Are you still managing deals like it’s 1985? Five signs you need to replace Excel
Since it first hit the scene in 1985, Microsoft Excel has been an indispensable tool across nearly every industry. But as time has advanced, specialized tools have emerged to handle the unique needs of the commercial finance market. These software solutions have introduced fresh capabilities and advanced technology that set industry players apart and streamline nearly every aspect of their operations.
In this article, we will delve into six key reasons why it’s time to reconsider the way you originate and manage your deals. We’ll shed light on areas where advanced systems like Micah™ can bridge crucial gaps in your process.
#1: You are spending time on manual entry, data gathering, and tedious tasks.
Managing processes in Excel often means relying on manual data entry and calculations, which can be time-consuming and prone to error. With a deal management platform, lenders can streamline application intake, credit checks, document verification, underwriting, and other tasks, vastly improving efficiency.
#2: You are continually deciphering and managing compliance requirements.
As regulatory demands evolve and Section 1071 deadlines loom, Excel lacks built-in compliance checks, validation tools, and reporting automation. In contrast, Micah™ and other LOS platforms are purpose-built to incorporate controls, store required data, provide audit trails, and automate compliance checks for greater peace of mind.
#3: Back and forth communication is creating bottlenecks, inconsistencies, and version control issues.
Collaboration and communication are essential in the commercial financing process, but Excel does little to facilitate interaction among loan officers, underwriters, vendors, and brokers. Siloed information, delayed decisions, and fragmented communication detract from your customer experience. This is where systems like Micah™ shine. By providing a central hub for stakeholders to store documents, filter sensitive information, and monitor statuses in real-time, you can move deals through your pipeline faster.
#4: Your Excel files are constantly crashing.
As volumes increase, Excel's shortcomings become apparent. Spreadsheet size limitations, performance issues, and difficulty in handling complex formulas pose obvious scalability challenges. In contrast, Micah™ and other LOS platforms are built to handle large transaction volumes and accommodate multiple users simultaneously as your portfolio expands.
#5: You are manually pulling data from third-party sites.
Excel lacks seamless integration with external data sources, like credit bureaus, banking systems, and third-party APIs. Copying and pasting increases the risk of errors and inconsistencies. Loan management platforms offer automated integration with various data sources, allowing your team to skip these error-prone steps and potentially save on third-party costs.
#6: Your team and stakeholders lack reliable, ad hoc reporting.
Excel's reporting capabilities rely on manual data extraction and manipulation, leading to delays and errors. LOS platforms provide advanced reporting and analytics features, offering real-time data visualization and custom report generation. By empowering all of your stakeholders with robust tools to seamlessly track deals, platforms like Micah™ enable faster, data-driven decision-making.
In closing, when it comes to commercial financing, Excel can hinder your efficiency, compliance, collaboration, scalability, integration, and reporting capabilities. Embracing technology tailored to your specific needs empowers you to stay competitive, make informed decisions, and move your business forward in an ever-evolving landscape.