Leaders from companies within the equipment finance industry, including Key Equipment Finance SVP & CFO Deborah Brady, talked to The Monitor about what 2020 taught them, in this “Writing the Next Chapter: Using the Lessons of 2020 as a Springboard for Innovation” article.
“The industry has done an excellent job adjusting to the work environment and adapting to transacting business digitally,” Brady told writer Rita E. Garwood.
The equipment finance industry is “essential”
Brady highlighted how essential the equipment finance industry is, which the pandemic brought into sharp focus. Brady also mentioned how resilient clients have been, both in enduring amid the pandemic and also in reinventing themselves, growing and thriving in this new normal.
“Equipment leasing and financing is critical to our clients’ business needs,” Brady says, adding that the industry experienced “relatively low default rates” throughout the pandemic. “That showed us that the services provided to our clients were essential and needed because they were continuing to lease our equipment and continuing to use our services," Brady said.
The CFO of the future is strategic and adaptable
Brady also gives credit to the equipment finance industry as a whole for being adaptable and for quickly shifting to conduct more business digitally. Workers across the industry were able to effectively transition to remote and hybrid work models, which helped the industry succeed during the pandemic.
In addition to shifting work modes, Brady believes the CFO role will continue to morph. “It will be important that the CFO is a strategic thinker and strategic partner to the business,” Brady says. “The CFO of the future will need to adopt a broad experience and business knowledge so they can provide that strategic value.”
Other lessons from the pandemic
The article covers a few other lessons learned from the pandemic. Authentic communication is key, according to the article, especially when you have employees working remotely from different locations.
In addition, the article considers having a gratitude mindset and approaching things with an entrepreneurial spirit. This way, the industry will be able to constantly adapt to changes with a positive, growth mindset.