How do you know or go about finding out if a solution is right for you?
Director of data and analysis for defi ANALYTICS, Brandon Burns, explains in the most recent edition of Non-Prime Times how to go about the process of deciding which data warehouse technology solution is right for your business.
Brandon's ideas apply to any technology decision. He suggest you follow three steps.
Read Brandon's complete article "Will a Data Warehouse Solve my Data Problems."
Step one: know what your problems are.
Just because a technology solution is the miracle cure to someone else’s ailments doesn’t mean it will be for yours. After all, you might not have the same problems. Or if you do, someone else’s solution may not have the same ROI for you. No two businesses are exactly alike.
Step two: prioritize your problems.
The best way to look at a problem is as the absence of a capability. This helps you get down to the root of a problem so that it can be solved instead of patched up. Regardless of your need -- hardware or lending software -- he then suggests a “Capability Maturity Matrix” in order to visualize your capability gaps and compare them to one another, giving you a better sense of which ones to tackle first.
Step three: find a solution.
Now that you know your root problems and which are most important, you’re equipped and empowered to sift through solutions and determine which has the best cost versus benefit for your company.
Looking for a technology solution that lets you take action based on actual information from your loan origination software data? Do you truly know how your loan origination decisions impact your business? Or what happens to the applications you lose and your competition ends up with?
Read Brandon's article and more in Non-Prime Times.