Technology has become a fundamental tool for title, escrow and closing agents as they manage the plethora of tasks it takes to craft a safe and accurate transaction for their customers. Consequently, title agencies are dependent on a wide range of software applications to assist them with this important work.
They are not alone in their need for technology.
Recent statistics show that businesses that employ 1-500 employees use on average 172 applications in their businesses. That does not even include shadow IT, which is when employees themselves download applications or subscribe to services without IT knowledge or oversight.
The appetite for technology is not surprising as companies, especially small businesses, look for ways to improve processes, reduce time drains, and expand opportunities through the use of more sophisticated technology systems applications and software.
The challenge, of course, is deciding which offering to add to your current tech stack. Here are some quick guidelines on how to approach an in-house analysis to determine where a new solution may be helpful.
Long-term strategy
Always start with the big picture, when considering adding technology. Whatever new software or system you adopt should fit into your long-range plans, so always keep your business plan in mind when considering the adoption of a new solution.
Map your processes
Who in the title industry has not heard of the importance of mapping your processes to understand the roadblocks? But how many really embrace this course of action? To understand where automation might be most effective it’s necessary to analyze each touchpoint in the process.
Map out the step-by-step procedures your staff follows by diagramming the typical progression of a file. Collaborating with your staff, conduct an audit of the time it takes to complete individual tasks to construct a rough timeline from generation of a new order to completion of the file.
Identify the pinch points
As you study your map, invite staff to identify where the process gets bogged down, Including:
- Are there steps that are overly complex or repetitive that could be trimmed?
- Are files languishing on desks because documentation is slow to come through?
- Do bottlenecks occur at predictable stages?
- Does the file come to a standstill awaiting responses from outside sources?
- Do staff members find themselves on hold waiting for reviews or approvals?
Mining your staff for information without judgment or pushback will ensure you get the most robust information you need to shop for the most effective technology to solve your specific challenges.
The most valuable applications are those which bring greater efficiency to your processes and open up new opportunities for future expansion, so consider these two important aspects of technology adoption when you are making your decision.
At VizionX, we are here to help you streamline your business processes to prepare you for future market growth. We have designed our VizionX Fees to integrate tightly with popular platforms in the title and mortgage industries, making incorporating VizionX Fees into your workflows easy and seamless. Call us today to learn more.
