In today’s fast-paced world, technology plays a pivotal role in streamlining operations and improving efficiency across various industries, and the commercial real estate sector is no exception. In our ever-changing industry, it is essential to stay ahead of the curve to ensure that your business is thriving and able to adapt to evolving circumstances. A slowdown in originations creates an opportunity to improve systems and operations before the next cycle or business direction begins. Thus, the best time to implement new technology is before you need it. Integrating a new LOS is challenging when things are busy and priorities on finding and closing deals outweigh trying and testing new tools. So, whether you are expanding use of your current tools, or implementing new solutions, now is the best time to get prepared and get them in place.
Being proactive about embracing new technology can make or break the longevity and success of your company. Implementing new technology allows you to innovate, optimize operations, and future-proof your organization. With all that being said, we’ll explore why the best time to implement new technology is now.
Avoid Reactive Decision-Making
Implementing technology before it is absolutely essential allows you to make informed, strategic decisions. When you aren’t in a pinch you’re able to take your time and make more informed and thought out decisions. This gives you the ability to compare various tech options on a variety of parameters. Companies are able to thoroughly research and choose the right technology solution that best aligns with with business goals. Postponing this decision could result in hasty decision making that ultimately is not the best fit for your organization.
Learning Curve and Transition Period
Whenever you are looking to implement a new technology, it always comes with a learning curve. By adopting new technology when your operations are running smoothly, you can take the time to adequately train your team, ensuring that there are minimal disruptions to their current workflow. Taking this proactive approach allows your team to become familiar with the new tools, avoiding any potential productivity losses.
Allow Time for Customization
Implementing new technology in advance allows the time needed to customize the technology to fit your company’s specific needs. Since our North Shore platform is fully customizable, we highly recommend implementing it ahead of time. This way we can work to fine tune it to your specific desires before you absolutely need it.
Financial Planning
Proactively adopting technology allows for strategic financial budgeting. With planning in advance, companies are able to properly allocate resources and effectively forecast expenses. This ensures that your organization is as prepared as possible for the cost associated with implementing new technology.
Competitive Advantage
Being an earlier adopter of technology can give your company a competitive edge. By staying ahead of the curve, you are able to offer your clients better services, improve efficiency, and potentially gain a higher reputation amongst your competitors. This may even allow your company to become known for its innovation.
Risk Mitigation
Lastly, embracing new technology helps mitigate risks that may occur in the long run. By adopting modern technology in advance, organizations reduce the risks of facing security breaches or data loss that often comes from using outdated or non-streamlined solutions.
Ultimately, it’s best to implement new technology before you are in a bind and desperately in need of it. Being proactive when it comes to new technology allows you to make thoughtful decisions, account for any learning curves, customize the technology, effectively account for your budget, gain a competitive advantage, and mitigate risks. By staying ahead of the curve, your organization is able to thrive in a digital world where adaptability and innovation are keys to success. So take action before a crisis forces you to, and position your company towards a more technologically advanced future.
