Author: palmira voelkerding (Page 1 of 3)

The world around us is constantly moving forward, advancing as technology advances. Those who don’t keep up with what’s new and what can transform business will be left behind while competitors taking advantage of new advancements will quickly take a step forward. This paints a very vague picture of what is happening with lending processes. As the rest of the world moves forward, their digital journey is anchored in the past. 

Banking, lending, and financial services is one of the foundational aspects of our economy – real estate purchases, business investments, saving for children’s education, buying a car, paying bills, investing, retirement savings, and so much more involve this industry. It doesn’t make much sense that something so important – something so integral to the processes of our country – would be so behind in technology. Unfortunately, it is true. 

What’s the Delay? 

The banking and lending industry is huge and one would imagine that it would see opportunity and advantage in embracing new digital ways of handling daily operations. So, what is the hold up? What has caused the delay in taking advantage of an easier, more efficient lending process? 

Well, first of all, having too many hands in the process is bound to complicate things. Consider, for a moment, what a flow chart from loan application to closing and funding looks like. Have you seen one? If so, you would see that the documents go through many different people, different departments, and different agencies. 

Here is an example of some of steps necessary for the lending process: 

• Customer engagement and application
• Credit analysis
• Credit presentation
• Decisioning and approval
• Covenants monitoring
• Portfolio risk management

And each of these steps has a long list of duties, tasks, and responsibilities that need to be addressed. Everyone has something to do at some point in the process and so these long, tedious forms are passed back and forth between dots on a flow chart for the next step of the process to be completed. 

Due to the nature of these processes, there are many forms and documents that need to be drawn up from information that has been passed around. Someone has to manually put all this together by pulling details from various complex documents in order for the loan agreement to go through evaluation, data entry, and, ultimately, the decision process. Not only does it make the process slow down, but it can also lead to human error. However, when it comes to the significance of these documents, there is little room for error. Seems like a recipe for disaster, doesn’t it?  

Getting everyone at every level on the same page in a digital journey seems like a daunting task. Perhaps that’s why it is rarely attempted. 

Mistakes Have Been Made

The idea of going digital has been passed around many conference tables where lenders have gathered. And, why not? The world is going digital so it only makes sense. While the idea sounded great in theory – and may have even been backed by a sincere desire to make it happen – it always gets tossed to the wayside. Each company that has tried may have gotten a little further along in making the digital transformation, but at some point, it just doesn’t work. 

One of the biggest mistakes is solely focusing on the end product – the cool, interactive websites, mobile applications, and automated services. What happens is all the work that it takes to put these things into use is overlooked. Often, the push to go digital is so strong that it is being hyped up and plans are being made long before the digital products are ready to deliver. It will take years to just plan and develop before the implementation can ever be put in place. 

See, to fully work, you’ve got to have all people on board. You would need to look at those who are currently handling processes and make sure they will be able to deliver when it comes to a digital situation. Systems need to be reviewed to see if they would allow everything to flow smoothly. Is CRM software currently being used? This can offer some insight as to how a digital workflow would go. There has to be a core infrastructure that will be able to handle this new journey. Finally, you can’t do any of this without a strategy. When building a plan, your strategy and operations need to work hand-in-hand. 

Again, the idea is great – but for many, it never seems to make it to fruition. It’s just too big of a job. Or, is it? 

How Digital Efficiency Can Impact Lending Companies

We talk about the word efficiency a lot and how it is a vital part of a successful business. It is the same for lending companies, too. Becoming efficient can have a significant impact on your business and your customers. After all, a process that flows smoothly will: 

• Increase borrower satisfaction thanks to less hassle and quick turnaround time
• Lead to greater profits due to less lag time in moving customers through the system
• Present you with organized, effective document storage
• Make you a leader in the industry

As many other industries are making their processes more efficient by implementing digital practices, it is only a matter of time before consumer satisfaction drops due to the current inefficient methods of lending companies. 

Some companies get it, others not so much. Either way, it is likely safe to say that those lenders who understand the need and urgency for more efficient, productive, and responsive processes understand the power of using advanced technology to make it happen. 

Streamline Lending Processes with Document-Centric AI

For those looking to step out and leap ahead, it is possible to streamline lending processes with document-centric AI. You cannot take the lending process as it has always been and make its paper journey now a digital journey. Rather, you have to recreate the entire process.  

