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last time you took the time to look at
industry proven packages? Not only
do these packages have the benefit of
input and ideas of a myriad of lenders,
but they are typically available at a
fraction of the cost of development
and support of custom software.
If you are currently using a commercially available package, a first step
is to contact your current vendor and
see what enhancements and upgrades
are available to improve productivity
and processes. Regardless of what
your findings reveal, don’t stop there;
check out other portfolio management
packages as well. It is possible that
the savings realized by new technology and resulting efficiencies can pay
for the cost of replacing your platform
in short order.
amazing accuracy. While the technology is not new, its tightly coupled integration into software platforms is, and
that integration not only makes the
operation seamless but also enhances
the integrity of the data.
The cost of a technology “audit” can
be as small as a few hours of your time
each year, but if you take the time,
you might just find hidden dividends
within your own operation.
Bayside Business Solutions
You make the time to audit your financial records every year, but chances
are you don’t audit your infrastructure
and procedures on a regular basis.
When is it time to take a hard look at
your infrastructure and your business
practices? If you wait until you are defrauded, or you have to add staff just
to keep up, or your software doesn’t
run on the latest version of your new
server’s operating system, you have
waited too long.
Now more than ever, it makes sense to
take a hard look at how you operate
your business. As your upstream financers tighten credit, they also want
to know that you are using technology
to mitigate risk. In tough economic
times, business failures shrink the
nontraditional lending marketplace,
while newly non-bankable borrowers
expand it. The workload only increases as margins thin. Enhanced technology provides efficiencies that can drop
savings straight to the bottom line.
From a software infrastructure perspective, a first step is to initiate a review of your current system. If yours
is homegrown or bespoke, when is the
What Can the Marketplace Offer?
During a review of what is new in the
marketplace, you will find that web
services and interconnectivity among
a lender’s vendors is streamlining the
lending processes. For example, a
factoring platform that allows business rules to order, via web service, a
monitoring company’s UCC and lien
searches and then receive the results
back into the platform without manual intervention. Removing the human
element only saves resources, it assures that the searches are ordered
and performed in a timely manner.
Another example is the automation
of the process of debtor notification
via registered email instead of by
registered mail, again saving effort,
postage, and ensuring that business
rules are accurately applied.
You will also find the use of OCR/
ICR (optical character and intelligent
character recognition) to automatically identify invoices by company, the
pertinent fields on those invoices and
extract the data in those fields to populate the software’s database, all with