San Diego, CA, July 04, 2012 --(PR.com
)-- Who acquired who? How will this affect my technology infrastructure?
Like the vaudeville comedy routine “Who’s on First” made famous by Abbott and Costello, you will be scratching your head wondering who is where when the current M&A flurry ends. That is If it will end.
If you are uncertain regarding the future of your LOS and vendor partners and feel like you are navigating a landscape that you can barely recognize, you are not alone. Keeping up with your current LOS and vendors is tough enough. Add mergers, acquisitions and the entrance of new players into the mix, you will surely be sent into a tailspin. The good news is that you have options and now is the time to exercise them.
Option #1- No Action- “If it’s not broken…”
Cracks in your No Action strategy are likely coming in the near future specifically as it pertains to constantly changing rules and regulations. At minimum, an annual systems audit is advisable in order to ensure proper adherence to ever changing regulations. Start with your data and document management systems. If nothing else, make sure your EDM solution is meeting your expectations. Technology infrastructure can sometimes take a back seat to HR and sales and marketing related needs. Rolling the dice is probably not your best option.
Option #2- “Buy the Sizzle”
It’s easy to fall prey to flashy salesmen and buzz words that suck you into the perceived latest and greatest all-in-one super solution. This may work. It may not. You could be left with an underperforming and unfamiliar system and only one vendor to help dig you out.
We all realize that product demo’s are tightly scripted and rehearsed prior to presentation. In several instances the prospect is not able to perform the same functions on their own following the sales demo.
Regardless of slick presentations, you should prioritize flexibility and real-time environment application. Initially, the sales folks sell you an all-in-one LOS inclusive of an EDM system at an affordable price. If you currently do not utilize an EDM solution, performing basic functions such as attaching, viewing and stacking documents will be very appealing. The determining factor should be the degree of flexibility and vendor support, specifically if you seek added functionality in the future.
Option #3- Comprehensive Review
You likely spend millions to research and sometimes implement LOS and related vendor technologies. I refer to this effort as “Paralysis by Analysis,” often resulting in No Action. It’s difficult at best to cover every function. One way to help ensure flexibility and vendor support is to conduct a comprehensive review to include all technologies and related vendors per function. The key is to ensure that all parties participate. Consider the following; Are the technology systems for sales and back office integrated to ensure maximum functionality? Have you overlooked the service providers integrated with your current systems?
Use a checklist by categories to evaluate whether or not each vendor and supporting technology fits in the following buckets:
We cannot accept any less functionality.
Needs to be replaced.
Can do without.
Once completed, the next step is to prepare an RFP to begin the research process for a new LOS provider if needed.
If you end up at a crossroad where you are considering accepting less than the perfect solution that still does not satisfy all of you needs and is padded with a bunch of “Stuff” that you don’t need, Stop.
Review the options above to formulate strategy.
Making the wrong decision could cost you dearly regarding market share and precious IT resources.
Since 1996, Axacore’s EDM for Mortgage has provided lenders with a ready-to-deploy platform that reduces overhead, speeds the loan origination process and continues to produce efficiencies throughout the life of the loan. Mortgage Technology Magazine named Axacore a TOP 50 Service Provider for 2011.