California-based technology provider ""LendingQB"":http://www.lendingqb.com/ recently conducted an Enterprise Process Assessment for clients and prospects to evaluate lending technologies and technology decisions.
[IMAGE]LendingQB is now releasing its findings. According to its assessment, lenders often rely on subjective factors rather than objective data such as productivity levels when evaluating their technology.
[COLUMN_BREAK]Additionally, lenders commonly ""focus on surface-level features instead of addressing solutions to underlying problems,"" according to LendingQB.
Most vendor evaluations are limited to system functionality and do not address the nuances of whether the technology is addressing the specific needs of the client.
LendingQB's Enterprise Process Assessment is designed to help lenders objectively evaluate their technology ""and uncover issues that are not readily apparent to management.""
""Research shows that upwards of 65 percent of complex software implementations result in failure,"" said David Colwell, VP of corporate strategy at LendingQB.
Of those that are successful, ""more than a third of these projects go over budget,"" Colwell said.
Enterprise Process Assessment is designed to help lenders avoid these common pitfalls.
""Even large organizations that can produce detailed RFPs aren't immune to 'feature enamored syndrome,' or poor weighting of technology demands,"" Colwell said. ""We designed the EPA as an aid to existing evaluation methods.