Adopting new technology: External considerations
In a previous post, we examined internal considerations when adopting new technology such as goal alignment; understanding the problem it addresses; how it helps, hurts, or shifts workflows; what is the ROI; and what is the staff feedback.
But there are an equal number of external considerations and those have to do with the software itself and all of the issues surrounding the purchase. Here are some guidelines for vetting the company and the product.
Who is running the store?
If you are in the title insurance business, you know how unusual and specific technology needs can be. With 50 different regulators and 50 diverse ways of doing business there is no such thing as a cookie cutter business in this industry.
If you are adopting a new system or platform, investigate the company who conceived and developed the product to ensure their roots are deep in the industry and that they have a comprehensive understanding of your specific requirements and the variations you will need based on where you are operating.
Product development
Given the speed of change at every level, including updated regulations, new cyber threats, and the everyday kinks in a system, make sure you explore how often the company updates their software and if a maintenance fee is required to get those updates. Often, a maintenance fee provides access to the support team as well as automatic updates as the product is revised over time.
An important component of software development is constant interaction and feedback from customers to discern what is not working or where improvements can enhance the user experience. Making inquiries about how the development team is interacting with current users can provide clues about how responsive the company is to feedback and how open they are to making improvements and upgrades.
Pedal to the metal
Once you have made some basic inquiries, it’s time to run the numbers. In addition to the initial purchase price and licensing fees, you need to factor in maintenance fees, support services (if separate from maintenance), integration with existing software, consultant fees (if the project is complex), and training costs.
You will need to be clear on what is a one-time fee vs. an annual fee and what if any additional fees might be in the offing if you reach back for additional training.
Help!
Once you are up and running with your shiny new solution you will want some assurances that your provider is available through a reliable channel should you have any additional questions or concerns.
Title agencies must have reliable software solutions that are competently and efficiently handling the volume of work that runs through the office every day. There is no down time in a title office and so there is no room for software that is not operational for even a short period of time. A critical factor to evaluate as you are making your decision to adopt a new solution is how quickly the provider can be expected to assist in a crisis and how best to facilitate the support team’s involvement should a problem occur.
Investing in technology is a serious endeavor and it is an absolute necessity that agency owners do their due diligence before launching into a new system. Software developers who understand and respect this truth will be well-prepared to thoroughly answer all of these questions for a prospective customer.
At VizionX, we offer title insurance solutions created by title professionals for title professionals. Our deep knowledge of the industry feeds our passion for excellence, especially with our soon-to-be-released TPS , VizionX TitleOS! VizionX will shortly be rolling out what we believe will become the gold standard for title production technology. If you would like additional information or want to stay in the know, contact us today.
