Incorporating Technology into my MCA Originator: What’s the best option? Will the software do all the work?

Technology has evolved dramatically in the past few decades, improving productivity and providing many valuable tools to MCA business owners. As a result, many software and CRM tools proliferated, helping MCAs with different processes from bookkeeping to analytics, evaluating KPIs, reports, transactions, and underwriting processes.

In this post, we will shed light on usual discussions we have with our clients:

Are CRM or Software tools enough for understanding how your MCA is doing?

Undoubtedly, relying on CRM and Software tools is a great starting point and a successful way to reduce the limitations of spreadsheets and gut feeling decisions techniques. Also, a few fancy metrics about the productivity of your MCA company’s performance can be an excellent point to start, but perhaps you are already experiencing some of the pitfalls:

1) Software tools are based on industry-standard needs, not Your business

When correctly handled, an MCA-customized CRM presents the information in a few ways, including metrics on deals performance that are more or less effective to gain a few insights from your specific industry.

But what would happen if those insights are not precisely what you need? What if you need different KPIs? Or a slightly – but essential – different perspective?. Then, professionally seasoned in this line of business with a stack of tools and software makes the difference. 

Let’s say the tool is presenting information about fundings in a specific way. Is this the same helpful way to deliver information to our participants? And to our brokers? Do you need to show customized information to some of your stakeholders? 

Do you have flexible reporting capabilities or just a way to extract data that needs to be sorted, cleaned, and massaged to be included on a report or sent via email?

Is your volume surpassing the comfort zone of your CRM?

2) Coherence from Bookkeeping to Analytics: Key for Visualizing and Predicting Scenarios

Since Software and CRMs are tools, they need the correct people behind them. 

You are using many different means: specific software for reviewing bookkeeping transactions, a CRM for fundings, and perhaps another software to perform some particular calculations. Do you have a unique source of truth on your information? 

When data flow is not coherent and precise, it is hard to interpret and visualize present and future scenarios from beginning to end. In this context, companies like NISO can help you.

Having outsourced support with MCA specialists, using existing and proprietary software, and providing coherence from bookkeeping to analytics, allow for tailor-made solutions that are periodically reviewed as your business needs evolve.

3) 27 hours’ Day

Running your business is not easy. There are endless tasks to take care of, and that is why you have decided to rely on software to save time. However, a vital point is still pending: analyzing and understanding the data, graphs, and statistics that this essential tool provides.

Do you have the availability to process so much information? Again, do you need another perspective?

Perhaps it would help to have someone with the necessary experience to do it for you, to help you make the best decisions based on your data.

4) Automation is excellent, but ultimately, we Humans do Business

Though automation is part of our daily lives, companies will always need leadership, strategic thinking, judgment, and experience: These are all human traits. There are great tools out in the market, and even you can explore developing your tailor-made software, irrespective of the time, energy, and effort. A.I. will undoubtedly take some pain out of day-to-day operations and tasks that business owners oversee, but human insight still rules daily business decisions.

Conclusions

Business owners have many responsibilities and not so many hours a day to fulfill them. 

While it is essential to rely on a CRM or MCA software, it is also true that it is not easy to achieve an integrated and systemic view that starts with your sales funnel and continues with your underwriting decisions and payments performance. If you also add bookkeeping and controller needs, it is tough to achieve all of that without establishing conditions that will constrain the solution. That is the usual trade-off of any software. 

When you start, probably an off the shelf solution will cover your basis.

Only to have coherent data to produce information to make decisions, expect Software and A.I. to supplement, not replace, the human mind’s insight into complex problem-solving.

Do you want to receive more information about how NISO can improve your MCA operations and do a discovery call with our CEO?

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