The unknown factor in this volatile situation is how willing consumers will be to buy a house.
With few notable data to precisely predict the future of this market, the owners of the title agency must focus on the factors that control, such as improving internal performance, profitability and market share, everyone can be Stracks.
What does it mean to optimize your technological battery?
The optimization of the technological pile of one implies making an exhaustive inventory of the existing technology of the business to ensure that its systems work at the maximum level to guarantee:
- Systems and software are suitable to meet commercial objectives
- Production staff has the ability to carry out the agency’s work.
- The data is precise and accessible to the commercial forecast and the participation in the construction market
- Security systems are updated and closely controlled for maximum security
Here are five areas so that agents can address to ensure that their companies are operating more efficiently to satisfy uncertainties ahead.
Maximize functionality
The first task in the Tech Stack to Do list is to make an exhaustive inventory. Identifying and eliminating obsolete or obsolete technology that is no longer used or is highly dysfunctional can immediately illuminate the load within its systems. Getting rid of ancient technology can also provide some cost savings if 1) You are still paying for service contracts or 2) your staff is spending time and energy on updates or patches for small software used.
One of the most effective strategies you can invoke in the current era of solid complex technological batteries is to identify where you can connect the systems through GAP technology to optimize your agency’s work more effective.
Your staff can elucidate this problem for you, identifying the boxes or more software systems that are going up and dating during the day to transfer and consolidate information as they work through a title file. The construction of bridges between systems with a common entry or board can save endless time of your staff and reduce errors that are more likely to occur when transferring data manually. And this is precisely where artificial intelligence (AI) is already beginning to offer really notable benefits to the title insurance industry.
More specifically, AI of Agent, the ability to read complex data, make decisions and take measures, is being used to help the agents of the title to automate much of the workflow within their operations, providing greater precision and efficiency in the process. It is also eliminating the amount of time and often underestimated resources that are poured to transfer data from one technology to another part of the technological battery daily.
Value and perfect your data
The potential for AI in the title industry is the perfect SEGUE to touch another aspect of its technological battery that needs some attention and that is the quality of the data that supports the work it does.
The main message here is that to move on to the future of technology that will be driven by AI (a future that is coming now), you must learn to value your data to a much greater degree. This includes the following:
- Dedicate resources to clean your data by eliminating duplications or outdated information and normalizing how the data is entered
- Make a backup copy of your data routinely and ensure that you have solid safety measures to protect it
- Archive old data to release space
MINA YOUR DATA
The most important way to value your data is to use them.
The data is a golden resource, which if it is extracted regularly, can help companies make critical decisions not only to reduce costs, but also to forecast more precisely, expand market share through the most sophisticated marketing and take it. And take. Carry. Carry. And take. Carry. And take. Carry.
The precise and robust data can also be a regular source of information for the internal management of resources, as well as the external management of third -party services.
Install safety and performance updates
You cannot say enough about the importance of strict care to safety and performance updates of all systems.
In a challenging market, title agencies should seek high productivity within the agency and update the systems consistently will contribute to a higher level of efficiency in all departments.
On the Security Front, the Report of the FBI Internet Crime Complaints Center (IC3) 2024, published in April, once again points to the critical importance of having the most solid security measures. Cyber crime complaints increased more than 30% compared to 2023, while losses reached $ 16.6b, and commercial email commitment still represents a significant part of those losses.
Do not forget the hardware
The agency’s owners sometimes focus on the software programs that their staff uses to achieve the complex work of a title agency, while the hardware itself is overlooked.
Make an annual inventory of your network hardware, making sure you have the bandwidth of the server you need to keep up with your agency’s demands, as well as the routers, firewalls, switches, modern, necessary VPN bond doors. Updated hardware guarantees greater reliability throughout the IT network and also offers improved security.
There is a tendency to think about technology as a tool or resource that helps the agency’s owners to manage the agency’s work, but technology is really a primary pillar, in the same way that people, service or product, culture and leadership are pillars.
The owners of the agency of titles that value their technological battery in the same way that the other elements of their agency value are much more likely to get ahead in a dim market.
Hoyt Mann is the president and co -founder of Alanna.AI.
This column does not necessarily reflect the opinion of the Housingwire editorial department and its owners.
To contact the editor responsible for this piece: [email protected].
