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The Essential Role of the Cloud in Asset Management

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The Cloud is probably one of the biggest technology trends impacting the business world in recent decades. We hear a lot about why the Cloud is critical for organisations, but what does Cloud adoption mean when it comes to asset management? And why should organisations leverage the cloud for their asset management information system (AMIS)?

We explain what Cloud-based asset management involves and the top advantages of the cloud for this use.

The Cloud in asset management

At a basic level, the Cloud is a network of servers, and these servers can be used to store data, run applications, or provide other services over the internet. When you use an internet-based account such as Gmail, you're accessing the email service via the Cloud.

Likewise, in a Cloud-based asset management information system, you're accessing the platform through the internet, from the provider's servers, whether it’s through a browser or other app. Instead of having the software installed on your own systems, you have the convenience of accessing it via the internet and having it stored on a secured server elsewhere.

Key benefits of the Cloud for asset management

So what are the specific reasons why organisations choose to rely on the Cloud for their asset management system?

1. Boost capacity

Since it's Cloud-based, your AMIS can quickly scale up to accommodate multiple users, storage needs, and asset numbers, in a cost-efficient way. For example, you can start out small and instantly add new seats or user numbers instead of having to add new servers, upgrade the software, or create new users.

Similarly, you might be able to increase your storage capacity the same way rather than having to change things on your end, with hardware and software upgrades. You won't need to invest in additional software and you probably won't need to buy new hardware to boost capacity. Setup is typically straightforward and simple.

2. Expand functionality and services

Cloud-based AM platforms could offer significantly enhanced functionality. Depending on your vendor, you might be able to add new tools, features, and related services by making a request to your vendor.

Instead of hiring an IT team or maintaining your own staff to develop the software and investing a large portion of your time and money, you can access a broad range of tools by subscribing to a Cloud-based platform. These features could include maintenance management features like maintenance work schedules and work orders, as well as asset tracking and customised reporting tools.

3. Real-time data and accessibility

Organisations need to be confident their AMIS system, like that offered by SmartAsset, is tracking assets and logging asset data in a timely, accurate, and accessible way. A Cloud-based asset management software offers an easy way to allow your team – including mobile teams and regardless of how disparate their locations might be – to record, share, access, view, and update data in a centralised location. In this way, it can boost communication between your staff.

This could help you avoid data-entry errors and empower your staff to respond more quickly, with smarter insights and decisions. Personnel can access all relevant data, including detailed asset histories, about an asset at one glance. Outcomes could include more accurate tracking, better data, easy reports and audits, and efficient operations.

Again, the alternative might be having to maintain your own server to support this level of accessibility.

4. Minimise costs and expenses

A Cloud-based AMIS system comes with all the benefits of other asset management software. For example, it can help you track costs, including maintenance and repair expenses, and initial outlays. You can work out whether certain assets have cost you more than they've offered in usage benefits. You could set up and track preventative maintenance on assets to maximise their life cycles. Finally, you typically won’t need to buy replacement hardware or software.

5. Prevent lost records

Since all your asset data is located in one centralised location, the risk of lost records could be much lower. A reputable cloud-based provider might offer you automatic backups and certain service-level guarantees. The fact that the data is stored off-site at the vendor's servers means extra security. In the event of a power failure on your premises, you can rest assured your data is stored elsewhere and has been backed up.

6. Data security

A Cloud-based system could mean improved data security for your business. Cloud-based systems can be more secure than on-premise platforms because they tend to have more governance measures. Your service provider might offer automatic backups and enhanced security features, including for when remote or mobile teams are accessing the system from different locations and devices.

Instead of your business having to set up your own server and security tools, you can take advantage of your vendor's security expertise. In addition, cloud-based systems typically come with regular updates that support security.

Cloud-based asset management information systems offer a cost-effective, flexible, and secure approach to managing your assets. Along with easy scalability, your business could enjoy more accurate data, seamless real-time data updates and sharing, and expanded functionality and tools.

Smart Asset offers a best-in-class, all-in-one asset management solution, helping customers manage billions of dollars worth of assets with ease.Contact us for a free demo or a discussion about your asset management needs today. Alternatively, click through to request afree software trial now.

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