July 10 , 2014
BB&T EF, Wells Fargo EF to receive ELFA award
Atlanta, GA – BB&T Equipment Finance Corporation and Wells Fargo Equipment Finance, Inc. are the recipients of the Equipment Leasing and Finance Association (ELFA) ‘2014 Operations and Technology Excellence Award’.
“Both BB&T Equipment Finance Corporation and Wells Fargo Equipment Finance took on the difficult challenge of modernizing and transforming legacy business processes and technology to establish a firm foundation for continued growth in an ever-changing business environment,” says Deborah Reuben, founder of Reuben Creative, LLC, and committee chair for the award. “Both winners are inspiring examples of the innovative spirit of the ELFA Operations and Technology Excellence Award. We look forward to hearing stories from both winners at the ELFA Operations & Technology Conference in September.”
“ELFA is pleased to showcase innovative uses of technology in the equipment finance industry,” says William G. Sutton, CAE, ELFA president and CEO. “The best practices demonstrated by BB&T Equipment Finance Corporation and Wells Fargo Equipment Finance, Inc. serve as models on the effective use of technology in our industry, and further demonstrate how ELFA members are ‘Equipping Business for Success.’”
BB&T Equipment Finance Corporation is recognized for its impressive and challenging business reinvention initiative, which included the implementation of a new end-to-end leasing technology platform. More than a system implementation, through this project BB&T, working with Odessa Technologies, Inc., radically changed its entire operation end-to-end to establish a foundation to support new market focus and aggressive growth goals. The project illustrates how technology coupled with creative operational management can serve as a framework for dramatic business transformation.
Wells Fargo Equipment Finance, Inc. is recognized for its outstanding execution of a sophisticated and highly complex initiative to convert and integrate two completely different small-ticket businesses. Each business had different legacy systems and processes, which were integrated onto a single technology platform with minimal disruption. By using creative implementation methods, maintaining high levels of collaboration with business and solution partner International Decisions Systems, Inc., and retooling its project management approach, it implemented an end-to-end solution and achieved record earnings in both businesses during the year the integration took place, exceeding even its own expectations.
The Operations and Technology Excellence Award identifies and recognizes equipment leasing and finance companies that have demonstrated best practices in developing and implementing innovative uses of technology or creative business processes to improve operations, enhance customer interactions, enter new markets and build overall ROI. The program brings the backroom to the foreground, spotlighting the best in the industry as an example for others.