Successful Steps for Tech Selection and Implementation

Selecting and implementing new technology is a pivotal process for any organization, especially in industries like mortgage lending where efficiency and accuracy are crucial. While the potential benefits of new tech can be substantial, the journey from selection to successful implementation can be fraught with challenges. Here’s a comprehensive guide to navigating the tech selection and implementation process effectively.

1. Understand Your Company’s Identity

Before diving into tech selection, it’s essential to grasp how technology aligns with your company’s culture and structure. Companies can vary significantly in their approach to technology:

• Reluctant Adopters: Some organizations view technology as a necessary evil and are slow to adopt new solutions. These are often smaller, boutique firms that rely heavily on personal interactions.
• Experience-Focused: Others prioritize enhancing the borrower-experience but may overlook technology’s broader benefits across the organization, including accounting and post-closing functions.
• Holistic View: The most successful tech adopters take a comprehensive approach, regularly reviewing and updating their technology roadmap to integrate tech across all areas of their business.

2. Evaluate Your Processes and Workflows

Assess your current processes to determine how technology can best support them. Consider:

• Task-Centric vs. Multifunctional: Are your processes linear and task-focused, or do they involve multifunctional teams? Understanding this will help in selecting technology that complements your workflow.
• Metrics and Measurement: Ensure you have the right metrics in place to evaluate the effectiveness of your processes. How do you measure success, and how is feedback communicated and acted upon?

3. Assess Decision-Making Culture

The way decisions are made within your organization can impact technology implementation:

• Top-Down Approach: Leadership drives technology decisions, and the culture flows from the top.
• Middle-Out Approach: Departments develop their own cultures and technologies, which can lead to varied implementations.
• Bottom-Up Approach: Employees are empowered to provide solutions, and decisions emerge from grassroots levels.

Understanding your decision-making culture will help you manage technology expectations and address potential challenges.

4. Technology as a Resource, Not a Process

Technology should enhance existing processes rather than dictate them. When considering new tech:

• Be Open to New Processes: Don’t just look to automate current steps. Consider how technology can improve or reinvent processes. A new tech solution might offer a more efficient path from point A to B than your existing process.
• Avoid Over-Reliance: Technology is a tool, not a process in itself. Ensure your processes are flexible and can adapt to new technological resources.

5. Prepare Thoroughly Before Selection

Before finalizing your choice of technology:

• Define the Problem: Clearly identify the problem you need to solve. Use frameworks like Kindlin’s Law to break down complex issues into manageable components.
• Request Multiple Demos: Don’t settle for one demo. Multiple demonstrations can provide a better understanding of the technology’s value and how it fits with your needs.
• Seek Real-World Feedback: Involve key team members in demos to get diverse perspectives. Be cautious of feedback driven by fear of job loss due to automation.

6. Ensure Strong Adoption and Utilization

Successful implementation goes beyond just installing new technology:

• Champion the Technology: Make sure there’s a strong internal advocate for the new technology. Effective communication from leadership about the technology’s benefits and its role in the organization is crucial.
• Set Realistic Expectations: Understand the limits of the technology and manage your expectations. Avoid creating custom solutions that deviate from the technology’s intended use.
• Monitor and Support: Post-implementation, ensure that adoption is monitored and supported. Set up metrics to track usage and address any issues that arise promptly.
• Detail Timelines: Clearly define implementation timelines and understand their implications. Avoid delays by coordinating closely with your technology provider and understanding dependencies.

Conclusion

The path to successful tech selection and implementation requires a blend of strategic planning, clear communication, and thorough understanding of both your company’s needs and the technology’s capabilities. By following these steps, you can navigate the complexities of technology adoption and achieve a smooth, effective implementation that drives your organization forward.

About the Author

Jon Rutila is the Chief Revenue Officer at OptiFunder, a leading mortgage technology company transforming the mortgage lending process. With over two decades of experience in the mortgage sector, Jon excels in navigating the complexities of selecting and implementing advanced technology solutions. At OptiFunder, he is focused on furthering efficiency and transparency within the industry, playing a key role in the success of their innovative Warehouse Management System for originators and in Greyhound, a modern system for warehouse lenders. These tools have significantly impacted the mortgage funding landscape, enabling mortgage professionals to scale their operations with greater efficiency. Jon's deep industry knowledge and strategic vision continue to drive OptiFunder's growth and ongoing efforts to revolutionize the mortgage industry.