AI and automation were at the forefront of the world in 2023, and the equipment finance industry joined in with discussing and experimenting with the technologies.
Equipment dealers, lenders and service providers looked to AI and automation to overcome labor shortages, mitigate fraud and improve operational efficiency. As the technologies continue to work their way into equipment finance and wider equipment industry, uses and opportunities continue to emerge.
Here are Equipment Finance News’ top technology stories of 2023.
While many in the equipment industry saw AI as a solution to the labor shortage, Montana-based equipment vendor Torgerson’s began using it to streamline the technician development process. Torgerson’s implemented the AGVisorPro AI system, which uses AI to speed up searches of product manuals and answer equipment-related questions. The system allowed Torgerson’s to train technicians more efficiently and effectively.
Fraud mitigation is critical to equipment dealer and lender operations, and many integrated machine learning and AI to improve risk management functions. As companies continue to develop fraud reduction strategies, integrating these tools into systems will surely be a trend that extends to 2024.
Agricultural technology is a growing part of the agriculture industry, with lenders tapping into AgTech opportunities and manufacturers such as Bobcat partnering with technology companies like Agtonomy to develop equipment with automated capabilities. Many OEMs continue to work on autonomous solutions for the equipment industry to overcome labor and safety issues. As Agtonomy works to integrate into Bobcat’s vehicles, the company aims to continue growing its autonomous tractor solutions.
Equipment finance software provider Tamarack Technology partnered with equipment finance consulting firm Rinaldi Advisory Services to combine their AI and business intelligence solutions. Through the partnership, customers gain access to Tamarack’s data systems and Rinaldi Advisory Services’ decades of equipment finance knowledge to improve productivity and efficiency. As access to AI and other technology tools expands, effective and controlled implementation remains key to maximizing the productivity benefits.
AI and automation became the technologies of focus in 2023, but digitalization remains a key goal of the equipment finance industry. The pandemic accelerated the adoption of digital transactions in the industry, as dealers, lenders and vendors found new ways to complete transactions. To track the growth of digital transactions, vehicle finance software provider Wolters Kluwer developed a digital transaction index, tracking the back-office document digitalization of equipment finance companies, similar to one the company created for the auto industry.