We all love the newest technology and it’s easy to get swept up in the excitement of embedding new technology or software into your business.

But before you jump into that shiny new vehicle, take a quick step back and review a few fundamental business considerations before you buy.

Business goals

The first question to ask is, how does this new technology purchase fit in with your business goals. Everything you do as a business owner should fall in line with your goals. This purchase should be based on how it helps you meet your objectives. Will it help you cut costs in other areas? Will it enhance your ability to serve your customers? Will it free up staff for other more important ventures in the coming year?

Quality and relevance

While a new technology or software may look good on the outside, you need to understand how it performs and how it is going to be integrated into your business. In addition to taking it for a test drive, it will be further enlightening to talk to someone who is using it to have a greater understanding of how it is going to impact your day-to-day processes.

Ramp up time

Some types of technology or software systems are “plug in and go” but most require serious integration and training. This is the time to be realistic and not pie in the sky about what it will take to get this new product up and running for your team. This is not to discourage the adoption of new technology, but rather to prepare yourself for the time investment it could take.

Customization

Technology rarely meets every single expectation, so it’s helpful to discover if the technology you are looking at has features that can be customized to meet your needs or workflows. Customization allows you to collaborate with the vendor to modify the solution to meet your specific goals. But let’s face it, this is often an expensive proposition and a time-consuming one. Ask anyone who has ever gone down this road.

The best solution is to find software that aligns well for the most part with your workflows and allows you to engage in a certain amount of customization in-house to achieve your ultimate goals. This is one of the advantages of our VizionX software. Title companies and lenders can customize their self-managed fee system to provide reliable, up-to-date, customized fees for their customers.

IT support

And the final consideration should be to determine what kind of support you can expect from the provider should you have issues with the software or technology. This is something that you will want to know upfront so you and your staff know who they will be working with at the provider to answer questions or address issues in the future.

VizionX is an advanced technology provider, offering solutions designed by title experts for title professionals and lenders, including our unique closing fee calculator technology. Contact us today to learn more!

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