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» VISIT US ONLINE @ DSNEWS.COM 65 ensure quality, expertise, and efficient production. Capturing the organizational knowledge during each cycle in terms of defined workflows and redeploying those learned experiences years later in the next cycle significantly improves proficiency and reduces the amount of re-education that accompanies any market shift. With the collective lending industry tending toward the "boom and bust" approach, many companies follow the typical cycle of hiring, training, and maximizing followed by downsizing, firing, and consolidating. Along the way, significant experience, business intelligence, and general "know-how" are lost only to be re-built and re-learned when the next cycle occurs. Having a systemic approach to capture the legacy cyclical experiences significantly influences an enterprise's ability to respond to the market and ensures far longer term stability and success. APPLY KNOWLEDGE GAINED One clear need in moving toward and sustaining a diverse enterprise that is able to weather any market cycle is to consistently capture the DNA of past experiences when it's fresh and available. Beyond the use technology, creating variable employment models that scale with the organization is far more achievable today than in years past with virtual work environments and distributed production. e use of a robust Software as a Service (SaaS) platform married with local staff at RedVision resulted in a new role class of employee termed Flexperts. ese flexible experts allow the enterprise to retain highly skilled talent on a variable basis. Companies can create a virtual production environment by connecting people to the organization through smart workflow technology. is sort of "on-demand" model is highly attractive to the modern employee who may wish to work part-time, have local expertise, and be on-site at client locations for embedded production efficiencies. ose working in this virtual network can also connect through social media and engage in real-time video conferencing, live chat, and group forums. Any veteran of the real estate industry understands the old adage about history repeating itself. In this business, many individuals can define their careers by the number of times they've gone through peaks and valleys in consecutive home equity, refinance, purchase, foreclosure, or REO markets as dictated by macro market events. Building layers of experience has derivative value to an organization—if the information and talent stays available to the enterprise. For instance, the lessons learned from home equity title solutions a decade ago become transferable to high volume loan modifications and loss mitigation demands for limited title products today. If an organization plans for and reacts to these cycles with a flexible workforce on hand rather than repeatedly tearing down and reconstructing the organization, the company can avoid the pitfalls of expensive new training, process inefficiencies, and service risks each time. CULTURE IS CRITICAL TO SURVIVAL Leveraging the new distributed software, social media tools, and virtual labor force production environment is necessary for success in today's marketplace, but perhaps even more important is the idea that the culture of the enterprise must seek out and embrace the notion that all legacy experiences have contributory value and must be retained as an inherent asset. If an organization simply moves from one cycle to another, without investing in carrying forward the best practices of the past, there will inevitably be re-learning and inefficiencies as old issues and obstacles arise. Building a transformative enterprise able to successfully address each market cycle requires a strong foundation. Carrying forward and codifying the best processes and business intelligence of past experiences is easier than ever. e successful companies of tomorrow are those that dedicate time and talent today to recognize future opportunities and carry forward fundamental knowledge of best practices. Expanding the product or service capabilities of an enterprise is best accomplished when it is part of the company's culture to be open to new opportunities—even when those demands arise in the midst of a deluge of current work. Being inquisitive, constantly building on past experiences, and leveraging the company's enterprise assets regardless of the market cycles are key. THREE ACTIONS TO CAPTURE ORGANIZATIONAL KNOWLEDGE Capture organizational knowledge during each cycle. Creating a record of production optimization and process efficiencies, including correct action notes, supports a higher quality assurance process across the organization for each cycle. Build a culture that adapts to market cycles. Encourage staff to be cross-trained, flexible in their job descriptions, and curious about learning new skills. This supports a smoother transition between real estate trends. Codify best practices into a single distributed platform. Ensure critical information and processes are on the virtual and physical desktops of every team member. COVER STORY INDUSTRY INSIGHT DATA & RESE ARCH M ARKET PUL SE

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