We’ve covered the benefits of using a software solution for your vendor management processes. Now, let’s talk about what to look out for and consider when selecting your software at your mortgage company.
6 Things to Watch Out for In Your Vendor Management Software
Obviously, there are choices available to select in this space and it’s important to keep in mind many factors before making a final selection. Here are 6 to consider:
1. Expertise - Is the software a concoction of something which was used for another industry?
2. Exclusivity - Ask yourself, was this software designed for the mortgage banker in mind
3. Training - What do I get in terms of support or ongoing training? Would additional training result in support fees being charged?
4. System Uptime - Does the vendor have a strong handle on maintaining the uptime of the product?
5. System Configurability - How configurable is the system? Can a specific report or data element be shared with executive management or even an examiner?
6. Pricing - Is there tier pricing in place depending on how many vendors I onboard? Isn’t that like charging me extra when all I want to do is centralize where all my vendors are being maintained?
Software as a service is usually bright and shiny, but caution should be given when reviewing software to ensure that not only will the solution meet your needs today, but will grow with you as your vendor management program matures and becomes more sophisticated.
If the vendor solution requires you to adapt too much or change your basic workflow to meet a predetermined workflow embedded in the software, then you need to consider a system with more flexibility.
In any line of business, changing a vendor service is no easy task, the same thoughtful consideration should be given to the vendor management tool which will ultimately be the cornerstone of the overall vendor management program.