In October 2018 I received a call at the office from my wife regarding a close family member in crisis. What we thought was a current “rough patch” turned out to be a situation requiring immediate action. I remember taking each day at a time but also thinking we’ll be back “on track” in no time. It was a few weeks later, during the Thanksgiving holiday, that we realized this was not just a bump in the road.
As we struggled to find our way through each day, the weeks turned into months. Then, early in 2019, I was meeting with a friend and colleague when she introduced me to the Minnesota chapter of the National Alliance on Mental Illness (NAMI). My relationship with this customer epitomizes why I’m often reluctant to use the word “customer” as so often we all are partners in work and life!
NAMI’s mission is to improve the lives of young people and adults through education and public awareness of mental illness. If you are interested in learning more, please visit nami.org.
Three years later, thanks to NAMI coursework, I have a better understanding of the challenges and stigma that come with mental illness - and the many forms mental illness can take. As with many things in life, there are no quick fixes. But THERE ARE people and organizations that offer support. That is why Tamarack has chosen to partner with namimn.org and their mission.
I’m grateful for the light NAMI shines on the dark struggle of mental illness and the support they provide. During this time of year - and particularly on #GivingTuesday, November 30 - I hope you consider expressing thanks to an organization that aligns with your values.
InfoLease provides automation support for Security Deposits in many areas including booking, IRR calculation, and buyout quotes/dispositions. In this Trail Mix installment, we will look at two parameter settings that impact Security Deposit processing.
Invoice Security Deposit at Booking
First, thru Lease Parameters, you can configure the system to automatically create a Miscellaneous Invoice record for the Security Deposit at contract booking. To view your current Lease Parameter settings, under “More Lease Params” settings, you’ll find both “Create Sec Dep Misc (Y/N)” and “Sec Dep Misc Key” settings. If you answer “Y”es to the Create Security Deposit, the system will require you to enter a 3-digit code for your Miscellaneous Parameter table.
Notes:
You must first configure the Miscellaneous Parameter key before activating the Lease Parameter. To access this feature, go to Table Maintenance 🡪 Contract Tables 🡪 Miscellaneous Tables.
If you are using the Buyout Quote module, don’t forget to check the “Security Deposit” parameter for each template to ensure it is included in your buyout calculations.
Finally, if you are using Rapport to UCI for originating contracts, consider adding Security Deposit to the layout.
Security Deposit and IRR Calculations
Under Lessor Parameters 🡪 Detail Information 🡪 Lessor Income Data, you can set “Calc Security IRR” (Y/N) to include the Security Deposit in the Internal Rate of Return Calculation.
Last month, Tamarack CDO Scott Nelson attended his first in-person ELFA Convention in Nashville. A seasoned veteran of technology and manufacturing conferences, he wasn’t sure what to expect from an equipment finance event. Upon returning to Minnesota, Nelson was compelled to share his first impressions and technology takeaways from the ELFA Convention.
Tamarack’s Scott Nelson participated in two discussions at the ELFA Convention tackling the topics of digital transformation and the impact of changing demographics. Attendees at both sessions were engaging and sparked valuable discussions. In the December newsletter, we’ll share recaps from both sessions. In the meantime, if you are interested in learning more, download the session presentations below.
At Tamarack, we’re also in the middle of planning for 2022, and we want to hear from you. What topics, trends or technology would you like to learn about? What operations issues are keeping you up at night? Let us know by participating in our short survey and enter a chance to win a Tamarack Yeti-brand tumbler.
In an Equipment Finance Advisor web-exclusive, Scott Nelson describes how strategic planning is much more than updating last year’s Annual Operating Plan. According to Nelson, “Digital strategic planning is all about asking the data questions about everyone and everything. And there are no ‘stupid questions.’” In this piece, he outlines the essential data strategy questions in the areas of competitive positioning, customers/markets and culture.
Everyone wants to innovate but to truly do so, empathy must be a critical pillar of strategy. According to Scott Nelson of Tamarack Technology and Sean Scampton of Leasepath, “Empathy enables innovation, and sharing experiences with customers is empathy. These two tenets lay the foundation for understanding how digital technology can expand a company’s ability to be empathetic and thus be more innovative.” In their article published in Monitor’s latest issue, the duo examine three areas in which empathy is crucial to innovation in equipment finance.
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.
