How can your business harness technology and its benefits, and how do you know what to look for in a technology project? A considerable portion of the mortgage process is still done on paper, and not much has changed in the last 50 years. Some have attempted to experiment with technology by implementing small tech projects here and there, but oftentimes the technology becomes a spot solution for the issue you’re experiencing today, with no capability to grow. What happens when the market changes, regulations become enforced and new issues arise? We’re here breaking down how to successfully fulfill a technology project with 10 Key Principles that any business can follow. Here’s an excerpt from the white paper, Why Technology is so Difficult, on Principle #7 to mastering and applying technology successfully.
“Principle #7 - Change is the only constant. Be a visionary.
Technology has a very short shelf life, so choose based on vision and evolution. When purchasing a product, you must not only look at the needs of today but also at how the product will evolve into the future and solve the issues of tomorrow. A perfect example is the massive change occurring in the mortgage industry. You need a solution which covers the paper needs of today but also evolves and supports a transition to digital closings. Don’t choose a spot solution. Look for the evolutionary path of the business and anticipate your needs 6, 12, 24, and 60 months out. In doing so, you put your
company in a much better position for success and will ultimately spend less money.”
company in a much better position for success and will ultimately spend less money.”
This Principle is so key to the mortgage industry because, without a long-term vision, your business is likely to struggle with seeing the true benefits of technology. The easiest technology to adopt for today’s issues is often not the same solution for the issues to come. In fact, most of the spot-solution technology currently in the industry today can easily become obsolete by something better, faster and cheaper, leaving you to endure the purchasing-implementation-training cycle over and over again. What a headache! Of course, no one expects you to have all the answers about exactly what you’ll need three years from now, but you need to have a vision, direction, and most importantly, the mindset to choose a technology from the start that can evolve with your needs and demands. That’s much easier and cheaper than all these different spot solutions, right? Following all 10 of these Principles will allow your organization to master the seamless implementation of any technology project.
To learn more about all 10 Principles, download our white paper, Why Technology is so Difficult, here.
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