Anyone who does more than a little reading about mortgage technology will likely recognize a pattern in the way vendors discuss their offerings. They constantly attempt to outdo each other by pointing to their most flattering technical specifications. One provider will claim to get their clients live in 30 days or less, while another will advertise the fastest database performance. In the world of mortgage business intelligence, this approach is fascinating, because it ignores the most critical aspect of the implementation.
Implementing MBI is about much more than simply installing the software, connecting the data sources, and setting up user credentials. That’s only the beginning. The core of an MBI implementation is the successful conversion of an organization’s traditional analytics to embedded analytics. What’s being implemented is not just software, but a fundamental shift in the way an organization thinks and works, and this type of shift doesn’t just happen automatically once the software is installed and running.
Managers must first understand how to get the same information they currently get from their old spreadsheets and traditional reports with their new MBI platform. This may be the most critical phase of an MBI implementation, because if managers can’t immediately begin to abandon the analytics they’re currently using, the MBI implementation will have stalled before it’s begun. Even if an MBI platform comes with an array of prebuilt solutions, a consultative configuration phase is necessary to ensure that there is a smooth transition from whatever reports and spreadsheets managers currently live by to corresponding MBI components. And these components must do more than just provide the same information in the same format. They must provide it in a more dynamic and effective format that is easier to use.
Once managers take this first step in migrating to MBI, the implementation must continue with ongoing consulting and training to expand the use and impact of the system. Instead of the effort leveling off once the first couple of spreadsheets are turned into KPIs, the movement should go on to absorb any spreadsheet and report in its path until there are none left. Superior vendors will know that the more your system proliferates, the more success you’ll have with it. They should constantly be encouraging you to expand your use of the system, and they should be available to show you how and to help you do it.
MBI isn’t just about the software. It merely starts with the software. The goal of MBI is to create a new type of energy in an organization. To get staff to naturally gravitate toward peak performance. To create departments that are intrinsically proactive instead of reactive. To foster dynamic thinking and effective prioritizing. To go from task oriented to goal oriented workflow, and to become more successful.
If your MBI vendor isnít discussing these effects with you, theyíre not an MBI vendor. If all theyíre doing is solving technical issues for you, they’re just another IT provider, and there are many of these. To maximize your chances for a successful implementation, your MBI provider should have experience with more than just software installation. The need a solid track record of helping move entire user communities from traditional mortgage analytics to MBI, which is not something just any provider can do.
About The Author
Jon Maynell is a mortgage industry veteran, with over 25 years of experience designing, marketing, and writing about mortgage technology. He is currently Vice President of Client Services at Denver-based Motivity Solutions, Inc. He can be reached at 303-721-9000, or firstname.lastname@example.org.