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.