Mortgage Software Solutions Blog

4 Reasons to Implement a Mortgage Business Intelligence Strategy

bim.jpgBI visuals help employees in the company get on the same page.

Business Intelligence (BI) has come a long way since its first implementation.

At its most basic, BI has always involved analyzing reports and performance information to allow companies to make decisions based on past activity.

At the complex level of present-day information gathering, BI handles large amounts of unstructured, seeming unrelated data and then makes utilitarian connections between data points.

Using modern BI, a company can turn information sets into successful business strategies that give them the edge on the market and long-term stability over their competitors. Nowadays companies even have access to industry-specific BI tools.

Can you imagine why the mortgage industry should harness this ability? Here are 4 reasons to implement a Business Intelligence Strategy in your mortgage company.

  1. Integrated BI for Complete Data

By integrating business intelligence, a mortgage company has the ability to gather data on their activity via an existing mortgage enterprise management system (EMS) and then work with that data using the BI module.

With two or more applications communicating seamlessly, administrators have all the company information at their fingertips.

Integrating BI with existing tools like EMS and CRM platforms makes the data sets more ample and complete.

  1. Improved Strategic Awareness

Integrated Mortgage BI goes beyond just connecting platforms. It develops a rich business intelligence data warehouse (BIDW) that forms the basis for future decisions.

The BI module has the capacity of building data model visuals that are easy to understand. Using the full range of information available, this feature processes information to make it actionable. Pulling information from all sources means providing the company with rich prescriptive and predictive analytics output.

The strategy of information awareness and fact-based decisions produces a positive influence on the bottom line.

  1. BI Accessibility Breeds Positive Change

It used to be that companies needed IT analysts to interface with the data and come up with insight. It was a management level activity shared between tech folks and decision makers in the company.

With an industry-specific BI strategy in place, everyday users in a mortgage company can view easy-to-understand level-specific data related to their work. Placing BI in employee dashboards empowers them to make informed decisions. It goes beyond IT data and links up with HR, employee metrics, customized dashboards, and more to give the power of data to employees at every level of the company.

Smart decisions go from being seen as top-down directives to using real information as the basis for decisions company-wide. This change in company culture has the benefit of increasing employee job satisfaction and efficiency, which also affects the bottom line.

  1. Industry-Specific Bi is Affordable

There are plenty of BI applications on the market. From Tableau to Microsoft, the tech industry has developed a plethora of BI platforms with a range of executions.

There are also visionary platforms like Salesforce that are extremely flexible but require in-house IT customization. They come with bells and whistles that aren’t meant for the mortgage industry.

Mortgage companies without the resources to create their own fit have a better option. Industry-specific software with ample performance ability is the sweet spot. A mortgage-specific BI tool like this is the most affordable choice.

Mortgage companies who implement this type of “goldilocks” platform will be able to harness the power of BI quickly and easily.

Mortgage BI, developed by the same Northern California-based company that produces the data-sharing software MortgageExchange™, is a perfect example of this type of “goldilocks” platform.

ABT’s takes Microsoft’s Power BI software and their own MortgageExchange and combines them for a leading example of how companies can harness the big-brand power of BI without being oversized or overpriced. Not too expensive, no surplus of addons, and customized to be just right for the finance industry.

BI offers huge improvements to every modern mortgage company’s business strategy. The improved strategic awareness will save your company from financial missteps and BI-generated visual representations of performance data will put employees on the same page across the company.

With BI implementation, companies can efficiently put their data to work and move forward with clear direction.

Contact ABT directly to learn about Mortgage BI business analytics for your bank, credit union, or mortgage company.


Topics: Cloud Services information security for mortgage companies data interface solution data security mortgage software integration Business Intelligence Mortgage BI security productivity mortgage business mortgage regulations mobile technology mortgage industry

How Delve Can Improve Mortgage Workforce Productivity

Using Delve to Improve Mortgage Workforce Productivity .jpgDeveloping and maintaining a high level of workforce productivity is imperative to the long-term success of your mortgage business. However, in order to achieve this, your loan officers need access to the right technological tools.

Technology is constantly being refined and improved upon; a constant flow of new offerings is streaming into the market at an unprecedented pace. One of the newest solutions from Microsoft, which boasts a tremendous amount of potential, is Office Delve Analytics. This innovative resource allows your team of mortgage professionals to access documents, regardless of where they’re located in Office 365—from OneDrive for Business to SharePoint.

Here’s how your organization can use Delve to improve your mortgage workforce productivity.

Time Tracking & Productivity

The key to success in the mortgage industry—just like with any other business—is productivity. One of the crucial metrics to effectively manage and improve upon is how your team members are spending their time. In addition to allowing management to get a firm grasp on who is doing what and in what time frame that work is being completed, time tracking provides employees with an integral resource for staying organized.

Time tracking is a key feature of Office Delve Analytics. The My Analytics dashboard allows your team members to quickly and easily track how much time is being spent on a given project, both individually and on a larger team basis. User-friendly and interactive, the My Analytics dashboard provides a method of time tracking that engenders a higher degree of productivity—both from the viewpoint of management and the individual employee.

