These days Business competition is high which is why choosing the right technology is very important as clients also want only the best for effective asset management. As they want access to the system all the time on their mobile phones as well. This is where SaaS-based asset management comes into play. With SaaS (Software as a service) based asset management, you have secured data and accessibility and flexibility to use software from anywhere at any time, all you need is a good internet connection.
SaaS-based asset management can be crucial for asset managers, and top management of an organization. In this blog, you will discover multiple reasons why asset managers choose SaaS-based platforms for their organizations. So, without wasting any time let us begin. But let us cover some basics first!
What Is SaaS-Based Asset Management?
SaaS-based asset management enables organizations to manage assets & access data from anywhere across the world. Moreover, you can change work operation and change the priority of work order as per the requirement.
It gives you the flexibility to work whenever you want. You can check where your assets are located and who is using them all the information related to all or specific assets.
Furthermore, you can get data analytics that is helpful in making informed decisions that makes you more productive.
According to Fortune Business Insights, “The software as a service (SaaS) market is expected to grow from USD 130.69 billion in 2021 to USD 716.52 billion in 2028 at a CAGR of 27.5% during the forecast period.”
With SaaS-based asset management, you can create a work order for asset maintenance to avoid asset failure. This system can give you alerts & notifications about upcoming maintenance.
Moreover, you can change the priority of the maintenance work order. You can know which asset is taking more maintenance with reports that helps in optimizing asset performance, strategic decisions, and setting future goals as well.
Recommend To Read: Why Is a SaaS-Based Asset Management Software Important?
Why Do Asset Managers Choose SaaS-Based Asset Management Software for Their Business?
Below we have discussed why Asset Managers Choose SaaS-Based Asset Management Software for Their Business:
1. Cloud-Based Asset Tracking in Real-Time
Nowadays organizations have moved from traditional asset tracking methods such as the pen & paper method to Cloud-based asset tracking. It enables organizations to track and monitor their assets from anywhere without compromising accuracy that too in real-time.
Moreover, you collect data that makes you more efficient. This real-time data is helpful in asset maintenance and tracking current conditions and gathering other crucial information.
2. Minimize Software Expenses
SaaS-based software is cost-effective as you do not have put high initial cost other than that you also require a heavy computer to run this software, which is also an additional expense.
With cloud technology you do not have to purchase any software, you have to take a subscription which saves a lot of money, and this software is light-weighted. Apart from this, the cloud is fast, deployed easily, and has better accessibility.
3. Data Security
Lots of organizations worry about data security as data is the most important asset of the organization, still, they do not invest in security. However, with cloud-based asset management, you do not have to worry about data security.
As the cloud service provider will take care of it and your data security expenses are also saved. For security, you can restrict users so that only limited people have access to data. Organizations can work with cloud service providers to add more security.
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4. Latest Updates & Patches
For running a business efficiently it is important to have the latest software updates and patches that provide more features. It makes you more productive. Without paying extra charges you get the latest technology and features that help with better asset management.
It is also one of the main reasons why maintenance managers choose SaaS-based software for their businesses. Furthermore, whenever new updates are launched you also get all security updates & patches automatically.
5. Collecting & Analyzing Data
SaaS-based platforms are easy to understand, and the most important information is centralized. For instance, if maintenance is scheduled for an asset, then you can know who is working on that work order, and how frequently the asset was utilized.
All the information is centralized, when you have centralized information, it means you have greater visibility & strategic decisions can be made easily.
We know that the biggest advantage of SaaS asset management is accessibility and along with that you get several other benefits. For asset managers, optimizing asset performance, and ensuring sudden asset breakdown does not occur, asset productivity maximizing is one of the main responsibilities.
Saas-based asset management enables them to perform all these activities easily, that is why asset managers must utilize this technology so that work pressure is minimized as well.
For a better return on investment, optimizing total cost ownership & minimizing asset downtime, this software is a blessing. Organizations should invest in this technology for business growth.
Also Read: What Are the Technologies Used for Effective Asset Management?
Frequently Asked Questions (FAQs)
Q.1 - What Are the Benefits of SaaS-Based Asset Management?
The benefits of SaaS-based asset management are discussed below:
1. Automated process
2. Accurate asset tracking
3. Saving unnecessary expenses and time
4. Data security
5. Data Accessibility
6. Make a change in work operation
7. Make informed decisions
Q.2 - What Is the Difference Between Cloud and Cloud-Based Asset Management Software?
A cloud is a network of servers, and it helps in running applications and storing and fetching information as per the requirements. Whereas cloud-based asset management helps organizations manage, maintain, and track assets when they are away from their workstation or remote location. It helps in enhancing the efficiency of assets.
Q.3 - What Are the Main Asset Tracking Techniques That Are Helpful in Providing Real-Time Information?
For real-time information, there are several asset tracking techniques available such as GPS (Global positioning system), BLE (Bluetooth low energy), IoT (Internet of Things), etc. However, these days IoT is one of the most frequently used technologies.
As per IoT Tech News, “The global market for IoT for asset management in the industry was sized at over $263 billion in 2021 and is expected to swell to $1.1 trillion by 2028.”