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.
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.
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.
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.
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.
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