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Just like in any other business, leaders in the mortgage industry are often wary of embracing new technologies. It's human nature to want to do things the way they've always been done. "If it worked for us in the past," we reason, "it will work for us in the future."
For the most part, that may be true. You may be able to get along fine without using software to automate your document preparation or processing. You may be able to stay in contact with customers without some sort of database, CRM, or e-mail marketing platform. You may be able to integrate operations within your organization without some form of intranet. You can get along fine without automating any portion of your business...just as long as everyone else is doing the same thing.
You see, being more efficient isn't just about improving your business operations; it's about staying competitive. Why embrace new technologies, automation, and systematization of your business? Sure, streamlining your processes can make you more efficient, save you money, and generate more revenue. But, more than anything, it will make you competitive. If you don't join the inevitable arm's race, you will find yourself hopelessly outgunned.
As we head into the future, much of your differentiation will lie in the technology and automation platforms you choose to integrate into your organization. Finding the right systems to help you achieve better results can give you the competitive edge you need to survive in a crowded marketplace. Don't seek to do things "the way they've always been done." Instead, seek to do things the way they will be done in the future. That's the only way to make sure you are still around to see it.
David Lykken is 40-year mortgage industry veteran who has been an owner operator in three mortgage banking companies and a software company. As a former business owner/operator, today David loves helping C-Level executives and business owners achieve extraordinary results via consulting, coaching and communications, with the objective of eliminating corporate dysfunction, establishing and communicating a clear corporate strategy while focusing on process improvement and operational efficiencies resulting in increased profitability. David has been a regular contributor on CNBC and Fox Business News and currently hosts a successful weekly radio program, “Lykken on Lending,” that is heard each Monday at noon (Central Standard Time) by thousands of mortgage professionals. He produces a daily one-minute video called “Today’s Mortgage Minute” that appears on hundreds of television, radio and newspaper Web sites across America. He may be reached by phone at (512) 501-2810 or by e-mail at [email protected].