One Budget Item You May Have Missed is Technology
Are you like the rest of the world and currently budgeting for 2022? While thinking of the usual line items in your budget, one you may have missed is technology. It's an easy one to overlook because it's hard to quantify. Here are some talking points to help you decide if this is the right time for you to adopt new technology.
What is your competition doing? Are you staying ahead of them?
By the time you decide to adopt new tech, your competition has already closed 3 new deals because software enhanced their processes. By the time you've figured out how to navigate new software, they've closed 3 more.
Like any investment, it pays to start early; your returns compound so don't be the laggard when it comes to adopting new technology.
Throughout the year how much of your team's time is going toward repetitive calculations like prepayment penalty?
New technology can help you analyze data and calculations to make the best decisions moving forward — for example, LoanBoss has forward curves to run budget scenarios and prepayment penalty calculations in a click of a button.
Automated processes provide you with the opportunity to explore and execute better loans. With software, nothing slips through the cracks so you can focus on creating opportunities instead.
Value of CRE professionals is in the last 2% of their workflow — make the best use of your team's time!
Debt is the biggest cost center you're not thinking about. Why?
Before centralizing their loan data and automating calculations with software, companies found that lots of money was slipping through the cracks simply because they weren't staying on top of their numbers — debt is easy to overlook. But when you look closely, that's real money that could be working for you!
Are you paying off loans early and getting crushed by prepayment penalties? Are you missing alerts and notifications that are costing you money? Having software will help you look ahead and create new opportunities within your debt.
How is your turnover?
The job market has seen a dramatic shift lately. Employees are contemplating their future and sometimes making dramatic career changes. What if one day Bob from Accounting decides to chase his passion for gardening and walks out the door with all of the excel sheets? If you have software that centralizes all of your data, your company and your new hire won't miss a beat. If all of your data calculations disappear with Bob, you're in a world of hurt.
Software doesn't just automate calculations, it centralizes data so that everyone on your team can access the same information from anywhere in the world. If your office is suddenly forced to work remotely again, will everyone have easy access to all of the loan documents you may need? How much easier would it be to collaborate from a distance if you can instantly access that data?
If you want to start your technology search, check out our website!
Send us an email at TheBoss@LoanBoss.com to continue the conversation.