Automation & Technology
The Virtual Experience Top-5: Data and Analytics
Implementing a sound data and analytics strategy can reap many benefits for today’s lenders, including a better understanding of industry trends, peer-to-peer performance, and internal loan data. Building this strategy can be daunting, but the business intelligence gained will greatly impact decision-making and overall success. Two solutions from Ellie Mae – Encompass Data Connect™ and Ellie Mae Insights™ – were purposefully-developed to simplify this process.
By looking inward with Encompass Data Connect, you can access your data in near real-time and build reports/dashboards that truly enhance your business. And, for an external marco viewpoint, Ellie Mae Insights™ is the only analytics solution that provides real-time industry and peer comparison analysis. The features of these solutions, including use cases, were touched on during Ellie Mae’s Virtual Experience 2020 event. Here are five key take-aways:
1. Every data journey is unique: There is no cookie-cutter approach to understanding your data. The first steps in building your data strategy are to analyze what is most important to your business, how you utilize data, and what you want to get out of the exercise.
2. You can’t manage what you don’t measure: Create realistic KPIs that will provide executives with fact-based visibility into business performance, and help Operations better drive business workflows and process improvement projects.
3. Insights make an impact: American Pacific Mortgage and George Mason Mortgage shared how they used Ellie Mae solutions to navigate through huge volumes of data to make better business decisions. Click here to watch watch an interview with Michele Buschman, VP of Information Services at American Pacific Mortgage, and learn how they are leveraging Encompass Data Connect to identify opportunities and optimize their business
4. Do more with your data: With Encompass Data Connect, you can identify new opportunities and optimize your business processes. Gain insights on mortgages currently in process, mortgage application pull-through rates, underwriter turn times, and much more.
5. Ellie Mae Insights is ready to roll: Click here to get a quick run-through of the new Ellie Mae Insights solution. While other solutions report on “how you did,” Ellie Mae Insights actually tells you “how you’re doing right now,” while there is still time to impact the outcome.
These points were expanded upon in the Virtual Experience 2020 session, entitled “Leveraging Predictive Analytics to Drive Business Decisions”. Click below to learn more about how Ellie Mae Data and Analytics can help you access your data and deliver data-driven insights to move your business forward.