TomorrowZone® hosted The ELFA Innovation Roundtable on August 10, 2023, where we took a deep dive into the topic of AI and the Future of Equipment Finance, facilitated by Deborah Reuben.
Our panelists Xiang Ji, Andrew Cotter, Harmony Oswald, and Eldon Richards discussed the equipment finance specific implications, challenges, and opportunities of the latest advances in AI and what EF companies are doing about it. They shared knowledge, insights, enthusiasm and the discussions ignited powerful ideas. Thank you for making this event a huge success!
Here are just a few of the takeaways and ideas discussed in this event:
Diverse AI Applications
AI is transforming industries in exciting ways. From prospect identification to credit evaluations, document reviews, and even equipment valuations, AI’s potential is vast and adaptable.
Building a solid AI foundation is crucial. Start with a well-defined policy and assemble a diverse team of experts. Identify AI pilots, set measurable success criteria, and strategically evaluate where AI can create value. One of our panelists specifically advised looking for repeatable low-risk high-value processes for setting up experimental pilots.
As AI advances, ethical considerations like bias, transparency, security, and data privacy take center stage. Prioritize responsible AI practices and set up internal guardrails for using AI within your team to ensure fairness and build trust with stakeholders.
Start small and grow. Embrace evolutionary incremental changes and improvements in your processes with AI. This approach allows you to build confidence, minimize risks, and pave the way for revolutionary innovations.
Continuous Learning and Collaboration
The AI journey is about collective learning and collaboration. Educate yourself and your team, engage in discussions, and share ideas from the ground up. This open dialogue ensures AI’s potential is harnessed effectively.
Embrace AI’s potential by staying ahead of trends and using them to ignite those revolutionary sparks!
Remember, the AI journey is a collective adventure, filled with innovation, learning, and collaboration whether you’re a decision-maker or emerging talent. So, let’s keep the enthusiasm alive and continue our quest to harness its incredible potential. The sky’s the limit when it comes to the creative use of AI! Until next time, stay curious, stay inspired, and keep blazing the AI trail!