Tamarack Technology released a whitepaper explaining how artificial intelligence can be used within the equipment finance industry titled “Five steps to organizational transformation in equipment finance using AI.” The whitepaper is available to download for free.

“Even though AI is not yet fully understood, the speed at which deployment now moves is outpacing both the economic and social understanding of it,” Scott Nelson, president and CDO at Tamarack Technology, said. “The equipment finance industry has an urgent need to act. The industry must strive to understand, manage and learn how AI can help organizations better meet customer expectations and outpace competition.”

Building upon the foundation set forth in Tamarack’s recent whitepaper series on dark data, prediction automation and distributed workflows, the latest paper dives into five areas of decision-making that are necessary in order to structure an AI solution for transformative success:

• Identify and gather existing data
• Consolidate data in a single location for analysis
• Implement a “build-measure-learn” perspective
• Identify measurable outcomes
• Improve effectiveness and efficiency

“We recognize that creating change in business is hard,” Nelson said. “We also recognize that AI can be a daunting proposition for equipment finance companies. Tamarack is committed to helping industry leaders understand where the opportunities exist for AI and how to embrace and explore AI as a strategic risk that is required to meet the changing business requirements needed for success.”