Benefits of the Cloud

The title industry has changed considerably over the last three years. Budgets have been cut due to economic conditions. Most title agents are allowing their title and escrow officers to work remotely to enhance work-life balance. New regulations are on the horizon. Cloud computing makes a lot of sense in this new environment where flexibility and cost savings are key to success.

Since Stewart Title began using cloud computing in 2001, we have seen many benefits.

  • Scalability – Processing, memory, bandwidth, applications and storage are scalable, meaning they can be expanded or contracted on demand. You only pay for what you need. This helps reduces costs for industry expenses; purchase of desktop applications may require a minimum number of licenses, whether or not they are needed.
  • In-house IT vs. web-based IT – Cloud computing can reduce or eliminate the need for an in-house technician; software is automatically updated to keep you current.
  • Increased business processes – Files on the cloud are accessible 24/7. Enabling after-hours access to files leads to improved customer service, as well as greater flexibility for agents to work remotely from any location. Ultimately, this improves both customer and employee satisfaction.
  • Disaster recovery – With the cloud, your server can be thousands of miles away, safe from natural disasters. Servers in the cloud are clustered; if one server fails or is damaged, the other takes over. In addition, most providers provide separate site redundancy.
  • Security – Cloud computing employs state-of-the-art firewalls and daily security updates to help keep files secure. You are always protected by the latest anti-virus and anti-spam software.
  • Updates – With ever-changing regulations, having easy, universal and instant software updates keep you and all of your employees compliant and current.

Reduced costs and increased agility are certain to bring a competitive advantage. A move to cloud computing is not a trivial matter, but the benefits of adoption far outweigh the work required to make the change.

Comments

  1. Chris

    This is a great article Pat and we could not agree more. Which is why we have developed a technology solution specifically designed for managing the signing service process and notary network vendor management all in the cloud. Delivered via a OnDemand Software as a Service (SaaS) model. Our system is in the cloud so our customers benefit from all the things you outlined.

    I think there are some adoption roadblocks to overcome but those in charge of ROI and the bottom line are taking notice that the cloud and SaaS are the future.

    Best,
    Chris

    http://www.signingTRAC.com

  2. Gregory McDonald

    This is a great blog post and is certainly on point.

    The Cloud is definitely the future for all of the reasons Pat cites. A major area that is often overlooked are cloud telephones and cloud telephone systems.

    When it comes to the Title Industry, we’ve been seeing the most cloud growth in new agency startups. Folks that used to work for an underwriter or larger agency can now afford to open their own shop without the capital expenditure previously required.

    Better technology is now more affordable and accessible.

  3. Kurt

    Excellent post which covers all the key advantages of cloud based computing. Cloud based software possesses features that will appeal to both your smaller agencies as well as larger multi office enterprises. I find that small agencies gravitate towards the cloud for the freedom to work remotely or even modify docs at the closing table, as well as the low cost entry point. Larger companies are drawn in for the data storage/security, nor do they have the burden of managing their system, especially important in a multi-office environment. I would warn those who are looking at cloud based software to perform their due diligence, some software is purported to be cloud based yet is working through a VPN or otherwise.

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