What is Cloud-Based Asset Management? Benefits & Advantages Explained

If your organization makes tracking its assets a priority, one way to make the job simpler is to use cloud based-asset management. Cloud-based asset management is a digital system for tracking and managing assets via the cloud, offering real-time data access and operational efficiency. 

Unlike an on-premise asset tracking system, a cloud-based asset management solution is flexible and accessible 24/7, no matter your physical location. Read on to learn about the benefits and advantages of using a cloud-based asset management solution over other available options. 

On-Premise Asset Tracking vs Cloud-Based

By design, cloud-based asset management resides in “the cloud,” a computing term that boils down to any software that is delivered over the internet, rather than relying on local hardware. A cloud-based asset management system does not reside on a local database or physical hardware on your organization’s premises. Instead, it is stored on and maintained via a remote server. Your organization usually pays a third party a subscription fee to access that solution and, in return, doesn’t have to store, maintain, or otherwise perform upkeep of any sort on the infrastructure. 

Meanwhile, an on-premise asset tracking solution resides on your organization’s physical premises, either in a physical ledger, like a notebook, or a digital database, like an Excel spreadsheet saved as a local file on your computer. Both of these on-premise solutions present limited accessibility concerns. For a physical ledger, the user would need to have the notebook in hand. For a spreadsheet, one user could email the file to another, but if the second user updates the spreadsheet to a new version, they will need to email it back to ensure both users have the most updated version. Not to mention, a digital database would rely on your physical hardware, making it vital to have team members dedicated to maintaining your network security and infrastructure. Meanwhile, a cloud-based asset management solution is accessible from anywhere and updates automatically. 

The Advantages of Cloud-Based Asset Management

Why use a cloud-based asset management solution? It is the most cutting-edge option available on the market, but the advantages don’t end with its modernity. Here are some of the reasons organizations that prioritize efficient asset management are shifting to cloud-based solutions.

1. Better Security

With cyberattacks making regular headlines, organizations may be wondering if their data is really all that secure if it is stored in the cloud. You might be surprised to learn that data stored in the cloud is generally more secure than data stored on an organization’s premises. Cloud-based asset management is more protected against cyberattacks because it is backed up regularly and monitored 24/7 for suspicious activity. And unlike with traditional asset management, cloud-based solutions use end-to-end encryption and multi-factor authentication so only authorized users can access them. Read our white paper on the security benefits of cloud-based asset management to learn more. 

2. Centralized Location

Cloud-based asset management software exists in one central hub. All your data can be found in the same place, eliminating the headache associated with searching for your assets across multiple locations. With an on-premise asset management system, the user needs to go to where the software is stored. But with a cloud-based system, the user can access the solution from anywhere using a computer, tablet, or mobile device as long as they have the correct credentials to do so. 

3. Anytime Access

With the cloud, you have seamless access to your data at any time. In contrast, traditional systems may limit your access to normal business hours. In a world in which work doesn’t just happen between 9 and 5 anymore, chances are high that you and your employees will inevitably need to access information late at night and on weekends. Simply log into your account to access the cloud-based asset management software in order to attain that flexibility. 

4. Reduced Loss

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 and 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. If something is misplaced, you can easily trace the asset’s last known location or assignee for enhanced accountability. 

5. Scalability

As your organization grows and accumulates more assets, the volume of fixed asset data you have to manage is only going to increase. A cloud-based asset management solution is one of the few that can keep up with your thriving business. Cloud-based systems are not limited by your organization’s on-premise data storage capacity. Instead, they’re managed by a solution provider whose entire job is to deliver this system to its clients. That allows them to quickly and efficiently spin up new instances as your organization’s needs expand. 

6. Ease of Use

What makes cloud based asset management solutions easier to use than your average on-premise solution? A major reason is automation. Automation, a set of tools and processes that reduce or remove the manual work of cloud provisioning, is a key component to cloud computing. These automations carry over to cloud-based solutions, too. You and your employees can take advantage of automated processes to make asset management easier.

7. No Guesswork

The automated processes that characterize cloud-based systems have a second benefit when it comes to asset tracking—eliminating the chance of human error. Instead of relying on human memory to recall the last time an asset went in for repairs, you can automate a process to remind you when it’s time for maintenance. The accuracy provided by cloud based asset management eliminates the need for guesswork around such details as asset values, condition, maintenance histories, and much more.

8. Time Savings

When you subscribe to a cloud-based asset management solution, you’re delegating the storage, upkeep, and security of your digital asset management to that solution. That takes a lot of time, not to mention energy and stress, off your plate. Combined with the out-of-the-box automations that characterize cloud based asset management, you can cut down your regular asset management routine and get back to focusing on more pressing business priorities. 

Choosing a Cloud-Based Asset Management Solution

Looking for a modern cloud based solution for your asset management needs? Find out why thousands of companies have entrusted their asset management to Asset Panda, a cloud-based system that allows you real-time access to your assets, no matter where you may physically be. Asset Panda’s highly customizable software has been configured to work for all types of organizations, including high-profile clientele like Carnival Cruise Lines, Solera, and Brown University. 

Ready to jumpstart your asset management by harnessing the efficiency and accuracy of a cloud-based solution? Request a custom demo to learn how Asset Panda can be adapted to meet your organization’s unique needs today