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 vs. 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 in Asset Management
With on-premise asset management, all information and data can be accessed only within the physical premises. If an emergency arises after working hours, it cannot be accessed remotely. In contrast, cloud-based asset management allows access anytime, from anywhere.
System Control and Accessibility
With on-premise asset management, full control remains with the organization. However, in cloud-based asset management, control is dependent on the software and technology provider. If the software requires an update, access may be temporarily restricted until the update is completed.
Investment and Cost Comparison
On-premise asset management requires a significant upfront investment in servers and infrastructure since everything is managed in-house. Cloud-based asset management, on the other hand, operates on a subscription model where you pay for digital storage as needed, with the flexibility to cancel and reduce costs when not in use.
Auditing and Reporting Efficiency
In on-premise asset management, auditing and reporting can be time-consuming and complex—especially for multi-location organizations handling various products. Each location and product must be audited separately. Cloud-based asset management simplifies this process by enabling audits and reports from a single, centralized dashboard.
Cost-Effective Affordability for All Business Sizes
On-premise asset management is generally affordable only for large enterprises due to its high setup and maintenance costs. Cloud-based asset management, however, is accessible and affordable for businesses of all sizes—small, medium, or large—thanks to its flexible and scalable pricing.
Conclusion and Next Steps with TeroTAM
Cloud-based asset management software offers a modern, scalable solution to streamline your asset and facility management while enabling proactive preventive maintenance across your organization.
Want to see how it can transform your operations? Contact the experts at TeroTAM or email us at contact@terotam.com to get started.
