Key Takeaways from the 2024 ELFA Operations and Technology Conference: Insights and Innovations

25  SEPTEMBER 2024 | by Peter Haug,  ASPIRE Product Manager, LTi Technology Solutions

The 2024 ELFA Operations and Technology Conference & Exhibition held in Downtown Nashville, September 9th to 11th delivered a wealth of knowledge and inspiration for professionals in the equipment finance industry. It is the premier event for operations and technology professionals to gain direction and support for using technology to improve business processes, enhance customer satisfaction and increase operational effectiveness. Reflecting on the event, several key takeaways stand out as we consider how to drive innovation and collaboration within our field. 

Here’s a summary list of the top insights that emerged from the conference: 

1. Learning from Industry Pioneers

One of the standout moments of the conference was the story shared by a tenured LTi client partner, Channel winner of ELFA’s 2024 Operations and Technology Excellence Award. Channel’s journey offered both inspiration and armed attendees with a practical toolkit for tackling organizational challenges. Of particular interest, Channel shared that it used a visual processing mapping tool from Lean methodology to encourage feedback from all team members and to show the impact areas they were targeting for improvement. By sharing their experiences, Channel provided valuable lessons that other companies can adapt to their own challenges, proving that learning from those who have navigated similar paths can lead to successful outcomes.

2. Economic Forecasts Made Accessible

Chief Investment Strategist of Great Lakes Advisors, Jason Turner, a keynote speaker, delivered a compelling analysis of the future economic landscape. His presentation, which made complex economic indicators accessible for non-economists even at the early hour of 8 AM (after a night out on Broadway!), was particularly noteworthy and insightful. Turner noted that economic indicators still indicate that we are likely on the path to the “soft landing,” but we are not yet out of the woods, noting that the Federal Reserve will need to continue to keep an eye on the balance between lowering inflation and the softening labor market. His insights into the likely near future of the economy were presented in a way that resonated with both seasoned economists and those new to economic trends.

3. Embracing Technological Advancements

Recognized Author and MSNBC’s “The Practical Futurist” and “Futurist-in-Residence” of The New York Times Michael Rogers offered a fascinating glimpse into the future of technology, highlighting that many of the innovations we envision are already in use today! Rogers reminded us that staying ahead in technology means not only anticipating future developments but also leveraging the tools and solutions that are available now. His session encouraged attendees to think innovatively and adopt technologies that can enhance our operations today.

4. Navigating Uncertainty

The rapid pace of technological advancements and evolving regulations can create a sense of uncertainty that may immobilize organizations. At the conference, we addressed these fears head-on, exploring strategies for coping with and managing anxieties. The table-top discussions showed that by simply talking about fears with others you can build a sense of community and give others the opportunity to help. By sharing these approaches to navigate uncertainty, we are better equipped to confront and overcome industry challenges with confidence.

5. Fostering Collaboration and Community in Equipment Finance

The conference underscored the power of collaboration within our industry. Section 1071 exemplifies how even competitors can unite to find solutions. Engaging in conversations with representatives from top equipment finance companies revealed a collective effort to connect teams across legal, compliance, technology, and business functions. This spirit of cooperation is essential for navigating regulatory changes and fostering industry growth.

6. Understanding The Value of Face-to-Face Interaction

In an era where remote work is prevalent, the conference provided an invaluable opportunity for real human interaction. Whether discussing the latest technology trends or reminiscing about summer activities, the chance to connect with industry colleagues and friends in person was a highlight. These face-to-face interactions not only strengthen professional relationships but also facilitate knowledge sharing and collaboration.

Conclusion

The 2024 ELFA Operations and Technology Conference has set the stage for innovation and collaboration within the equipment finance industry. By embracing the lessons learned and continuing to engage with our peers, we can drive progress and navigate the evolving landscape with confidence.

Interested in reading more?

Check out Randy Haug’s Blog:“Three Top 2023 Performers Poised for Continued Success Through 2025.”

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