Sharing With Delve

One of the primary challenges mortgage teams face is finding the right platform to allow pertinent information to be shared among employees, while also controlling who has access to that information. Part of increasing productivity means providing your employees with the information they need, when they need it.

In addition to customizing each individual user's content based on what is relevant to them (and constantly maintaining established permissions), Office Delve Analytics allows for quick and efficient sharing of key metrics with other employees and groups throughout your company.

Finding the Relevant Information—Fast

Office 365 encompasses a broad spectrum of applications and interfaces. Needless to say, attempting to locate the information your staff is searching for can gobble up valuable time, quickly lowering productivity. This is where Office Delve Analytics really shines.

The challenge is not the simple search for relevant information; it is actually locating that data. Office Delve Analytics uses innovative human learning—the Office Graph—to store and bookmark information for employees, based specifically on that person's work habits.

What this means is that the people and content that a person has liked, followed, shared, and searched for start to populate the user's dashboard without the need to perform a manual search. As opposed to previous solutions that simply showed "most recent" documents, Delve puts more credence in content that the user has accessed a greater number of times.

This feature holds vast capabilities for your mortgage company’s document management. For instance, if an employee "likes" a bit of content that another has shared, others on your team with a similar role will be suggested that same content, creating a chain of relevant information. All of this is derived from data within Office 365, Sharepoint Online, and OneDrive. Most importantly, as it pertains to permissions, the content will populate the user's Delve results only if that user has the appropriate permission.

Maximizing employee productivity is a simple concept in theory but extremely difficult in practice. Microsoft Office Delve Analytics provides the engine to drive your mortgage company's productivity to previously unattainable levels. Access Business Technologies is a proud Microsoft partner, offering cloud hosting services that provide seamless accessibility to all of your mortgage software, including Delve. Contact us today to learn more.

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Topics: productivity Delve

10 Ways Cloud Software Increases Your Mortgage Company’s Productivity

Cloud Software.jpgOne of the most important reasons for any mortgage business to make changes in the way it uses software is to increase the productivity of their workforce. The key, though, is finding a software solution that doesn't get in the user's way. The more flexibility a platform offers in accessing information, carrying out tasks, and securely collaborating, the more your mortgage employees can get done. ABT's cloud software makes all these things possible.

Here are 10 ways our cloud software can increase productivity for your mortgage business today.

1. Mobility

Employees can't always work from their desks. Sometimes they have to deal with an important customer issue after hours or on a day when they can't come into the office. Speed is important in the mortgage business, and waiting till the next day may mean a lost opportunity. Using ABT's MortgageWorkspace™, employees can log in from wherever they are, in order to deliver faster, more responsive service to their customers.

2. Access

With cloud software, your mortgage company's documents are stored on a cloud server, so employees can access them from anywhere. They can start a task at one location, using Office 365, and pick it up again later by logging in from another location.

3. Communication

Communicating with customers and business partners, including the ability to transfer documents securely, is central to any mortgage business. DocumentGuardian™ and EmailGuardian™ provide methods for securely transferring information, without relying on the usual fragile and insecure email transfers.

4. Collaboration

ABT's MortgageWorkspace™ supports secure sharing of information among employees. There's no need to rely on clumsy and risky methods, such as passing around USB drives, to share information.

5. Consistency

Using a consistent, integrated software platform makes it easier to bring all your information together when and how it’s needed. A fragmented collection of applications puts barriers in the way of getting information from one step to the next in the process.

6. IT Management

Cloud IT services not only make you more productive, but they also eliminate IT headaches. Backup is automatic. Operations aren't tied to a specific piece of computer hardware, so server downtime stops being an issue. Your cloud provider also updates your software automatically, so there's no need to worry about running updates. And with 24/7 online IT support, you and your team can get the assistance you need anytime, from anywhere.

7. Loss Avoidance

Information stored on personal devices is at risk. Theft rates for laptops, tablets, and smartphones are high. When information is lost or stolen, it's necessary to deal with the situation and find a remedy, and that takes time and resources away from serving customers. Any information that was only on the missing device has to be reconstructed, which can be a tedious process.

8. Scalability

It's every business's dream to see a huge increase in the number of customers they serve, but even that can be a headache without scalable resources. In-house machines may not be able to keep up with the increased load, and slow response times or limits on capacity may hinder employees' abilities to serve applicants. A cloud service easily scales with increased demand, and your business is left with the happy task of figuring out where to put all those new hires.

9. Readiness for the Future

Data breaches are a growing concern in the mortgage business. Everyone involved in the lending and handling of financial information will need to adapt to tighter standards and regulations. Having a disorganized collection of information makes it very hard to demonstrate that things are being handled properly. Our services are designed throughout for mortgage-specific security. We keep up with the latest security compliance standards, so that you can be confident your business keeps up with them too.

10. Speed

The sum of all these advantages is the ability to get work done faster. Information lookup, communication with customers and lenders, and collaboration among employees all happen faster from the cloud. This means fewer missed opportunities and more business done every day.

ABT's MortgageWorkspace™ provides a huge boost to a mortgage company's productivity by bringing all the relevant information together in one place, where employees can access it from anywhere. It provides the highest level of security while letting employees work without running into technical barriers. Please contact us today to learn all about what we offer.

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Topics: Cloud Mortgage Cloud Services productivity