Before delivering on ‘chain of title’, property survey, title insurance and closing, title companies need vendors, Title companies have to complete a series of tasks. Each of the tasks may need a specialized vendor and therefore the key to successful operations for any title company lies in the quality of their vendors.
Anyone working in the title industry is familiar with the many moving pieces required to complete a single closing. It can often be overwhelming. Leading title experts say that when work is at its peak, time management is the ultimate skill – even above the intricacies involved in a closing. Yet, surprisingly many title companies are still handling their vendor tasks manually. As a result, companies need to proactively and frequently follow up with vendors to get work done. Unfortunately, the regular manual check-ins can add a considerable amount of time and cause essential tasks to be left behind.
Luckily, modern title companies can improve vendor management by embracing new-gen solutions that avoid mistakes and speed up performance.
Simplified Vendor Management
Choosing the right vendors can make the difference between success and failure for a title company. For instance, have you tried to count the number of steps on your to-do list to complete an order with a vendor? Right from placing the order to fulfilment of payment – it goes on! Furthermore, if you end up working with the wrong vendor in this process, it can cause a significant setback in your operation and delay the closing by weeks or months. On the contrary, using an automated workflow for your vendors will make your business more efficient. Also, it will ensure that your team is consistent without having to reinvent the wheel on every closing.
AtClose understands the value of vendor management and the responsibility that comes along with it. Every vendor needs to ensure compliance but having a system in place helps both vendors and title companies in the long run. Thus, we created a cloud-based workflow solution that offers a single point of integration for title companies to connect with vendors. With reporting and vendor score-carding, vendor performances can be easily rated on the dashboard, helping companies automate their orders and accelerate closing.
Benefits of Auto-Assign and Follow-Up for Title Companies
Simplified Vendor Checklist
Our dashboard offers clear set guidelines with E/O, background checks, tracking, and more. So, title companies can ensure that all vendors comply with the set terms and orders depending on the company policy. This saves the time and hassles of choosing a vendor and vetting them.
Past & Present Vendor Performance
Businesses often revolve around relationships. Unfortunately, a good relationship can mask vendor performance that isn’t up to the mark for your business. In a worst-case scenario, it could even be hurting your business. With ratings on vendor performance based on their past performance, you know how your vendors are doing. Reporting benchmarks and ratings help improve performances and set a quantifiable measurement scale.
Smart Vendor Rating System
When there’s a transparent rating system for every vendor, title companies can easily auto-assign orders based on the vendors’ past performance. Our dashboard also considers the availability and skill levels of the vendors to ensure they complete the tasks on time. As a result, it reduces the hassles of manual follow-ups and avoids delay.
Efficient Vendor Processing
The automated platform minimizes human errors, and title companies enjoy smooth, efficient and error-free processing. Title companies can also build, configure and automate workflows and thus, streamline their tasks to improve efficiency and save time and costs.
Real-time Communication with Vendors
Our portals ensure real-time communication with vendors to submit orders and upload the completed task reports. The orders are sent in a consistent format, eliminating the requirement to change formats or redo them with new vendors constantly. In addition, the order management dashboard offers easy global access, enabling title companies to work with top vendors with simplified communication.
Scalability for Business Growth
AtClose believes that an intelligent vendor management portal should be a highly scalable platform that can easily enhance vendor-related functions. Therefore, our vendor portal supports integration into existing business systems, vendor due diligence, scalability for new vendors, and more.
Think of all the reduced steps on your to-do list when orders can be auto-assigned to the right vendors and completed without having to check on them constantly! Apart from offering benefits to your company, automated operations and an innovative dashboard are also highly effective for vendors. Vendors prefer solutions that are easy to use and friendly. We built the dashboard on the principle of delivering best-in-class functionality with top benefits for all parties involved. The intuitive technology makes it an asset for vendors as well.
AtClose delivers an order management dashboard that helps title companies like yours empower your business partners. You can connect, collaborate and automate operations and processes for smooth order completions. Consult our industry experts to see how our new-gen solutions simplify your vendor management.