If you are investing in technology, your first point of contact may very well be the sales representative, and while the individual may be knowledgeable about the product, you must still conduct your own due diligence to get a clear picture of what is going on behind the curtain.
Here are some critical considerations to investigate when considering a new solution.
Capability
The first analysis you will want to undertake is to understand the full range of the technology’s capability. You may be looking for something to solve a specific problem within your workflow or tech stack, but taking a look at the full potential of a new solution can help you see future benefits, making your investment much more meaningful and productive in the long run.
Integration
In this age of complex tech stacks and complicated workflows, you will definitely want to have very clear and detailed explanations of the solutions ability to be integrated with your current tech stack as well as the interoperability of the solution with your current workflow. We can be a bit myopic when it comes to technology, seeing the shiny new toy without considering who it fits in. Here is where it is most important to take the blinders off and dig in deeply to see how the pieces are going to fit together.
Reliability and updates
Making updates to technology can sometimes be frustrating, but a solution provider who is not making updates on a consistent basis is a sign that they are not invested in the technology for the future. It isn’t enough to have them tell you they make updates; it is imperative that you review their track record to see what kind of improvements they have made through the years. And in that research, gather data on the reliability of the technology and any indications that the technology has experienced downtimes or in other ways been unreliable or problematic.
Security
Title agents have strict regulatory obligations to not only maintain a high degree of security within their own agency, but to ensure that third-party service providers and technology suppliers have security protocols that meet or exceed their own requirements. This includes how data is being compiled, used and protected, as well as cyber security protocols. Insist upon having this in writing, which should be a matter of course for any legitimate tech provider.
Testing and usability
Get your own users involved in your analysis of the technology, making sure there is hands on testing and a clear understanding of exactly how the technology will be used and where it will fall into the workflow. Better to know before making the investment whether the thing is going to not only solve your problem but do so in an integrated and seamless way.
Training
“We do training” is an easy line to add at the bottom of an agreement, but make sure you understand the full length and scope of the training needed to get staff up and running. Also clarify availability for any follow-up training if your staff experiences issues and make sure there is a clear line of access to trainers for follow-up or questions once on-site training has been completed.
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 also understand the difficulties inherent to selecting the best technology for your unique business. Have questions about the tech purchase process in general? Please get in touch – we’d be delighted to talk!
