Every single business has its own set of assets, irrespective of its size of business. Without the concerned set of assets and proper management and maintenance, that cannot carry out smooth business. Each business person is well-versed with this fact and agrees on it, but the question within their mind is how they can manage their assets with maximum ease and minimal effort. Most of them are still confused about how to do this, the old traditional way or adopt the new technologies. However, many of them have understood and accepted the need for well-designed Asset management software to improve their performance level.

What is Asset Management?

Asset management belongs to a well-defined approach toward the management and maintenance of fixed and operational assets so that the cost of holding them and handling them becomes less and their contribution to the output becomes maximum with an extended life of assets.

There are two ways companies can do their Asset management, On-premise Asset management, and Cloud-based Asset Management. Let’s discuss more to understand better.

What is On-premise Asset Management?

On-premise Asset management is an approach where all the assets of the company whether Fixed or operational, Software or Hardware or servers, long-term or short-term, are on the premise of the company and will be managed. It will store all relevant data and information on the premise of the company. Mostly will manage it manually and the responsibility of the data safety will be handled and bared by the company itself.

What is Cloud-based Asset Management?

Cloud-based Asset management allows the organization to manage, monitor, and track the assets and their related issues without physical presence at the premise. The asset manager can perform all these tasks remotely with any handy device he has, like a smartphone. Cloud-based asset management software gives a cutting-edge solution to asset management over an On-premise approach with the features like Data Security, Centralized storage of data, Accurate access of data in real-time, and all these in a more cost-effective manner.

On-premise v/s Cloud-based Asset Management

There are many criteria based on which we can differentiate between both concepts. Let’s check out how both are different.
Data Security: With On-premise Asset management, Data security will be the organization’s responsibility, whereas, in Cloud-based Asset management, it belongs to the service provider.

Remote Access:

With On-premise Asset management can access all the information and data within the premise only. If an emergency happens after working hours it cannot be accessed outside the premise, whereas Cloud Asset management can access it anytime.

Control:

With On-premise Asset management, control remains totally with the organization whereas, in Cloud-based Asset management, it depends on the technology and software. In case the software needs an update, it will not allow any access until its updated.

Investment and cost:

With On-premise Asset management, you need to invest in servers to buy them as it’s within the premise only which asks for a long-term investment, whereas in Cloud-based you purchase digital space on rent for your use, when not needed, you can cancel the subscription to cut down your cost.

Audit and Reports:

With On-premise Asset Management audit and report management will be lengthy and difficult if the organization is situated in multi-location and deals with multiple products, have to be done at each place and for every product separately, whereas Cloud-based Asset management can make your asset audit easier from the same single dashboard only without any hassle.

Affordability:

On-premise Asset management is affordable to only large organizations as it requires a higher amount of investment and resources to manage, whereas Cloud Asset Management is affordable to all kinds of organizations, whether small, medium, or large.

 

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Endnotes:

Cloud asset management software is a cutting-edge solution to simplify your Asset and Facility management and apply preventive maintenance within your organization. To know more, please connect our team of experts today at contact@terotam.com

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