Business Insights

The Data “Don’ts”: 5 Common BI Implementation Pitfalls  

The right Business Intelligence (BI) solution can transform a mortgage company’s operations; however, the implementation strategy often determines the success or failure of any solution. In today’s volatile market, you can’t afford to waste your time, money, and resources on an unsuccessful implementation. The Richey May mortgage industry data experts have seen it all. In the blog below, we highlight the 5 most common mistakes during a BI implementation, so lenders can avoid these missteps and more quickly transform their operations with confidence.  

5 Common Mistakes (To Avoid) During BI Implementation 

1. Attempting DIY Implementation 

In an effort to cut costs, lenders may attempt to implement BI solutions on their own. This approach often leads to suboptimal results, extended timelines, and frustrated teams. Without the necessary expertise around the intricacies of mortgage operations and the most relevant KPIs, companies struggle to fully leverage the capabilities of their chosen BI platform, resulting in a solution that falls short of expectations. These vital missteps during the implementation process create a lack of data integrity and erode trust around the BI solution. Companies who “go it alone” commonly end up paying far more in the long run to correct the course after these failed implementations because their data isn’t implemented in a way that enables them to more easily run their business. 

 2. Partnering with Unqualified Consultants 

While it might seem like anyone who knows a BI tool can implement BI, choosing a partner without specific mortgage industry experience can be detrimental. Generic BI consultants may not understand the nuances of mortgage data, regulatory requirements, or industry-specific KPIs that enable leadership to make proactive decisions imminently. A successful implementation with a mortgage expert enables leadership to make critical business decisions anytime, anywhere, with nothing more than a cell phone and tailored notifications.  

3. Opting for Seemingly Cheaper Solutions 

Many CEOs are tempted by the apparent cost-effectiveness of solutions like Power BI. However, these platforms often come with hidden costs for much-needed customization, integration, and ongoing maintenance. What initially seems like a budget-friendly option can quickly become a costly endeavor as companies struggle to adapt generic tools to their specific needs. 

4. Failing to Prioritize Key Data Sources 

In the complex world of mortgage lending, not all data is created equal. Companies often make the mistake of integrating every available data source and field without considering the specific data points that are most impactful for decision-making. This approach can lead to information overload and obscure the insights that matter most. Instead, focus on the KPIs that actually drive the business forward and empower your leaders to be more competitive in the mortgage industry. Richey May’s team of mortgage industry experts can help you quickly identify the KPIs that will be most impactful for you, and won’t waste your time on the data points that don’t create meaningful change. 

5. Treating BI as an IT Project Rather Than a Business Purpose 

Perhaps the most critical mistake is viewing BI implementation as a one-time project rather than an ongoing business enhancement to empower leaders. When implemented, adopted, and leveraged properly, a BI Solution will enhance the day-to-day activities and decisions of operations team members and empower your COO and other C-Suite leaders to be more impactful, more easily. When the BI platform is treated as “just another I.T. solution” we find that the COO and other leadership are not empowered in the way they should be, leading to an assumed lack of platform value.  

Successful BI adoption requires a cultural shift towards data-driven decision-making at all levels of the organization. This is not just a technology problem and goes far beyond the head of IT. It is integral that the business leaders are involved so they embrace the platform’s full capabilities and improve daily activities. Without this perspective, even the most sophisticated BI tools will fail to deliver lasting value that transforms your operations.  

Why Richey May’s Business Intelligence Experts Stand Out 

At Richey May, we pride ourselves on having both facets of this expertise. Our team of data experts brings a unique combination of technical prowess and deep industry knowledge that sets us apart. Our consultants have years of experience working within the mortgage industry, ensuring that we understand your business from the inside out. We don’t believe in one-size-fits-all approaches. We excel at identifying and integrating the most critical data sources for your business, cutting through the noise to deliver actionable insights that will truly transform your business. With our deep knowledge of mortgage regulations and industry best practices, we ensure that your BI implementation drives performance and supports your compliance efforts. 

From initial strategy to ongoing optimization, we’re with you every step of the way. Our commitment doesn’t end at implementation – we’re invested in your long-term success. 

The success of your BI implementation hinges on choosing the right partner. By partnering with Richey May, you’re not just getting a BI solution – you’re gaining a strategic ally who understands the intricacies of the mortgage industry and can help you navigate the complexities of data-driven decision-making amid the volatile landscape. 

Don’t let your BI investment fall short of its potential. Choose a partner who knows your industry, understands your challenges, and can guide you toward true business intelligence mastery. Contact info@richeymay.com today!