The increasing reliance on technology by equipment finance companies in virtually every aspect of their businesses makes investment in software solutions a critical consideration. To assist in the decision-making process, the Equipment Leasing and Finance Association released the 2021 ELFA Software Guide, showcasing leading software solutions for the equipment finance industry.

The 2021 ELFA Software Guide includes a new “checklist for evaluating your software solution,” which includes expert recommendations from members of the ELFA’s Operations & Technology Committee, the ELFA’s Technology Innovation Workgroup and software service providers. Key areas to consider include:

• Define Your Goal
• Configured vs. Customized
• Integration with System Architecture
• Cloud Native
• Flexibility to Support Growth
• Usability/Ease of Use
• Support
• Vendor Selection
• Peer Experience

The guide also includes “five trends changing our workplace” as the COVID-19 pandemic continues to recede in the U.S. and equipment finance companies redesign their technology roadmaps, including:

• Innovating apart
• Creating more agile systems
• Finding an optimal balance between people and technology
• Removing unconscious bias in technology
• Leading through uncertainty