Technological innovation has exploded over the past two decades, covering the gamut of 5G and advanced connectivity, artificial intelligence, quantum computing, advanced robotics, internet of things, biometrics and multi-factor authentication, and cloud-based computing, leaving the unprepared and unwilling in the dust.
The challenge for small- to medium-sized agents is how to effectively integrate any or all of these innovations in a way that delivers title, escrow and closing services more efficiently and creates overall experience for the customer that is more responsive, secure and helpful.
For years, title agents have adopted this or that solution that solved a particular problem but without much thought given to an overall strategy.
With so much innovation available today on so many fronts, it is time that title agents get serious about devising a broader digital strategy that will place them in the lead position for real estate transactions in the future.
What Is Digital Transformation?
Digital transformation is a broad term that encompasses a company’s efforts on two fronts: 1) to integrate digital technology across the breadth of the business, which often requires and results in fundamental changes to how the business operates, and 2) to invoke a cultural change towards a more entrepreneurial approach that is far more open to rethinking and redefining how products and services should be developed and delivered.
Key Word: Agility
Digital transformation must begin with a strategic plan to leverage digital technology for purposes of innovation, greater efficiency and improving the customer experience.
The problem historically with strategic plans is that they tend to be a top-down initiative that – like a bull in a china shop – pushes its agenda forward while often failing to consider the broader impact on every department the initiative touches.
Effective digital transformation invites each department in the agency to contribute to the implementation of the strategy based on their own vision, strengths and needs, thus empowering everyone to have strong input on execution.
Asking the Question: What Have You Learned?
Here is the key to success.
As you are rolling out your strategic digital initiative, you must be asking the question, what are we learning at each step. This requires tuning into every department within your agency and listening to the boots-on-the-ground folks to understand how the changes are impacting delivery of services.
Constant feedback will help you pivot more quickly when something is not working or ramp up faster when you are seeing success.
And let’s not forget the importance of data analytics in this process! Strong and reliable data must underlie any digital transformation effort in order to elicit trustworthy analysis of outcomes.
At Premier Data Services (PDS), we offer packaged business capabilities as building blocks to compose unique and differentiating digital initiatives to provide our title agents with agility, innovation and reduced time to market for all their initiatives. Contact us today to learn more!