The global pandemic brought drastic change to many industries—including commercial real estate and Finance (CREF). In particular, CREF investors like you have had to rapidly reimagine a new future, taking into account unexpected—and still emerging—challenges that COVID-19 has brought.
One COVID-19-induced shift we are seeing is an accelerated journey toward automation. When you automate “low-value tasks” such as data entry and manual file uploads you empower your team (which may be much smaller than it was pre-pandemic) to intellectually contribute to high-value steps in every process.
This is why automation was an important area of focus at the recent MBA Technology Solutions Conference in Las Vegas. In this post, we capture the key takeaways from the discussion we heard on the topic to help you evaluate your own journey toward automation.
Takeaway 1: Automation is a critical success factor
Automation is no longer optional. It can make or break your success, with lenders needing it to achieve:
Fast implementations centered on end-user stakeholder buy-in
Transparency in commercial/multifamily lending operations
Accurate, fast conversion processes
Portability of data
Takeaway 2: Succeed With Automation through Careful Tech Choices
When you solve for each of the above challenges using multiple, disparate applications, you will likely trade the first set of challenges for a second set that revolves around tech-related compatibility and maintenance and can eat into your hard-won margins. We frequently talk to lenders caught in this trap.
To avoid the trap, evaluate your automation solution based on whether it streamlines thefullloan cycle. Look for integrated solutions designed to optimize loan management operations with flexible, scalable software and services. There are options that come with secure online access to comprehensive document management, modern API-based integration options, simplified reporting and more.