What is Cloud Storage?

Many businesses in this modern world generate, store and maintain an arduous amount of data required for their business.

These data can help the business in multiple ways, and thus, it creates a need for solutions that provide efficient and secure document storage systems accessible from anywhere.

Cloud solutions enable storing documents, files, agreements, and records online in a digital format. In addition, it offers increased security and efficiency, which is why many businesses are starting to adopt cloud solutions.

Traditional methods versus Cloud methods

Every enterprise uses the computer to perform business-related operations. Traditionally, we used computer hardware to store data. As the data produced by the organizations increased exponentially over the years, they built and maintained Storage Area Networks (SAN) to manage the company's records.

The disadvantage of these SANs was that, as data increased, it created a demand for more servers. But these servers were expensive to build and maintain, thus posing difficulties.

Here's where Cloud solutions come in handy. The storage provided by the cloud is scalable, enables instantaneous access over the internet, and reduces protection risks.

In the case of Commercial Lease agreements which are usually long-term, many documents and records maintained for the same tenure need a storage element.

When storing physical documents, they pose many challenges that include losing and misplacing while it takes up a lot of office space. Moreover, these hard copies can be accessed and manipulated by anyone, thus making them prone to forging.

On the other hand, storing documents on the cloud can save them from being lost or misplaced. Also, they don't occupy space in the office and provide instant access.

Benefits of Storing Lease Documents in the Cloud

Cloud storage is capable of providing more options than local storage systems. A lease agreement usually will be of 10-20 pages document. An enterprise that may hold many branches throughout the country would engage in numerous lease agreements. Managing and storing these rental agreements without a comprehensive system is challenging.

Hence, storing Lease Agreements in the cloud can provide some fruitful Benefits such as:

Easier Accessibility:

A lease management software hosted on a cloud platform is easily accessible by any authorized person with an internet connection. Cloud software enables multiple access, so if anyone needs any agreement, they need not visit the premises to fetch it and can access it by logging in. Lease Portfolio 365, a cloud-based lease portfolio management software, allows multiple authorized access to any lease agreement.

Data Security:

The lease agreements are easily prone to manipulation. They have to be secure and retain their legitness for the lease period. Hence data security plays a significant role in property administration. Cloud solutions offer tight-knit protection for documents. Lease Portfolio 365, also known as LP365, protects the lease agreements from third-party manipulators with SSL encryption scrambles.

Automated Reminders/Notifications:

When managing a large-scale lease portfolio, reminders on lease payment deadlines, termination, and renewals are mandatory. These notifications help avoid penalties for delayed payments. In addition, it enables lease managers to be punctual and makes it easier for them to account for the finances on time. LP365 sends a prior notification for lease deadlines so that the lessee can manage to pay rent on time. It also sends reminders for renewals, escalation, termination, and every other deadline.

Cost Savings:

One of the foremost advantages of a cloud solution is the cost-benefit. As cloud features are scalable, it Benefits the property manager by preventing them from spending humongous amounts on servers. The investments made for building and maintaining the storage servers get reduced when we adopt cloud-based software.

Conclusion

Thus cloud-based solutions offer more valuable advantages to property management than traditional methods. Almost all enterprises are moving towards cloud-based solutions specifically for the added assistance they provide.

Lease Portfolio 365

LP365 is a cloud-based property management software that assists customers with 24x7 availability. It simplifies the process of data abstraction, report generation, notification generation, termination, escalation, document, invoice, and billing management. It offers many cloud features and is customizable based on the needs. To book a free demo, do visit LP365. You can contact us with :

Email: info@leaseportfolio365.com

Contact Number: +91 7200146160

Please do visit us on Lease Portfolio 365.