Lenders can now close more loans faster due to rapid technological innovations and digital advancements. However, every lender interacts with many different vendors to complete the process and vendor management is often the biggest challenge and an unknown cost escalator in scaling businesses for real estate and mortgage companies.
Lenders manage various providers for their loan fulfilment services. This can result in high fees, frequent order fulfillment delays, lack of uniform vendor compliance and lack of standard reporting or consolidated visibility. Also, many lenders aren’t able to track the performance of vendors, making it difficult to choose the right ones that will help them meet their long-term business goals.
In such instances, an order management dashboard offers a viable alternative to focus on critical tasks based on their priority. It can help efficiently organize business processes, including high-volume tasks and repetitive undertakings, without requiring human intervention at every stage. As a result, it reduces workforce cost, time and boosts operation speed. In an omnichannel world, leveraging order management dashboards helps overcome the countless logistics and practical challenges lenders face.
Here are the Top 5 Benefits of having a High-Performance Order Management Dashboard:
1. Improving Adherence to Compliance
Lenders can set the compliances for vendors on the dashboard and even customize it as per different vendors. This can include E/O, background checks, tracking, etc. On the dashboard, it becomes easier to ensure that all vendors comply with the set terms and orders as per your company policy.
2. Reducing Errors in Data Entry
With highly automated platform, the chances of human error are minimized. As a result, lenders can place and track orders without errors, and vendors enjoy smooth, efficient and error-free processing. It also saves a lot of time for all the parties involved.
3. Streamlining Repetitive Tasks via Workflows
Lenders can build, configure and automate workflows on the order management dashboard to streamline tasks, improve efficiency and save time and cost. They can manage workflows for title/closing, appraisals, verification, credit, BPO, AVM, flood, and more. Workflows are powered by AI and built using a combination of human-powered and automated tasks. They can flawlessly execute repetitive tasks and need minimal human intervention.
4. Reducing Production Costs and Increasing Profits
With order management dashboard, you empower your business partners to connect, collaborate and automate operations. As a result, it eliminates manual processing, high costs, paper documentation and more. The dashboard significantly increases operational efficiency, boosts customer service and generates new sources of revenue. In addition, the quick access to vendors, faster orders and timely deliveries with monitoring gives operations many more opportunities to succeed and enhances profitability.
3 Ways in which AtClose is leveraging Order Management Dashboard:
1. Workflow Event Tracking
The order platform for title and settlement, appraisal, and other ancillary products ensure defined events and workflows that support efficient operations for your business. You can track all delivered services under one platform and expedite pending requirements accordingly.
2. Dynamic Integration Framework for the Lender Portal
The lender’s portal provides the best value, adaptability, performance and ease of use for all your business transactions. You can place orders, view status, download or upload documents for the project and configure it in a way that ensures all your processes are completed smoothly.
3. Responsive Vendor Portal
The portals ensure real-time communication with lenders wherein vendors can submit orders and upload completed task reports. The orders are sent securely in a consistent format, eliminating the need to constantly change formats or redo them whenever working with a new lender. It’s a web-based and cloud-based order management dashboard with easy global access. The portal is easily scalable as and when orders grow.
With an order management dashboard, you can strengthen your competitive edge in a highly competitive marketplace and constantly monitor order progress, fulfilment, tracking, and more. If you are struggling to manage vendors and need a streamlined and systematic solution, AtClose Exchange has the perfect high-performance dashboard for you.