Cloud-Based Asset Management: What You Need to Know

cloud based asset management

A majority of organizations subscribe to cloud services nowadays. They access the cloud for data storage and management, business operations, collaboration, networking, etc. 

This also influences asset management, where you leverage the cloud to manage and maintain your IT assets, instead of using ledgers, spreadsheets, and on-site servers. Everything happens up in the cloud!

In this blog, we dive deeper into cloud-based asset management and how it can benefit different organizations.  

What falls under assets? 

When we talk about assets, it basically covers the following:

  • Buildings and property: Office space, facility, warehouse, or land owned by the company. 
  • Equipment: Desktops, laptops, printers, tablets, mobile devices, accessories, servers, and likewise.
  • IT Software: Software (purchased or on lease), licenses, etc. 
  • Machinery: Machines and equipment used for production. 
  • Furniture: Chairs, tables, desks, filing cabinets. 
  • Vehicles: Car, truck, bus, van, or anything similar owned by the company. 

For this blog, we are focusing on the information technology assets owned by a company, including the hardware, software, and associated information like serial number, asset ID, purchase cost, the person assigned to, warranty expiration, etc.    

There are different types of software you can use to manage these assets, such as:  

  • IT Asset Management Software: Documents inventory concerning IT software and hardware.
  • Asset Performance Management Software: Tracks the performance and life-cycle of fixed assets. 
  • Enterprise Asset Management Software: Tracks performance and costing abilities of physical assets. 
  • SaaS Operations Management: Tracks and manages SaaS products.
  • Software Asset Management Software: Tracks software licenses.    

If you are not sure what kind of asset management software you should choose for your organization, find out more details from a past blog.

What is an asset cloud?

Conventionally, the asset information is stored on hard drives and servers. But that has changed since most businesses started using cloud services. That’s where the asset cloud comes into the picture.

It is a centralized digital storage solution that runs on a remote server. It stores all asset records, which you and multiple other users can access remotely, irrespective of the organization’s network constraints. Asset clouds come in handy for maintaining a detailed history of the assets.  

What is cloud-based asset management?

While it has become easier to access the asset cloud for retrieving records and digital data, organizations need a proper management solution in place. 

Cloud-based asset management fits that role. It gives you visibility and control of the asset data within the cloud. With cloud-based asset management, users can organize, modify, and access data from anywhere whenever they need it. You can also monitor and maintain data security.       

How is it different from on-premise asset management?

By adopting cloud-based asset management, you are no longer limited to the constraints of conventional on-premise asset management. Let’s take a look at how they differ from each other.

CLOUD-BASED ASSET MANAGEMENT

1. Security is offered and ensured by the cloud service provider (Google, Microsoft, AWS, etc.).

2. You only have data ownership as the service provider owns the remote server.

3. You can benefit from the efficiency of cloud-based asset audits if you have branches spread across multiple geographies.  

4. You can access the data anytime from anywhere with an internet connection. 

ON-PREMISE ASSET MANAGEMENT

1. Security is the sole responsibility of the organization since the servers are on-premises.  

2. You own the data as well as the server. 

3. Asset audit can be difficult for companies with multiple branches. It becomes time-consuming with a risk of inaccuracies. 

4. Access to data becomes difficult outside the office and after working hours. 

 

What are the benefits of using cloud-based asset management software? 

Since we are talking about cloud-based asset management, let’s check out the benefits of using CAM software: 

Centralized Cloud Asset Inventory 

It gives you a centralized view of all your assets, which simplifies searching, organizing, and maintenance. 

Easy Accessibility

Anyone from your team can easily access and retrieve the assets remotely while the software tracks all movement, keeping a record of everything.  

Automation

It uses automation to track and manage assets, offering you updated inventory information. Discover new assets while they are added to the cloud and monitor the costs simultaneously. 

Security 

It reinforces your existing cloud security. You can monitor your security protocols and assess the potential risks. The automation processes detect and fix vulnerabilities quickly. 

Timeliness

It saves you time that you would otherwise spend, sifting through massive amounts of data entries in a spreadsheet, reducing any scope of error. 

Reduced Maintenance Cost

Centralized inventory management, automation, and compliance checkpoints give you a better understanding of the asset life cycle, reducing unnecessary maintenance expenses.    

What are the salient features of cloud-based IT asset management software?

Features of Cloud-Based IT Asset Management Software 2.png

You can expect the following features in cloud-based IT asset management software:

  • Centralized dashboard
  • Asset audit
  • Asset lifecycle management
  • License management
  • Configuration management
  • Inventory management
  • Maintenance management
  • Supplier management
  • Procurement management
  • Cost-tracking 
  • Mobile-friendly

Does your company need cloud-based asset management?

Asset management is a requirement for every organization. However, whether you need a cloud-based asset management solution will depend on multiple factors involving your asset inventory, operational infrastructure, mode of work, number of users, and more. If you are seeking a comprehensive asset management solution with remote accessibility, you will benefit from cloud-based asset management. 

Are you looking for a well-featured IT asset management solution for your organization? Let the experts at AdminRemix guide you to make the right choice. Book a demo today.

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