Imagine being able to have everyone linked up with a software system in which lending docs just simply move through. There would be no need for emails or for 30 or 60-day reminders in the calendar. There also wouldn’t be a need for files saved in all locations that seem to disappear just when you need them. Rather, from the moment the loan application is received until it is approved, etc., it will move through the structured system. As notifications pop up, the appropriate person will be prompted to handle the next step. 

But, why stop there? This digital journey makes things even easier with document-centric AI. Instead of someone manually going through complex documents to locate the needed information – and potentially making an error – the software can automate the identification of documents that have been created and organized. Then, as these docs are needed throughout the process, they can be easily retrieved – with specific data found and added – and presented within a user-centric workflow. 

The review of loan docs will be systematic, efficient, and a fresh outlook for the industry. 

At Parascript, we understand that time-consuming processes in the workflow are not the way to find high efficiency and greater success. If you are interested in learning more about how document-centric AI can enhance the digital journey of the lending process, visit www.parascript.com. 

First Responders need to know how to deal with people in emergencies and react quickly to their surroundings. With the high stress that comes with the job, it is imperative that your paramedics and ambulance drivers are effectively trained. What better way to prepare your employees than with an ambulance simulator?

Simulators are the best option because it allows teams to be trained in a controlled and safe environment. L3Harris offers simulators and other L3 training that will help your trainees gain knowledge and become experts in their field. Because of simulators, once your employees are in the real world, they will know how to react and perform in stressful situations.

5 Benefits of Ambulance Simulators

An ambulance simulator provides several benefits. Below are five major benefits your team will experience with a simulator:

• Flexibility. From portable buildings to full-size classrooms, simulators can fit in a variety of spaces. This will help you reduce the cost of transportation of getting your trainees to and from where they receive their training. 
• Optimized training time. Simulators are tailored with a curriculum that will help reinforce what users already know and fill in gaps where a trainee can improve. 
• Fewer accidents. Trainees are assessed on decision making as well as critical thinking while driving in a simulator. This ensures that they know what to do and how to react before they get inside an actual emergency vehicle. With trainees learning these skills in a simulator, this will reduce the risk of accidents on the road.
• Reduced equipment costs. When you are training new employees in your vehicles, you run the risk of damage. Trainees who learn in a simulator are able to get the basics of operating a vehicle before even stepping in one. This saves you money on damages or wear and tear that can occur with training someone in your actual emergency vehicles. 
• Turnkey programs. The last thing many companies want to hassle with is creating an effective training program. L3Harris provides simulators with a built-in core curriculum to help train employees. By using a preconstructed program, you take away the guesswork of coming up with a program yourself, allowing your company time to focus on other things. `

Contact Us Today

Make sure your team is prepared for any situation with L3 training. Simulators are a proven form of training and can increase safety and productivity on your team. L3Harris can provide these and other services for your trainees. To learn more about ambulance simulators and other training products, contact L3Harris today. 

Good drivers are a necessity when it comes to your trucking business. With how many products are being shipped today in our rapidly growing economy, there is a lot of competition for good-paying jobs. 

You can improve your hiring process and get the best drivers on the road by looking for ways to stand out from other trucking businesses. The benefits of a truck simulator can save your company a lot of time while increasing safety and saving you money in the future.

How Truck Simulators Work

The truck simulator owes a lot to its predecessor, flight simulators which have been around for years. If you place a trainee in the cockpit of a plane too soon, this can present all sorts of danger. Similarly, if you place a trainee at the wheel of a truck, the same kinds of dangers exist. 

Before hitting the road, drivers need a safe environment to gain the experience they need with a truck’s instruments, visibility, feel, and gears. A truck simulator creates a safe environment to gain that experience.  The truck simulator gives the appearance of a cab of a truck; complete with a driver’s seat and controls. Computer screens give the driver a realistic 180-degree view. The software simulates what’s ahead, to the side, and in the side mirrors. Practical scenarios are presented such as driving in traffic, parking, and backing up. Responsive controls can simulate the feel of all types of trucks. 

Increased Safety

Increased safety is one of the biggest benefits of using a truck driving simulator. New trainees can log many hours of hands-on experience where they can make their mistakes where it’s safe. Simulator training is used throughout multiple industries including the medical industry where students can learn in a safe environment. Hundreds of hours can be logged by drivers before they get into the cab of one of your trucks. 

While being able to make all the common mistakes new drivers make without any real-world consequences, real driving situations are performed using a truck driving simulator. Supervisors can review the data and performance of trainees and document areas where improvement is needed before handing over the keys to your truck. With the driver training services offered in a simulator, mastery is possible without the dangers of the real world. 

