My mind has been full of numbers lately. April has Tax Day, so I stress over my numbers and am usually disappointed at how they work out.
But I was also made aware of some very good numbers this month – 50,000 and 5 billion. The Tamarack AI™ Product Suite now has more than 50,000 active contracts carrying over $5B in assets under management. When I was a young professional, I always wanted to be a part of a product launch that delivered millions. I am very excited about being part of something that is doing billions.
But not all data is numeric. In fact, I was surprised with how our data team answered the question “What percentage of the data we manage is numeric vs. text?” I have always thought of equipment finance as an accounting-based industry, so I expected the answer to be “90% numbers.” The consensus was that 75% of the data we manage is text. There are a lot of names and descriptions associated with each number.
As is always the case, the answer to my first question created another: “Does AI care about text vs. numbers?” I knew the answer to this question because language is recorded as text and generative AI is built on large language models. ChatGPT loves text. But operational AI, predictors built with machine learning models, uses both. We have predictors that forecast numbers like interest rates, and we have predictors for classifications like Good-Late-Loss delinquency.
AI uses both numbers and text — which is a good thing.
Revisiting customer exposure calculations in Originations
Previous Trail Mix briefs have provided guidance on making customer exposure calculation changes in Solifi’s Portfolio Management (formerly InfoLease) application. But what if you want to view and configure that information in Solifi’s Originations (formerly Rapport/ROS)? In this edition of Trail Mix, we’ll revisit customer exposure calculations in Originations.
Do you have an idea or favorite tip for an upcoming Trail Mix post? Submit your ideas to trailmix@tamarack.ai. If we use your suggestion, we’ll send you a Tamarack Yeti-brand tumbler.
Faces of Tamarack
Get to know Corey Ashline
Tamarack’s Corey Ashline embraces life with an adventurer’s heart full of vigor and passion. As a senior account executive, he shepherds clients through the entire sales process from inception to culmination. But outside the office, Corey fills his life with family and friends and experiencing life to the fullest. In this month’s “Get to know…” column, we learn about this self-professed thrill seeker.
Tamarack AI™ Product Suite has reached a milestone in adoption and usage, as the SaaS products are being used to manage more than 50,000 contracts with combined Contract Balance Receivables of over $5 billion. Since its launch in late 2021, the Tamarack AI™ Product Suite has been embraced by industry pioneers such as Dakota Financial,KLC Financial and Oakmont Capital Services. These early adopters have integrated the suite into their operations to elevate their offerings, enhance productivity and drive superior business performance.
Are you curious about the tangible impact AI is creating in the equipment finance industry? Tamarack’s Scott Nelson will participate in the Q2 ELFA Innovation Roundtable event on May 9, 2024, from noon-2:30 PM CT. The session is built to go “beyond technobabble and hype” to illustrate AI's transformative potential in equipment finance. Nelson will speak alongside representatives from Alfa, Channel, GreatAmerica Financial Services, HP Inc., Leasepath, Northteq, Odessa, Somerset Capital Group, Ltd., and TomorrowZone. Register now.
Monitor’s 2024 Converge Event - May 15-16
In addition to being a finalist for Monitor’s “Creating Change and Innovation” 2024 Converge Award, Tamarack CTO Scott Nelson has been invited to present a Tech Talk at the conference. In his five-minute presentation, Nelson will address the strategic and tactical mistakes financiers make in their use of technology as well as identify opportunities that would be created by more aggressively embracing new technologies. If you are unable to attend and want to learn more, contact Scott directly at snelson@tamarack.ai.
ELFA Capitol Connections 2024 - May 22
Advocating for the success of the equipment finance industry is a core tenant of Tamarack’s culture. For the past few years, founder and CEO Daniel Nelson has traveled to Washington, D.C., to participate in the annual ELFA Capitol Connections program. The annual event is designed to educate select members of Congress and the administration and positively influence federal policymakers who set the legislative and regulatory framework for the industry. Look for a recap of Capitol Connections activities an upcoming issue. Register now.
Perspectives
What’s your AI fitness level?
In his most recent blog post for Monitor, Scott Nelson explores three levels of AI fitness. According to Nelson, those who are AI fit will become the most competitive on the equipment finance playing field. And in order to capitalize on the opportunity AI presents, organizations need to follow a simple AI fitness routine — consolidating and assessing data, followed by advancing performance — to engage AI to be more competitive and better serve customers.
What innovation looks like within an organization is just as unique as their goals and their data. In an article published in the March/April 2024 issue of NEFA Newsline, Scott Nelson explores the concept of innovation from a design thinker’s perspective and profiles three organizations that are innovating with data – Dakota Financial, KLC Financial and Northland Capital. Each are using data to leverage customer empathy, build deeper relationships and get past “good enough” to grow their businesses.
Tamarack is a technology company that understands equipment finance. Access to capital provides access to data, and data protects capital. If you were forwarded this email we invite you to subscribe here.
