3 Questions for Challenging Inefficient Business Processes
CEOs, CIOs and business owners are always looking for ways to make their processes more efficient. This tech innovator was recently reminded of a very good solution to that problem.
I am currently in the process of refinancing my home. The last time I applied for a mortgage, there was a lot of paper. We signed documents and put them in envelops and FedEx’ed them – and sometimes they came back because I forgot to check a box or enter a decimal point somewhere. The process was very slow, because there was no way to automatically validate if I had checked everything. It was resource intensive for the mortgage broker as well. Someone had to manually check the documents, then scan the documents and feed them into a software program.
Now the entire process is automated. It takes less than a day. I am able to look at all my disclosure statements online. The web site has fields where I need to sign, and if I don’t complete it, I can’t move to the next document. As a helpful feature, all of the documents are in the PDF format, so the information looks just like as it would look on paper, and I can always print, if I want to.
That’s a very good example of how software automation and a paperless environment can not only make a business more profitable, but can improve customer service. With the money the company saves by reducing cost, they can give me a better deal on my loan, in comparison to other providers. That’s a win-win.
So how can CEOs and CIOs in other industries break free of inefficient business processes? They should ask themselves the following three questions:
- How recently have we evaluated our processes?
- Should we be changing and evolving our business to realize the growth that we are hoping for?
- Why do we need a paper document? If not because of federal laws, can we change our company policy?
These three questions will get your started. Keep asking questions. Then question your answers.
In a world of web sites, mobile phones, scanners and email, we can live without printers … so why be afraid to change our inefficient business processes?
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