WASHINGTON (Feb. 12, 2014) – The growing trend of harnessing big data is expected to benefit exponentially equipment leasing and finance firms that invest in it early, according to a new research study released by the Equipment Leasing & Finance Foundation (the Foundation). “Big Data: A Study for the Equipment Finance Industry” presents the role big data plays today, and can play in the future, in equipment leasing and finance companies.
Big data in equipment finance companies is driven by the implementation of predictive analytics, which analyzes large amounts of data to help firms better manage risk, improve operations, increase profitability and make more insightful decisions. Tapping these capabilities with big data can enable equipment leasing and finance firms to excel in a variety of ways, including:
- Increasing shareholder value
- Increasing customer satisfaction
- Evaluating potential new market opportunities
- Developing new products and services
- Staying ahead of competition.
The study, conducted by Genpact under a Foundation research grant, sought to examine the current state of understanding and application of big data both in the equipment finance industry, as well as in other industries, including banking. Citing a 2013 Gartner survey, the study reports that banking, media and communications, and service industries are leading investment in big data. Globally, 64 percent of companies have already invested in some aspect of big data or say they plan to invest by June 2015, while 38 percent of U.S. businesses already have invested.
“The study suggests that the biggest impediment to adopting big data isn’t technical, it’s attitudinal, in the form of management of mindsets and the nature of decision making,” said Richard Gumbrecht, chairman of the Foundation and chief growth officer of EverBank Commercial Finance Inc. “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.”
“Big Data: A Study for the Equipment Finance Industry” is available complimentary to Foundation donors and for sale through the Foundation website at http://www.store.leasefoundation.org/cgi-bin/msascartdll.dll/ProductInfo?productcd=BigData
