Rabbet’s 2021 State of Construction Finance Report revealed that most lenders and developers are using spreadsheets to carry out major parts of their process, but complain about its inefficiency.
Actionable Intelligence for Construction Loan Administration
Construction Loan Administration Has an Abundance of Data.
Today’s construction loan administrators are overwhelmed with data that can be broken down into four primary categories:
In recent years, the ability to quickly structure those vast sources of data has advanced significantly. That means obtaining actionable intelligence on all that data is now a possibility.
What is Actionable Intelligence?
Actionable Intelligence refers to alerts humans can act on that are created by processing and analyzing data . For example, an Actionable Intelligence process for construction loan administration is determining whether an invoice has already been submitted on a project or not. By leveraging technology to structure vast amounts of invoice data, construction loan administrators can instantly determine if an invoice is redundant and take the appropriate action to address the issue. This is actionable intelligence in action.
How can lenders improve efficiency and risk monitoring by harnessing Actionable Intelligence?
Rabbet created a free guide about that very topic. In it you’ll learn the four critical steps to obtaining Actionable Intelligence, and how you can apply them at your own organization today. Whether you’re already struggling with an incredible amount of data, or you just want more actionable insights, the steps outlined in this guide will help. The key is taking action to put the right processes in place and luckily, by reading this post, you’re already on your way!