Cost-Efficient Training

With the rise in fuel prices, the first stages of training can be incredibly expensive. Truck simulators require zero fuel saving you money while new hires can still log their initial training time. 

Your trucks already are delt a great amount of wear and tear because of the road. You can increase the lifespan of your trucks by avoiding the harsh driving that comes during training. Once training is completed, you can trust your drivers will have the necessary skills to avoid putting your trucks through unnecessary stress. 

Learn More about Truck Simulators

Truck simulators open up doors to a whole new world of truck driver training. As a result, you will get better-trained drivers and major savings on fuel and maintenance costs. Drivers will be able to practice common tasks like gear shifting, starting and stopping, and backing and parking. These tasks will feel realistic when using the advanced software provided with truck simulators. 

Road conditions of all sorts can be simulated like icy and wet roads. Drivers can experience what it’s like to drive through crowded urban cities or a poorly paved open road. Your drivers will be ready for any kind of road conditions.

Get all these benefits and many more with truck simulators. Your greatest asset is your driver. Create the most optimized training program for them that they wouldn’t get at other companies. Adding truck simulators to your training program will allow you to build the trust you need in your drivers.

More and more companies are embracing the potential of VoIP technology to transform their office communications. Gone are the days of relying on old phone lines and complex networks that require switchboards to get to the intended recipient. Voice over Internet Protocol integrate your office communications in a streamlined way for maximum efficiency.

The next step in this evolution is a virtual PBX system, or private branch exchange. This is a private telephone network for your organization that allows you to make calls within your organization without having to field outside interruptions. A virtual PBX system is hosted on a digital network, so there is no need for costly cellular data or maintenance on a physical network. Here’s everything you need to know about this innovative communications solution.

What is a Virtual PBX?

Companies have been using PBX systems for decades, initially as a closed landline network that served large office buildings. Remember calling a business and being told to enter the extension you were trying to reach? This served its purpose for the time, but it had limitations, like having to worry about busy signals and full mailboxes.

When they were replaced by closed cellular networks, they became easier for users to navigate, but costlier for the businesses to maintain. Most businesses run on the cloud now, and virtual PBX systems are no exception. Many integrate the entire office communications network on the same server, and are controlled by software that allows people to communicate on multiple platforms. Hosted VoIP systems are ideal for large companies that expect to be in frequent communication inside and outside of the office, and many third-party companies provide this service to interested tech companies.

Benefits of Virtual PBX

Less Hardware

One of the biggest benefits of virtual PBX systems is that there is much less maintenance and technology to keep track of. A closed traditional phone network has many potential points of failure, from a local outage at the phone plant to a stray hamster chewing through some wires. Not only can it be costly to repair, but it may also take time to find the source of the glitch. With no dedicated hardware or infrastructure needed for a cloud-based system, you can rely on someone else for tech support.

Easy to Set Up

Unlike other phone systems, there should be little to no setup needed in the office, particularly if you’re an established business with a dedicated internet network. You should be able to take advantage of your established cloud-based computing and task management software and integrate them into a new communications system. This will not only require fewer people working in your office, but it should be up in a short time with the help of the right provider.

Lower Cost

If you’re looking to save money on your communications setup, virtual PBX might be the right move. For one thing, you won’t be paying a team of workers to set up a physical phone line through your building, and you won’t be installing a whole new computer system. You’ll likely also save money in the long run if you get a system that doesn’t charge per message like many cellular systems do. For a busy company, internal communications can total hundreds or thousands of messages a day—and those costs can add up quickly if you are not on unlimited plans.

Unified Communications

Your VoIP system is just one part of how a virtual PBX system can help you. These systems can integrate your entire communication network under one umbrella, connecting your phone with your email systems, instant messaging, and even your fax machine. It provides voice and video chatting and can integrate advanced features like call recording and automatic assistants to screen calls before they get to a person.

Scalability

If your company rapidly expands, your phone network might become overwhelmed, causing missed messages and long wait times for frustrated customers. Virtual PBX systems aren’t confined by physical space and can expand when needed. Your cloud services provider will offer packages for companies of different sizes, and it’s easy to upgrade when needed.

Upgrade Your Communications Today

Virtual PBX systems are the wave of the future, especially for companies with a growing need for fast in-network communications. The time is right to upgrade your old network and make communicating with your team more accessible than ever. Why not take the leap today?

Data migration is a one-time operation that involves preparing, extracting, and, if necessary, changing internal data from one storage device to another.

