about industry and technology trends to identify new opportunities.
• Start Small: Begin with small experiments and build up to larger innovation projects.
• Holistic ROI Measurement: Evaluate ROI not just in terms of financial returns, but also in terms of efficiency, user experience and risk reduction.
• Embed Innovation in Processes: Integrate innovation into company processes and culture from the start to ensure sustainability.

Advice from Nate Gibbons: Think Boldly and Challenge the Status Quo

• Resist the temptation to do the minimal and instead think boldly and slightly radically.
• Challenge the status quo and exercise your creativity to bridge the gap between customer needs and technological possibilities.
• Periodically ignore the boundaries to allow for innovative thinking.

Advice from Jillian Munson: Build a Compliant and Adaptable Tech Stack 

• Build a compliant tech stack for digital data security.
• Assemble teams with cross-departmental expertise to stay on top of compliance updates.
• Design processes to be adaptable and flexible to accommodate regulatory changes.

Advice from John Cooper: Embed Innovation into Company Culture 

• Innovation must be part of the company culture, communicated from the grassroots to leadership.
• Build strong relationships and trust with IT, legal and compliance teams to collaborate on innovative solutions.
• Leverage the expertise of vendor partners and customers to understand their needs and perspectives.

Advice from Darpan Saini: Take Small, Iterative Steps with New Technologies 

• Take smaller, iterative bites when experimenting with new technologies like AI.
• Remain objective when evaluating the ROI of innovation initiatives.
• Be willing to iterate and try again if something doesn't work the first time.

Advice from Kaheres Hahn: Prioritize and Act on Promising Ideas

• Prioritize opportunities based on the right timing, the right people, and the right sizing.
• Don't let promising ideas get stuck in UAT -- get them into production.
• Provide a vehicle for employees to share ideas, even if not all are implemented.

We are excited to see the innovative opportunities that will continue to emerge in 2024 for the equipment finance industry and beyond. As we discussed in this roundtable, balancing innovation with business as usual is a complex journey, but with the right strategies, we have no doubt that you can navigate it successfully. Stay tuned for the next roundtable discussion, and let's continue to innovate together!