What is Cloud-Based Asset Management? What are its Benefits?

The technology has evolved & still evolving especially if we speak about asset management & asset tracking.

Firstly, it was done pen and paper then it was done with a spreadsheet and after that Barcode, RFID, etc. were used. Then technology bought another approach for asset management which is cloud-based Asset Management.

Cloud-based asset management is nowadays very popular among businesses. Cloud-based technology is playing a crucial role in business in terms of asset management & asset tracking.

So, what exactly Cloud-based Asset Management is?

Cloud-Based asset management is where you can store the data online (server) run application (from server) on your system without installing the software. You just take the vendor's software service.

Here is a simple example, suppose you want to play a game that required a graphic card in order to play. But your system/laptop does not support the game because it lacks graphics card and it is costly.

So, you took a cloud-based service through which you can play that game on your system/laptop with having a graphic card.

Similarly, organizations use cloud-based computing to avoid costly infrastructure and to enhance functionality. It offers the facility of centralized storage of data on the internet. So, that it can be accessed from anywhere, on any device that has a web connection. On top of that, it provides data security.

Also Read: How Fixed Asset Tracking Enhances Business Productivity?

What are the benefits of cloud-based asset management?

Some of the most basic benefits are:

Security - Security is included as part of the cloud service. The dedicated servers and database systems eliminate vulnerabilities by providing you with the security of your data from a specialized and dedicated team of security. It stores the data in encrypted form.

Accuracy - The in-depth inventory information makes educated decisions to encourage the business to make most of the extra targets by minimizing risks so that wastage of valuable finances can be reduced.

Data of each asset - This is very crucial in terms of increasing asset efficiency. It helps you in asset maintenance. How? When you have all the information on all the assets then you know when an asset is purchased? When will it need the next maintenance? Therefore, it is important in executing preventing maintenance.

Save time - The real-time asset tracking data with just a few clicks. This means you do not have to waste time in order to find asset information. You can focus on other important business work.

Also Read: How Cargo Tracking is Important for Business Success?

Cost efficiency - The office system can be filled with data in no time which means you may need to buy a hard disk or system. But the cloud offers an ideal solution. As they are economical compared to buying systems, hard disks, etc. You can run heavy software on an average laptop with cloud-based technology saving a lot of money.

Better decision making - When you have all the asset information. You can analyze data deeply that helps you in gathering statistical usage information. As a result, you can make a better decision in favour of your business growth.

Data centralization - It streamlines the asset information. When your organization is at multiple locations then it can be hectic for you to search for asset or asset information. Therefore, it centralizes your data in one location.

Installation and configuration - The cloud-based asset management software is installed and run remotely, here you need not to actually install anything on local machines. It is accessible on any device with an internet connection moreover, multiple users can access the system and database without conflicts and errors.

Inventory and asset tracking - When your fixed asset data is stored among several locations, or you're just not keeping up with your records, it's incredibly easy to lose track of your assets. Cloud-based asset management significantly reduces or even eliminates asset loss. Your data is housed in one location and syncs with the cloud, so the information you're reviewing is in real-time.

Also Read: How Helpful Barcodes are in Medication Administration System?

Conclusion

Cloud asset tracking helps businesses to make informed decisions with respect to further purchases & distribution. Not only it assists to utilize assets and resources to their fullest and reduce wastage but also improves efficiency.

We suggest that people have their cellphone and tablets all the time so why not use it for asset tracking purposes and to manage them. The app nowadays is simple and user-friendly. Therefore, it's high time to move on to cloud-based technology & to manage your assets and inventory effectively.

Frequently Asked Questions (FAQs)

1. What is the purpose of asset management?‍

According to Wikipedia, Infrastructure asset management is a combination of management, financial, economic, engineering, and other practices. It is applied to physical assets with the objective of providing the best value level of service for costs involved.

2. How cloud computing can benefit IT staff?‍

With a lot of benefits to offer, from workloads efficiencies to cost economical. There are a lot of approaches to incorporate cloud offers into the universe of today's business. It enables you to set up what is basically a virtual office to give you the adaptability of associating with your business from anyplace and whenever required.

3. What are the pros and cons of cloud computing?‍

The benefits are mentioned in the above section. However, some of the cons of cloud computing. There is always a need for an internet connection. It will not be able to do anything without a good internet connection. Therefore, there is a dependency on the internet. Secondly, if there is any technical problem in cloud computing then you need customer support. Without them, you won't able to solve the issue.