Choosing the correct software provider is crucial to the success and efficiency of your operations. With so many options available, it can become overwhelming to weed through them and find the best fit for your organization. To help you navigate this decision, we have come up with seven key questions. Ask yourself these when choosing a CRE lending system and screening the software providers you are considering. These criteria will not only help you gauge the capabilities of the providers but also ensure that you select one that meets all your specific qualifications. It’s essential to not only find a system that fits your needs but also a provider that supports your long-term growth. If they do not meet these requirements, it’s a sign to continue to look for a more qualified partner.
1. How much experience do they have?
Experience within the industry often correlates with the reliability of the company. A business with more time in the field has often acquired greater knowledge and understanding in building a robust system. Their deep understanding of the challenges specific to CRE lending leads to a more thoughtfully developed and well-rounded product. A longer-established company is more likely to have refined their product, making them a safer option moving forward. Providers with three years or more of experience have had time to refine their offerings, ensuring that they can provide a more stable and feature-rich platform. If they’ve been around for no longer than three years, look elsewhere.
2. Will they provide current customer references, where you can validate proven performance?
Hearing from current users can be very telling, as it gives an insider’s perspective on what they do and don’t like about the system. Customer references are a direct way to verify the provider’s claims. Furthermore, speaking with current customers allows you to hear firsthand about their experiences, successes, or challenges with the system. This provides prospects with a more well-rounded perspective of the software they’re evaluating as they are able to hear about both strengths and weaknesses.
3. Do they offer both business analysis and consulting services?
A system is only as good as its implementation. Providers that offer both business analysis and consulting services ensure that they can tailor the system to fit each user’s individual needs. With this, they can help identify gaps in your current processes and guarantee that the new system enhances your operational efficiency. This comprehensive approach ensures that you’re not just buying software but a solution that propels your business forward.
4. Can they provide custom systems solutions for your company that include tailored screens and reports, integration with existing systems, and website development?
In this day and age, customization is key. At North Shore Systems, our platform is fully customizable, with the ability to tailor it to every customer’s specific needs. A one-size-fits-all approach is no longer sustainable because it fails to address the specific needs of your business. Choosing a CRE lending system with customizable options ensures the software fits your needs and integrates smoothly into your existing daily routine. A customizable software should fit in with your daily operations rather than reworking your routine to fit with the software. With a customizable provider, you can make certain that the system will integrate seamlessly with your existing daily operations and provide the specific functionality you require. The flexibility offered by a customizable system is sure to improve your team’s productivity and overall success.
5. Do they offer guaranteed implementation, with a complete implementation plan and dedicated training team?
Implementation is a key phase that can make or break your opinions on a new system. A smooth implementation plan will create a more seamless transitional period for your company. Thus, a guaranteed implementation plan ensures that the provider is committed to the success of your transition. With an efficient and dedicated training team, your staff will have the ability to quickly adapt to the new system, ultimately minimizing downtime and disruptions to your operations. In the end, considering this question will help you avoid costly delays and guarantee a smooth rollout of the new system.
6. What kind of performance analysis will they provide?
Continuous performance analysis is vital to make sure the system remains effective over time. Providers offering robust performance analytics enable you to monitor the system’s impact and ensure that it continues to meet your evolving needs. An important aspect of performance analysis is benchmarking against industry standards. This allows you to compare a system’s performance with other leading systems in the market, ensuring that the platform you’re evaluating stays up-to-date with the latest technological advancements. Benchmarking will help you identify where a given system may be lagging. It also provides extremely valuable insights when it comes to potential enhancements that could boost efficiency or introduce new functions.
7. Are there ongoing support and maintenance resources dedicated to your company?
Support shouldn’t end after implementation. Ongoing maintenance and support are essential in case any additional questions arise once the software has been implemented. Likewise, you’ll need continued support to ensure that your version of the system stays up to date with the latest features and security enhancements. When looking for a software provider, you should confirm that they offer timely assistance to guarantee minimal disruptions to your daily business operations.
Final Thoughts on Choosing a CRE Lending System
Selecting a lending system is a crucial decision that can profoundly enhance your business’s efficiency and success. By asking these critical questions, you develop a comprehensive and informed understanding of the software providers you are evaluating before making your final decision. Remember, it is important to choose a provider that aligns with your current goals while also supporting your future growth by adapting to your evolving needs. Choosing a CRE lending system that aligns with your individualized requirements and offers great support and customization options will be invaluable in helping you achieve your goals. Ultimately, you should choose a provider that is committed to watching you succeed and is able to deliver comprehensive solutions that help your company thrive in the competitive CRE industry.
At North Shore Systems, we understand the complexities of the commercial real estate sector and are committed to providing a software solution that not only meets your current needs but also supports your future growth. Ready to take the next step? Check out the rest of our website to learn more about how our software can help your company thrive in the competitive CRE industry. If you’re interested in seeing our platform in action, reach out, and we’ll schedule a personalized demo.