This may sound similar to data duplication or integration, but the two processes are not the same. Data replication is the process of transferring data from one platform to another on a regular basis, whereas data integration is the process of combining data from several sources in a data storage destination or analysis tool.

Data migration is needed for a variety of projects, from upgrading a server to transferring to a new data center, and from launching a new app to integrating the capabilities of a recently acquired company. Moving information to a new system, location, or design should ideally be done with minimal human manipulation of data or re-creation and no data loss.

You can find a project data migration tool in a variety of shapes and sizes.

Organizations can employ on-premises or cloud-based technologies or develop their own data migration programs. Self-scripted data transfer is a do-it-yourself in-house option that works well for small tasks but not for larger enterprises. Since all of the data is stored in one location, on-premises tools perform well. For enterprises migrating data to a cloud-based destination, cloud-based data migration technologies may be a preferable option.

IT professionals can create software to move data, but it’s a laborious and time-consuming operation. Manual integration chores and re-implementation of algorithms are occasionally the outcomes of hand-coding massive data integrations.

It is preferable to use data migrating software. Although the software takes care of the heavy work, data engineers must still understand what data they are migrating, how much data will be transferred, and the variations between the source and destination platforms and schemas. They must plan the migration, execute the relocation, test the results, and address any difficulties that arise.

How do you choose the best data migrating tool?

The most critical component of any data migration endeavor is proper planning, which should encompass data sources and destination, security, and economic considerations. The choice of a data migration technology is an important part of the planning, and it should be founded on the use case & business objectives of the organization.

Sources and destinations of data

A significant aspect is the number and type of data sources and destinations. Self-scripting could be able to handle any source or destination, but it isn’t scalable. It might work for minor projects, but developing data extraction routines for hundreds of sources is probably not a good idea.

The supported sources and destinations for on-premises tools may vary based on the operating platform on which your tool operates.

Most data migration systems, both on-premises and in the cloud, can handle a wide range of data sources and destinations. Cloud-based SaaS solutions have no OS restrictions, and providers automatically upgrade them to support the new releases of sources and destinations.

Reliability

Because of their highly redundant structures, cloud-based data migration systems have near to 100 percent uptime. On-premises equipment would struggle to reach that level of dependability.

Scalability and performance

Cloud-based migration technologies are extremely effective. Cloud computing and storage can scale to meet the needs of dynamic data movement. Because the equipment on which they run is constrained, on-premises tools cannot autonomously scale up and down as needed.

Online stores thrive due to conversion rates, average order value, traffic, and cart abandonment rate. Therefore, it is impossible to take your business to the heights of success without tracking your ecommerce metrics. They help you keep track of your business strategies and assist you in making well-informed business decisions.

As ecommerce sales create more than 20% of retail sales, you need to track all the essential ecommerce metrics that contribute to the success of your business.

So, you should check up on these most crucial ecommerce metrics and learn how to track them because changes in any of these metrics can instantly alert you to the state of your business strategies.

Conversion Rate

As a business owner, you must know the importance of conversion rates. Your business can’t survive ecommerce challenges without loyal customers. Therefore, you need to know the ups and downs of your business conversion rate. You can calculate the conversion rate using this formula:

CR = (Total number of customers / Total Unique Visitors) * 100

This value will inform you how many visitors turn into buyers. Unfortunately, many businesses do not have a high conversion rate even after attracting tons of traffic. However, by keeping a regular eye on your conversion rate, you can plan how to compel your website traffic to buy your product.

Average Order Value (AOV)

The average order value of your website determines how much your customers are willing to pay for your products. Having high-priced products may be why you are generating high traffic but not detecting an increase in conversion rates. So, you must check the average order value of your website to keep your prices in the customer price range. To calculate AOV:

AOV = Total Revenue / Total Number of Orders

Ensure that you only calculate the total revenue of the orders placed in one period.

Website Traffic

Every sale metric of your business is connected with website traffic. You need high website traffic to up your conversion rates. So, it is no rocket science that you should know how many people your business attracts daily. Calculate the website traffic with this formula:

WT = (Previous Users / New Users) * 100

You can change your business strategy if you are not maintaining your previous website traffic.

