As we are all well aware, the real estate industry fluctuates, sometimes predictably, but often unexpectedly.
For a title agency to navigate the cycles successfully, you need a title production system (TPS) that delivers accurate data and provides sophisticated analytical capabilities.
Let’s look at these two important aspects of business intelligence and how you can use these capabilities to manage your title agency more effectively.
Reporting vs. Analytics
Reporting is the process of gathering data from within a title production system and presenting it in an organized fashion, such as in charts and graphs, or organizing it in a dashboard that is easily accessible for management to review. The goal is to make the information within the system more visible and understandable.
Analytics is the process of drawing inferences from the data to help the management team make decisions in the short term, as well as, plan for the future.
Data is to analytics what fuel is to a car. Data alone won’t get you anywhere. It needs to be poured into the analytics engine to derive actionable information.
Advantages of good reporting and intuitive analytics
Good reporting begins with understanding and applying a solid business reason for gathering and presenting data. For instance, a data report can be created that tracks the ebb and flow of orders for a whole host of reasons, from devising better workflows to creating optimum staffing levels.
Constructing a dashboard that provides real time reporting can deliver important data across multiple departments within a title agency to manage the pipeline from order intake to closing. This is using data at an important but superficial level.
Analytics takes the data and uses it to ask questions; to investigate what the data is telling managers about operational performance. Beyond that, analytics can tell you where things might be heading in the future for purposes of long-term planning.
As you start to compile information that is usable and actionable as part of your analytics process, you can see trends that can inform decisions. For instance, in the real estate business certain neighborhoods may suddenly become the hottest ticket in town through regentrification or new developments. Those trends can be identified earlier in the process through analytics, so that you can position the agency to capitalize on the growing trend.
Analytics can be used to improve processes in every aspect of your title agency, including operations, finance, accounting, market penetration and more. The beauty of analytics is that your decisions become data driven, rather than being propelled by pie-in-the-sky thinking or the reverse – a fearful or too conservative approach.
At VizionX, we understand the importance of reporting and analytics in the title insurance industry. We strive to excel in these areas, especially with our soon-to-be-released TPS, VizionX TitleOS! Yes, VizionX will shortly be rolling out what we believe will become the gold standard for title production technology. Having no tech debt or preconceived notions, we started with a blank slate to design a completely new system from the ground up. Our SaaS based offering will be launched in early 2025. If you would like additional information or want to stay in the know, contact us at info@VizionX.com.
