It doesn't seem that long ago our company bought its first fax machine. You remember, the type that didn't cut the pages and you would have yards and yards of copy sitting on the floor. Soon thereafter, we began using Federal Express. Boy, did that change the pace of transacting business with customers and vendors.
Now of course it's the use of the Internet. As much as some have tried to resist this sometimes-impersonal form of communication and intelligence gathering, we all know it's here to stay. Those that don't figure out and implement strategy for their on-line commerce will obviously be left behind.
The equipment finance industry is no different than yours as we try to weave our way through the technology maze. Our customers expect us to increase the pace of business, which in large part will be driven by the Internet. No longer will customers wait for lawyers, documentation, or other time-consuming aspects of the origination process.
For our business, that means automated credit scoring, document imaging, and preparation for electronic signature acceptance. We're getting there and so are many of our competitors.
There is so much talk about technology these days, many of the so-called experts think this is the only answer to our business moving forward. I disagree with this notion. Call me old-fashioned, but I believe the human element is still as important as it has ever been to a successful company. Maybe even more so. As important as technology is, people continue to do business with people.
Our company has been blessed over the years to be able to attract and retain very bright, honest, and hardworking people.
The tenure at our company is usually long for the equipment finance business. Besides our back office staff, most of our sales people have been with our organization for well over five years. In the age of the "hired gun," this is no...