Asset management might seem like a complex process, but with the right managing tools, it can be simple and straightforward. Cloud-based asset management solutions make it easy to keep track of your fixed assets no matter where they are located. Here’s everything you need to know about these solutions and how they can benefit your business.
What is Cloud Computing Technology?
Before we dive into the specifics of cloud-based asset management, it’s important to understand the technology behind it – cloud computing.
In simple terms, cloud computing is the delivery of computing services—including servers, storage, databases, networking, software, analytics, and intelligence—over the Internet (“the cloud”) to offer faster innovation, flexible resources, and economies of scale.
Today, cloud computing has evolved from being a new style of IT infrastructure to become a mainstream part of the business world. Cloud adoption is growing rapidly across all industries—from small businesses to large enterprises—as organizations move to the cloud to improve agility, drive cost savings, and boost business efficiency and productivity.
What is Cloud-Based Asset Management?
Cloud-based asset management is a feature-rich system that allows users to track and manage their assets remotely using cloud-based software. This type of software can be used to track any type of asset lifecycle, including inventory, equipment, vehicles, and property.
Cloud-based asset management solutions typically offer a variety of features, such as asset tracking, asset maintenance, and asset reporting. These systems can be used by businesses of all sizes to improve asset visibility and optimize asset utilization.
Most cloud-based asset management solutions can also be integrated with other enterprise applications, such as enterprise resource planning (ERP) and customer relationship management (CRM) systems. This integration provides organizations with a complete view of their assets and helps them to make better decisions about their asset utilization.
Ultimately, cloud-based asset management solutions offer many benefits over traditional on-premises systems, including increased flexibility, scalability, and cost savings.
How Cloud-Based Asset Management Solutions Work
Cloud-based asset management solutions make use of cloud computing technology. This allows businesses to store and access asset data and applications remotely, over the internet.
Moreover, cloud computing architectures can be easily scaled up or down to accommodate changes in asset demand. This makes them ideal for businesses that need to be able to quickly adjust their asset usage.
Cloud-based asset management solutions are typically built on top of cloud computing platforms such as Amazon Web Services (AWS) or Microsoft Azure. These platforms provide the infrastructure needed to support the solution, including storage, security, and networking.
Cloud-based systems are usually hosted by a third-party solution provider, who manages the infrastructure and security. As a result, businesses can focus on using the system, rather than managing it.
Components of cloud-based asset management solutions include:
- An Asset Register: This is a database of all the assets owned by a business. It includes information such as the asset’s location, serial number and value.
- Tracking Devices: These are attached to assets and used to track their location in real-time. They often use GPS, RFID or BLE technology.
- A Cloud-Based Platform: This is where businesses access the system and view asset data. It can be accessed via a desktop web browser or a mobile app downloaded onto a mobile device, such as a smartphone or tablet.
By hosting the solution on remote servers and providing a web-based platform, these solutions make it easy for businesses to track and manage their their assets’ life cycle without incurring the high costs of traditional on-premise systems.
How Cloud-Based Asset Management Solutions have Evolved Over the Years
Cloud-based asset management solutions have come a long way since their early incarnations.
In the past, these solutions were plagued by security concerns and limited functionality. However, modern solutions have addressed these issues and now offer a robust set of features for businesses of all sizes.
One of the biggest advantages of cloud-based asset management is that it allows businesses to track their assets and inventory in real-time. This is essential for businesses that need to manage large and complex portfolios.
Additionally, cloud-based solutions are often more affordable than traditional on-premise solutions. They also offer greater flexibility and scalability, making them a good fit for businesses that are constantly growing and evolving.
As cloud-based asset management solutions continue to evolve, they will become even more powerful and user-friendly, making them an essential tool for any business.
What are the Benefits of Cloud-Based Asset Management Solutions?
Cloud-based asset management solutions offer a number of benefits, including:
- Access from Anywhere: One of the biggest advantages of a cloud-based solution is that it can be accessed from anywhere. This is ideal for businesses with multiple locations or mobile workers.
- Reduced IT Costs: Cloud-based solutions are typically more cost-effective than on-premises solutions since there’s no need to invest in expensive hardware or software licenses.
- Improved Security: With a cloud-based solution, your data can be stored off-site in a secure data center. This can help to protect your data in the event of a disaster.
- Automatic Updates: With a cloud-based solution, you’ll always have the latest version of the software, since updates are automatic. This can help you avoid costly downtime.
- Scalability: Cloud-based asset management solutions are much more scalable than traditional on-premise solutions. This means that they can easily be expanded to accommodate more users or more assets as needed.
- Ease of Use: Cloud-based asset management solutions are typically much easier to deploy and manage than on-premise solutions. This is because all of the necessary infrastructure is already in place and simply needs to be configured for your specific needs.
- Increased Collaboration: Cloud-based asset management solutions allow for real-time collaboration between users. This means that everyone always has access to the most up-to-date asset information, making it easier to make informed decisions about asset utilization while saving time.
These are just some of the benefits and features of a cloud-based asset management solution.
Use Cases for Cloud-Based Asset Management Solutions Across Industries
There are many different industries that can benefit from cloud-based asset management solutions.
In manufacturing, for example, cloud-based asset management can help to track and manage the use of machines and other equipment. This can be particularly helpful in managing maintenance and repair schedules, as well as keeping track of inventory levels.
In logistics, cloud-based asset management can help to track the location and movement of vehicles and other assets. This can be useful in optimizing routes and schedules, as well as reducing the risk of lost or stolen assets.
In the retail industry, cloud-based asset management solutions can be used for inventory management and to monitor the movement of goods between warehouses and stores.
In government agencies, cloud-based asset management can help to track and manage the use of taxpayer-funded assets. This can help to improve accountability and transparency, as well as to reduce the risk of fraud or abuse.
Overall, there are many different industries that can benefit from cloud-based asset management solutions.
How do you know if Cloud-Based Asset Management is Right for your Business?
There are a few key factors to consider when deciding if cloud-based asset management is the best fit for your company.
First, think about the type of assets you need to track. If you have a large number of physical assets, such as equipment or vehicles, then cloud-based asset management can be a great option. This is because cloud-based systems make it easy to track and manage large quantities of data.
Second, consider how important asset data security is to your organization. With cloud-based asset management, your data is stored off-site on someone else’s servers. This can be a benefit or a drawback depending on your needs. If data security is a high priority, you may want to keep your asset data on-site where you have more control over who has access to it. However, if convenience is more important than security, cloud-based asset management can be a good choice.
Third, evaluate your budget. Cloud-based asset management can save your organization money by eliminating the need for additional infrastructure. However, you will need to pay for a subscription to a cloud-based asset management service. Be sure to compare the cost of subscription plans before making a decision.
Ultimately, the decision of whether or not to use cloud-based asset management depends on your specific needs and requirements. However, by considering the factors above, you can make an informed decision about whether or not cloud-based asset management is right for your business.
Get Started with Cloud-Based Asset Management Solutions
Cloud-based asset management solutions provide a number of benefits for businesses of all sizes and in all industries. Whether you’re looking to improve efficiency, reduce costs, or increase regulatory compliance, there’s a cloud-based asset management solution that can meet your needs.
If you’re not sure whether cloud-based asset management is right for your business, our team can help you explore your options and decide which solution is best for you. Request a demo below to see how our solutions can benefit your business.
Last Updated on September 15, 2022 by Radiant