When Failing Isn't an Option (Business Class) (Survey‪)‬

In the halcyon days of our industry, many lenders had the luxury of experimenting with new processes, technologies and innovations. But with today's economic challenges reaching unprecedented levels, many mortgage information technology (IT) professionals are being pressed harder than ever to justify every dollar spent on new technology. Of specific interest to chief executive officers (CEOs) and chief financial officers (CFOs) are expected returns on investment (ROIs) and assurances from senior IT staff that any system or process being considered for implementation cannot fail. With that in mind, one must first understand the leading root cause of project failure and then plan accordingly to minimize risk. CIO magazine published a research article on the subject, from which one could conclude that quality education (or the lack thereof) was the single greatest determinant of whether an implementation of a new system would succeed or fail.