Cloud-based software may sound like an out-of-reach investment for the uninitiated; however, it is becoming a workplace staple that businesses of all sizes are leveraging. The Title Report recently reported on a nationwide survey that indicates that more than half of SMBs across all industries have adopted business management software with the majority of businesses deploying cloud-based products in favor of on-premise software.
The benefits of cloud-based software are especially pronounced for title & escrow companies. Why? The cloud provides a solution for the age-old challenge title & escrow companies face on a daily basis: bringing together a patchwork of parties onto one secure system.
Title & Escrow Companies at the Center
Title & escrow companies are often “quarterbacking” more than a dozen parties in any given transaction and have the unique task of bringing together siloed information from buyers, sellers, lenders, underwriters, and various vendors. Cloud-based software has the ability to centralize communication for a streamlined and secure closing experience.
Server Meet Your Match. The Benefits of the Cloud
While many title & escrow companies have adopted business management software, not all software is created equal. Cloud-based technology poses many benefits that are especially valuable for the title industry and its distinct need for systems that maximize security and streamline communication between parties.
- Cost savings. Gone are the days of paying for someone to install and update software, email servers, or file servers. Cloud-based software is maintained by the software provider so any maintenance is absorbed by the software vendor, and your expense book can take a break.
- Never hassle with an update again. Cloud-based software is automatically updated by the cloud vendor, so you don’t have to spend time or money gaining access to the latest features or security upgrades.
- Simple integrations with underwriter and other partners. Most cloud platforms include an Application Programming Interface (API) that makes integrations easier. For title & escrow companies, this means most of the title processing can be completed without leaving the software interface. For example, title & escrow companies on Qualia’s software can leverage hundreds of integrations to request and complete nearly everything — from initiating title searches to issuing CPLs and policy jackets with underwriters — without leaving Qualia’s software.
- Scalability. For title & escrow companies looking to scale operations, cloud-based software is key to meeting growing business needs. There’s no need to install additional software for a new team member, he or she simply logs in to the system as a new user with a web browser.
- Document control. On cloud systems, files are stored centrally and everyone sees the same version. Any change to the document is updated automatically across the organization — no need for multiple versions to float on email chains for manual consolidation.
- Security. Cloud providers typically invest more in security than a single company is capable of doing, as such the security measures of most cloud providers are quite robust. For example, Qualia provides industry-leading protections and maintains the highest levels of security certifications including ISO 27001 and SOC-2.
- Single solution. Many cloud vendors provide multi-application services and continue to build new features and functions so that your team can complete virtually every task within one system. Take Google Suite for example. This cloud-based system offers email, calendars, document sharing, instant messaging, and other features so employees can complete virtually any communication function in one system. Google will continue to build on its suite to provide users new features and automatic updates that improve usability. Similarly, cloud-based title software provides a single space for title agents to complete most tasks associated with title processing without switching to other platforms or systems.
No Company Left Behind. Cloud-Based Solutions Work For Any Size Company
Above all, cloud-based systems are bringing game-changing solutions and benefits to title & escrow businesses of all sizes. Smaller businesses on cloud-based platforms can leverage the same robust system and powerful integrations as larger enterprise businesses while staying in-budget. Meanwhile, larger businesses on cloud-based systems can scale effectively while maintaining top-notch security and cost savings.
Making the switch to a cloud-based system may sound daunting; however, with the right change management practices, your business can start benefiting from the cloud now. Click below to read about change management best practices.