Witnexus Company, Essay Example

Problem Statement

Over the period, Witnexus has adopted the use of technology in their operations. As a result of the myriad challenges that the company faced, such as barriers to a smaller and unsophisticated investor in the real estate. Secondly, there was lack of a system in the organization that would automate the risk and creating a major overhaul regarding the transparency in the fees and common complexities attributed to inefficiencies and increase in the overhead cost for the mortgage brokers or agents. Thus, there was a need to develop an information system that will address the key issue of concern and enhance operational efficiency in company management.

Goals

It will be a platform that will be launched in the mortgage brokerage which creates the client and bring all the parties and client including those in the real estate agent under the same roof by building a platform on the dashboard technology structure. The system will improve the efficiency, staff, and improvement of user satisfaction among the brokers and other stakeholders. Additionally, reduce the overhead cost to the mortgage brokers and agents

Company Analysis

Witnexus is a network platform that offers financial services and health/ wellness industries. It majorly deals with the mortgage brokerage and brings all the parties in the mortgage process and those in the real estate using the existing profile and dashboard technology structure. The company also automates and digitizes underwriting of various loans and mortgage investments using the technology such as Scan-Read-Extract-Fill, secured email, blockchains, smart-contract, the cloud for storing files of clients and investors.

The platform will also be able to streamline the mortgage application process for the applicants using Portable Electronic Footprint Purse (PEFP), reduce barriers. This will make it easier for small and unsophisticated investors to invest in real estate through the use of AI, which will automate the risk assessment process. Furthermore, they facilitate recommendations of real estate projects, bringing a level of transparency around fees through the elimination of redundancies and inefficiencies and ineffectiveness in the mortgage underwriting and sale of real estates and by reducing or eliminating overhead costs for mortgage brokers/agents. The report explicitly guides Witnexus in utilizing the organization’s business process to enhance efficiency in using the technology. The report further discloses the company analysis of strategy and business processes, industry competitiveness, strategy, inbound logistics, vendor profile, and value chain analysis and recommendation.

Industry Competitiveness

The financial service sector remains to be a competitive industry in the market. The industry’s competitive nature has compelled the organization to develop a sound information system that will stand despite the competitive pressure by providing mortgaging services and other reports. Over the years, the company has employed a thousand employees in maintaining employee payroll. The technology industry accounts for approximately 10 percent of the companies in the financial services sector. The higher competition in the technology industry provides a complete barrier to the Witnexus.

In Canada, financial services account for almost fifty percent of the country’s foreign direct investment. As of 2017, approximately $537 billion, which doubles in the last decade hence making Canada be the largest growing services export. The individual’s ability to enter into the industry will require compliance and practicing licenses in running the Witnexus financial service firm. Despite the growth in the industry, it does not reduce the opportunity for new entrants. This is because once the company becomes an established company with clients to deliver quality services and enhance customer satisfaction. The company in the financial services is risky without having strict lending policies and hence lower profit ratios. The industry remains to be a broad sector; hence the demand for the service within the industry will grow in running the business to the potential clients in providing the quality services at a relatively fair price.

Competitive Strategy 

The company prides itself in offering broad services to the client in the financial services. This means that each service provides satisfaction to the client through understanding how the process and digitization platform works. The ability to develop a sound and unique information system has made it competitive for the smaller companies to survive in the more massive industry despite the strong capital base in the larger companies and sound financial base and better customer relationships.

The financial services industry remains to be complicated since it requires one to understand the risk attributed to the business despite the business used for in the daily operations. Witnexus product leadership remains to be a significant strength that makes it more competitive. Additionally, their mode of advertisements, such as print and social media advertising, has increasingly been a valuable marketing tool.

Witnexus arranges the seminars and workshops in giving the organization an alternative to the type of services required. Additionally, the company outsources the reputable firm to train the employee on issues related to software development programs and online platforms on the financial services related tasks. The company will strengthen the relationship by developing a friendly platform that will enhance the competitive business. Witnexus will continue to stay competitive in enhancing the relationship with the customers by building a broad portfolio of financial products that will meet the customers’ demand and the market niche. The management system will also improve customer satisfaction and build the firm’s image in the financial services sector.

Value Chain Analysis

Primary Activities

Data Intake

• Development of process to validate Brokerage’s Corporate and Licensing Information
• Financial and investment decisions and planning
• Storing the client data such as Brokerage Information
• Customer request and online applications
• Development of process to validate brokers/agents’ employment, education and licensing history

Communication

• Stable Communication and Appropriate Validation/Authentication Practices
• Secure Administrative Functions
• 24-hour Online Chat
• Online Profile
• Auditing
• Supporting Global Currency

The finance department will add value to the customer by ensuring that the customer data is secure, confidential, processed, and archived. Furthermore, respond to the customer’s queries on time and access the client data and backing them up in case the original files are lost or damaged.

Operations

Lending Operations

• Receiving the customer loan application form, reviewing and process
• Store the data on the customers, location, name, address and the financial product the customer is interested
• Development of process for keeping track of brokers/agents license expiry date and submit license renewal application to regulators

Financial Advisory

• Provide advice to the client to invest in the business
• Risk management training practices
• One on one coaching to the team and issuing instructions

The operation activities add value to the customers by handling various operation related tasks where the client does not have any information regarding the financial product and solution. Additionally, offer a training solution to the client on how they can make use or navigate on the platform in checking the various financial services information. The workshop and training will provide the information to the customers in managing their investment

Data Management Operations

• Full-service data entry and processing
• Management of basic database needs
• Use the research-related activities to identify the task and funding identify funding prospects from within and outside the database
• Support investment-related activities
• Financial Planning and Investment
• Help customers in pursuing investment goals
• Provide one-on-one coaching  to the clients and advisory

Witnexus provide the value in providing mortgage-related services as well as operation in handling the client needs and databases using their knowledge regarding the financial services

Consulting operations

• Strategic financial planning
• Development of business plan and strategy
• Cultivate the financial and operational systems to support organizational activities

Marketing and Sales

• Manages the client relationship
• Assess the financial products
• Advertise and promote the services to the potential customers

Marketing provides a platform to add value to the clients by offering the platforms in which the client can interact and also create an avenue to serve the client’s needs and data

Market and Financial Performance

Over the last five years, Witnexus the sales revenue has been improving steadily in terms of the number of clients we serve. For instance, on average, the growth rate per year is estimated to be 10 percent annually for the next subsequent period. The projected revenue is estimated to be $800,000. The overall rise in the active client in the last five years has been improving despite the Covid 19 situation. The trend in the number of employees and the client we serve in the market is as shown below

Areas of Improvement

The current market competition is very stiff, and therefore, to be able to navigate and survive requires a key strategy. For instance, improving customer service and smoothening the operation to serve the needs of the clients in the market, Offering a broad portfolio to be able to serve the entire market as well as the needs of the market. Furthermore, adding marketing campaigns on the website as well as social media campaigns and mobile app platforms to ensure a 24-hour connection with the customers. Improve the password or security protection of a of the system to to prevent fraud and hackers from getting into the Witlinks platform

Appendices

Functional Requirements

Non-Functional Requirements