Most title agency owners and managers are not techies at their core, but in our burgeoning technological environment, it is imperative that managers take a deep dive into how technology can best serve their objectives.
In this process, it’s important to remember that technology is a tool, a means to the end, and the end itself is the core vision and mission for your enterprise and the business strategy you create to fulfill that vision and mission.
The key word here is integration, and in this context, we are not speaking of technology integration, but the aligning of vision, intention, and execution.
Business Development & Product Strategy Leader Alexander Fredericks said this in his recent article on LinkedIn, “In pursuing success, three elements play a pivotal role: Intention, Attention to Detail, and Expectation of Outcome. These components, when aligned, form a powerful triad that can drive individuals and organizations toward their goals with precision and clarity.”
As an agency owner, every decision you make should be vetted through these three questions:
- Does this decision move us towards fulfilling our vision?
- Does it align with our mission?
- Is it congruent with our business strategy for the coming year?
When you start talking about business strategy, this is when you really get down to the nitty gritty of aligning your technological investment with your goals.
Business strategy objectives
If you have correctly aligned your business strategy with your vision and intention, then it’s much easier to make decisions throughout the year because you will already have developed a lot of clarity around where you are headed. Some examples:
Objective 1: Streamline file production to reduce time per file
This is an easy objective to review when it comes to technology. It is often a simple calculation to determine if the new solution is a nice to have or if it is going to help you achieve this very specific objective. Collaborating closely with the members of the team who will be most affected by the new solution, you can conduct a virtual walk through together to determine the efficacy of the new solution within the context of the larger picture.
Objective 2: Improve customer service
Everyone in the title industry wants to up their game when it comes to customer service and let’s face it, good customer service includes face time, phone time and text time. Will the new solution align with this objective by handling routine tasks to free up staff time? In other words, is it adding another task to an already busy schedule or is it reducing or removing time investment to allow the staff to be more responsive to customer inquiries.
Objective 3: Expand into new markets
In this example, we may look to investing in a new lead generation system that will give us entrée into new markets or more sophisticated lines of business, for instance commercial real estate. Such technology may provide this benefit, but agency owners must conduct their due diligence to ensure the solution will deliver results in the way they are anticipating.
Technology solutions can be an incredible resource in driving business revenue. Making sure the technology seamlessly fits into your business objectives will ensure far greater success.
At VizionX, we understand the pace of technological change in the real estate, lending and title insurance triad, and we are dedicated to developing technology that will help title agents future proof their companies. We have designed our soon-to-be-released TPS, VizionX TitleOS, as what should become the gold standard for title production technology. Contact us today for more information.