Customer Lifetime Value (CLV)

Customer Lifetime Value offers you a broader image of your sales. You can’t determine the success of your business based on one month’s sale only. You must know how much revenue a customer will provide your company over the years. That is why you must calculate CLV to check the relationship between your customers and your company. CLV is calculated as:

CLV = (Average Order Value * Average Purchase Frequency Rate) * Average Customer          Lifespan

Customer Retention Rate (CRR)

One of the essential metrics that shows the success of your business is customer stability. If you are only attracting new customers but unable to keep them for long periods, it shows an issue. You can learn how many customers you are losing by calculating the customer retention rate (CRR). The formula for calculating CRR is:

CRR = [(New Customers in Month – Existing Customers at The End of The Month) / Total     Customers at The Start of The Month] * 100

If you are rapidly losing customers, check what is compelling your happy customers to leave your platform.

Average Profit Margin

The average profit margin is the value you earn after deducting supply costs. Your average profit margin should exceed the amount of money you are using to provide your service. Otherwise, your business is going through a significant loss which can eventually shut down your business for good. So, calculate your average profit margin to check if you are any profits on the sale with this formula:

Profit margin = [(Selling price – Cost of goods) / Selling price] * 100

Remember, selling a high number of products doesn’t ensure that you are creating high profits.

Cart Abandonment Rate

More than half of your customers will abandon their carts without completing the order process. For any business, this is a pretty scary scenario. Therefore, to learn if your customers are abandoning their potential purchases or not, you need to find out the cart abandonment rate. Calculate your cart abandonment rate with this formula:

CAR = [(Completed Purchases / Created Shopping Carts) – 1] * 100

Find out whether your customers are leaving without making a purchase and why, so you can aid your customers in completing their orders.

To Conclude

Regularly checking your ecommerce metrics can ensure the success of your business. You can also use an ecommerce metric regulating service to stay on top of your stats to make highly effective strategies.

Every business is unique. Your company’s needs are going to be different from the business next door. In some cases, it doesn’t make much sense for everyone to be using a one-size-fits-all software solution.

When choosing software for your business, you’re faced with two choices. You can either pick an off-the-shelf package or have someone build and customize new software for you.

So what are the advantages of custom-written software? In this article, we’ll talk about the benefits of custom CRM software and how your business can get a competitive edge with it.

What Is Custom Software?

Basically, custom software is built from the ground up to fit your company’s needs. As the business owner or manager, you define what you need the software to do. Then, the software developer makes it from scratch for you.

The end result is a piece of software that’s entirely bespoke to your business. This means that it does exactly what you want it to do—no annoying workarounds or paying for features you don’t even need—and in turn, makes your business more efficient and profitable.

The Advantages of Custom-Written Software

At first, it might seem like a massive endeavor to build and pay for your own software solutions. But you can’t ignore the rewards that custom-made software can bring you. Here are some reasons your business should get a customized software solution.

It Keeps You Up to Date

Let’s be real here. Some businesses still use software built over a decade ago. Yours could be one of them.

You can’t just settle on something that “does the job just fine” or “works well enough.” What worked five or ten years ago, or even just one year ago, might not be the most efficient way to do things anymore. Out-of-date software can also be difficult to maintain.

By getting new software that’s fully customized, you’re marching your business into the modern age.

It Simplifies Your Business

Some businesses are forced to “duct-tape” different pieces of software and hardware together to accomplish various tasks. While individually, they may be great tools, it’s easy to see how inefficient this method is.

Custom-made software can solve these issues in one of two ways:

• Creates an all-in-one solution that eliminates the need to run multiple applications
• Acts as the connective tissue between the different programs you use 

With customized software in place, you can create more efficient ways of completing tasks. You increase productivity while reducing the number of user errors from juggling different programs.

It Offers a Cost-Effective Solution that Scales

As with any investment, custom CRM software can require some hefty upfront costs. But after that initial investment, well-designed software can save you money in the long run.

Pre-made software might have lower upfront costs, but overtime expenses can add up. Consider these hidden costs from using off-the-shelf products:

• Renewing licenses
• Training employees
• Additional software to cover deficiencies
• Other maintenance costs

When you use bespoke software that’s tailored to your business’ needs, you can keep your budget under control. 

The software can also be designed with expandability in mind that facilitates your company’s growth. This way, you can future-proof your business and scale it in ways that pre-made applications won’t allow you to do.

Still not convinced you need custom software? Here are 9 reasons why your business needs a custom software solution.

Give Your Business a Competitive Edge

Let’s be real. Your organization needs to keep up with modern trends to stay competitive in today’s world. More and more businesses are turning to customized solutions to stand out from their competitors.

Now it’s your turn. Take the next steps and see how a customized software solution can advance your business. Work with a team of experts who know the software business and how to get customers.