Small business owners are increasingly turning to tech and data solutions to address problems within their own companies. However, as new technology is often more expensive than most can afford, lenders are expected to increase their equipment financing and leasing options to keep up with higher demand. According to the Equipment Leasing and Financing Association, leasing companies that invest in Big Data earlier than competitors may benefit greatly from being able to serve clients more effectively while maintaining an edge against competition.
Additionally, small business owners who take to the growing trend and invest in equipment financing options may also be able to improve their own business practices without spending significant amounts of money on new technology.
The ELFA report, which was conducted by Genpact, studied the level of current application and knowledge of data and technology within the $827 billion industry. It also analyzed the level of understanding on the matter within the wider business community. According to a previously completed 2013 Gartner survey, service industries, financial companies and communication and media firms lead the pack in incorporating advanced data technology into their business plans.
Study finds numerous benefits of adopting new technology
The study examined the impact of tech trends worldwide and found 64 percent of companies across the globe have already taken to Big Data or intend to begin using these types of technology by June 2015, and 38 percent of percent of U.S. respondents said they have already invested in data tools.
ELFA reported that Big Data use can help both equipment lenders and lessees alike, and that accessing tech capabilities can help financing companies succeed in improving customer satisfaction, developing new service methods and products, increasing shareholder success, gaining insight into upcoming market trends and keeping up with competitors.
The only thing standing in the way of companies making strides toward more technological advancements is a lingering resistance toward change, Richard Gumbrecht, chairman of the foundation and chief growth officer of EverBank Commercial Finance, said. However, if they overcome these challenges and company leaders make smart decisions, organizations can quickly find their way in the world of tech advancements.
“Equipment finance companies are traditionally known for their resilience and flexibility and by applying those qualities will find information in this study invaluable in harnessing the potential of Big Data in their organizations,” Gumbrecht said.
Big Data is not only for large companies looking to expand. Small businesses can also greatly benefit from new technology and what’s more, these tools do not have to be financially out of reach. Equipment leasing and financing is a strong option for those looking to improve business, organize internal operations and increase customer service values. Those interested in utilizing new technology don’t have to spend a fortune on these upgrades, either. By contacting companies like National Funding, entrepreneurs can choose instead to lease new and used equipment, making it easier to access powerful business tools without spending large sums of money.