In The Clouds: How Cloud Platforms Can Benefit CRE
While data security is important to all industries, it’s gaining more traction in the $15-trillion commercial real estate industry, where the business of collecting and sharing data is especially paramount for investment firms, and also utilized in every aspect of the deal flow.
The adoption of cloud platforms is changing the game. For the first line of defense against foreign attacks, user authentication protocols are a simple tool to establish two-factor authentication, ensuring that only the intended parties can access data. Furthermore, cloud platforms allow for single sign-on (SSO), which means that firms’ administrators can control both employee access and duration of data usage. This creates a gatekeeper for the firm’s digital data.
Generally, CRE firms have used home-grown databases, Excel and the almost obsolete practice of pen and paper; but with cloud platforms, data storage, usage and tracking is all in one centralized location. Not only does this mean data is less likely to get lost or stolen when shared, but it also enhances productivity. With encryption, access rights, and organization tools, cloud platforms are positively benefitting CRE.