Tamarack’s AI Platform Dramatically Streamlines KLC Financial's Operations
Custom report enables reallocation of 60 hours of accounting resources per month
St. Paul, Minn. (July 20, 2022) — Within months of the implementation of the artificial intelligence (AI) platform from Tamarack Technology, Inc., KLC Financial, Inc. has realized significant improvements in its operational efficiency. By implementing custom reporting using Tamarack’s Data Console business intelligence framework, the national equipment leasing and finance company has dramatically reduced the amount of time dedicated to completing the company’s complex monthly commission process.
“For 10 days each month, our accounting department was completely consumed with compiling the commission payout, and the sales team spent time doing their own calculations as well,” said KLC Financial CEO Spencer Thomas, CLFP. “The whole process was a drain on the company’s resources and time. By tapping into the data that already existed in various programs, Tamarack’s AI platform automated the process and created a custom commission report that saves us approximately 60 hours of work each month.”
According to Thomas, this automation has fundamentally changed the way the accounting department processes commissions. Now, KLC is able to reallocate accounting resources to activities that increase the efficiency and accuracy of the company’s financial decision-making process.
“The use of Tamarack’s AI platform not only injects efficiency into accounting operations but also adds a layer of transparency to the commission process,” said KLC Accounting Supervisor Saima Hawley. “So instead of receiving manual reports created by the sales team, accounting delivers reports that accurately reflect details pulled from our own data and often from disparate data systems. Not only are we freeing up accounting time, we are also enabling our sales team to spend more time serving customers.”
One of the first companies to implement Tamarack’s AI platform in the second half of 2021, KLC uses a fully integrated AI tool to increase efficiency and accuracy of its lending decision-making. The company has begun to implement the platform’s prediction capabilities in the automation of processes to further drive innovation and efficiencies across the organization.
“The results that KLC Financial has already realized from the use of AI is just the beginning,” said Scott Nelson, president and chief digital officer at Tamarack. “The use of Tamarack’s prediction tools will empower KLC to be more focused and more productive. Beyond expediting largely manual processes, leveraging data can build transparency and trust within an organization. Business Intelligence and AI both harness data to empower KLC to be more confident in their decisions but help them make those decisions faster.”
Designed specifically for the equipment finance industry, Tamarack’s AI platform continuously and autonomously helps reduce capital risk through analysis and learning gained from operational data. Tamarack’s team worked closely with KLC to aggregate the data from past transactions and built it into the AI model. The Tamarack AI platform can pull data from all KLC’s digital systems – past and present – and use that data to predict future financial outcomes and drive innovation.
About KLC Financial, Inc.
KLC Financial, Inc. is a national equipment leasing and finance company and regional leader in the Upper Midwest with 35 years of history helping small and medium-sized businesses alike receive the financing they need to grow. For more information visit www.klcfinancial.com
About Tamarack Technology, Inc.
Tamarack Technology, Inc. is a leading provider of independent software, operational and technology services supporting the equipment finance industry. For more than 20 years, Tamarack has been helping lessors protect their investments, improve business performance, and provide customers with access to solutions that enhance operations. The company integrates and supports origination and portfolio management systems as well as critical functions such as lease accounting, sales tax, insurance and UCC compliance. Tamarack's software products connect and integrate key ecosystem applications with real-time data. The company also provides integration, implementation and data migration services, as well as AI and automation products, for several leading industry portfolio management platforms. For more information, please email email@example.com or visit www.tamaracknow.com.