Basics of Cloud-Based Asset Management [Infographic]

These days in business we hear a lot of this term called  “cloud”. However, lots of people do not have a clear picture of what exactly cloud computing technology is! Businesses can gain a lot with cloud-based asset management as they need an effective way to keep track of assets in real-time.

In the below infographic we have mentioned what is cloud computing technology and what are the benefits of cloud-based asset management for an organization and so on. The purpose of this infographic is to assist you better to run the business efficiently.

Also Read: Asset Maintenance: Types with Benefits and Drawbacks [Infographic]

What Is Cloud Computing Technology?

• Cloud computing allows you to use computing services.
• It includes servers, network, storage, software, analytics, and intelligence with internet assistance.

• You only pay for those cloud services that you are using.
• It is cost-effective and saves lots of expenses.

What Are the Various Types of Cloud Computing?

1. SaaS - Software as a service allows user to access software without downloading it in your device.
2. PaaS - Product as a service allows the developer to create their own application. PaaS helps in creating an app without needing servers.
3. IaaS - Infrastructure as a service allows you to use firewall, storage, server, infrastructure, etc.

What Is the Market Size of Cloud Computing Technology?

According to the Markets and Markets,  “The global cloud computing market size is expected to grow from USD 371.4 billion in 2020 to USD 832.1 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 17.5% during the forecast period.”

What Is Cloud-Based Asset Management?

• Cloud-based asset management enables you to manage your assets when you are not in the office or working remotely.
• It avoids wastage of resources and saves money. Furthermore, it increases productivity and enhances the bottom line.
• Real-time information gives you the power to make business decisions on accurate information.
• You can know everything about your assets & asset management is simplified.

What Are the Benefits of Cloud-Based Asset Management?

1. Security - Cloud computing technology provides data security and keeps data in an encrypted form.
2. Accessibility - It allows users to access data from anywhere around the world. All you need is a good internet connection.
3. Centralized information - All the information is centralized, so it keeps everyone informed.
4. Accuracy - When the process is automated errors and human mistakes are reduced & accuracy is increased.
5. Minimized loss - Asset-intensive industry suffers from asset loss consistently. With asset tracking, you can avoid loss and theft.
6. Real-time information - Cloud technology work in real-time. Whenever inventory is purchased or sold it update inventory at the same time.

What Are the Features of Cloud-Based Asset Management?

1. Accurate tracking - You can always know where your assets are in real-time. It saves assets from theft and misplacement.
2. Alert & Notification - This feature alerts the team to be used for different purposes such as maintenance work and inventory management.
3. Re-ordering - Re-ordering is an effective feature used in inventory management. You can set a re-ordering limit to avoid the out-of-stock issue.
4. Check-in & check-out - The check-in & check-out feature saves from asset misplacement and makes employees responsible for the allotted asset.
5. Work order - Work order helps organizations to keep track of maintenance activities. It is helpful to those organizations that need maintenance on regular basis.

Which One Is Better? Cloud-Based Asset Management or On-Premises Asset Management?

1. Security - In cloud-based asset management, security is not the organization's responsibility, whereas security is the organization's responsibility in on-premise asset management.

2. Updates - When software is updated cloud-based technology does not give any control to the organization specifically. Thus, to access it correctly organization, have to update, organizations have no choice. On the other hand, on-premises have the completed control on updates.

3. Ownership - In cloud-based asset management, you are paying for renting space for holding data of software in severs & on-premises asset management organizations own the server and the data.

4. Connectivity - Cloud-based asset management can be managed from anywhere with an internet connection. On-premises have servers within the company & after working hours it might be difficult to access data.

5. Affordability - All organizations including small size organizations can afford cloud-based asset management but only big-size organizations can afford on-premise asset management software.

Also Read: Basics of Asset Tracking & Asset Management [Infographic]

Conclusion

Cloud computing technology is essential technology specifically for asset-intensive organizations. Without asset management, it is difficult to manage assets efficiently. Cloud-based asset management gives you the power to control your assets and you can keep a sharp eye on your assets.

Asset management software provides reports that are helpful in making informed decisions. This software can be productive for your business. It has the potential to take your business to another level.