Technology Levels the Playing Field: Automating Processes Makes a Difference
One key indicator of an organization's profitability is how efficiently it performs its day-to-day workflow. Many servicing tasks performed on a daily basis are repetitive in nature, and as such might ideally be scripted and executed in an automated fashion. Automation in the workplace is no longer something found solely at large organizations; many small businesses today can reap great rewards by integrating software automation into their workflow.
Some tasks must be run at night, after close of business, or on a certain date each month, which may or may not coincide with a holiday. Other tasks performed throughout a work day might be very repetitive in nature, requiring no decision making by the employee. This sort of work is a "time sink," very inefficient and should be relegated to scripted task execution. By scheduling these routine tasks to be done by an automated software program, an organization will likely save on the cost of overtime or holiday pay, as well as the non-monetary cost of the staff's free time.
As the saying goes, to err is human, and humans performing the same tasks over and over again will eventually make a mistake. Sometimes a mistake can cost a company dearly. By scripting this sort of work, we can eliminate the possibility of human error.
Repetitive tasks performed very quickly can increase an organization's production capacity without increasing the headcount. This increase in throughput can translate to an increase in profit margin while preventing staff from being overworked.
Some jobs need to be performed in a very specific manner each and every time. Dictate how work should be done, without possibility for misinterpretation, by building the rules and steps into a scripted job. Future changes to this workflow can easily be propagated via the script(s) instead of training staff on the new changes.
Any significantly orchestrated workflow is going to cross the boundaries into other systems within the workplace. You may have a process that takes output from a third party, passes it through an application in-house, which then triggers several other downstream processes of its own. By automating the hand-off between systems, you can insure there are no bottlenecks where human intervention is required to do this hand-off.
We at FICS are very mindful of these challenges our customers face. We dedicate our time to creating ways to integrate the FICS systems into existing workflows and making automation technology benefit our customers. One such technology is API (application programming interfaces), which is used in FICS’ Mortgage Servicer® API and eStatus Connect®. Our Mortgage Servicer API has enabled servicers to schedule and automate tasks, resulting in the reduction of human error and time spent performing high-volume actions, such as running batch programs after hours or printing monthly statements. Many servicers have seen an increase in their productivity level, as staff has more time to dedicate to other projects. Our API used in eStatus Connect gives servicers the ability to access data from eStatus Connect to use in their other applications, such as online banking apps.
All in all, automation technology allows businesses of all sizes to be competitive. With the automation of tedious, manual processes, businesses are able to make better use of their employees’ time, as well as reduce mistakes caused by employees doing repetitive tasks. Processes become streamlined and more effective, while businesses are able to save costs on additional labor and operating expenses.