In the last decade, most businesses have shifted to the cloud to efficiently scale their products and service offerings. As these businesses grow and scale-up in size, the use of the shared pool of computing resources on the cloud significantly increases. Now, there are a few laws which businesses need to consider during the adoption of the cloud. It is crucial for these businesses to understand the effect of these laws and adopt a risk-prone approach to comply. This is where cloud audits and compliance becomes critical for a business.
Compliance mandates and audit checks are hard for engineering teams as they have to manually prepare a list of resources across all cloud services. It takes a chunk of their time and effort due to the requirement of clean and accurate information.
Incidentally, the perception has changed with regards to asset management. Initially it started as a basic spreadsheet is now being managed using Cloud software. Every business needs proper reporting and tracking of their assets and an asset management tool is the best possible solution in this case.
In this article, we have covered the basics of a cloud asset management tool. So, let’s begin:
Asset Cloud – How it is defined?
A cloud storage system typically runs on the internet and the same is the case for an asset cloud. Compared to earlier days of maintaining manual spreadsheets, businesses find it convenient to use a tool for real-time tracking and reporting.
It is a known fact that asset sheets or details regarding company assets can and have been stored on company systems. Though, a cloud based software offers greater flexibility due to remote access and security of storage. After COVID induced lockdowns, most IT businesses have been operating remotely and a cloud based software comes as a saving grace for remote work environments.
With remote work a norm in IT organizations, an asset cloud has helped improve the productivity of employees. By leveraging a cloud based software, your teams can access business information from anywhere by using any device. Now, are you worried about security issues due to availability of data on remote devices? Well, a cloud based tool has the best in class security for safe storage and accessibility of data.
Overview of Cloud Asset Management
It is a great boon for an organization to access the asset cloud from anywhere on any device. But, similar to the physical data storage, there is often a requirement of secure storage and access. Cloud asset management is great for businesses as it manages to solve the above issue.
A simple understanding of CAM is that it is a system which manages a business’s data securely in the cloud. Most businesses use different types of asset management solutions to manage their digital assets but a cloud-based solution is much better than an in-house solution due to its robust security features and ease of management.
As a business, you would need complete control on your business assets in the cloud. By leveraging a safe asset solution, different teams can easily get access to their relevant data and monitor different assets efficiently.
What is the importance of Cloud Asset Management?
Looking at the above two sections, it is evident that Cloud asset management is extremely crucial to safeguard critical business data and ensure that is accessible by the teams from anywhere. Now, proper asset management allows your business to have 100% control on your business assets. What is the importance of having complete control? By having this control, it is easier to run business operations and allow access to relevant teams accordingly.
Lack of a proper management system can lead to improper handling of business critical data. You wouldn’t want your critical information to get into the hands of people who it is not intended for. To avoid these kind of security lapses and ensure smooth operations, having a Cloud asset management tool is the best option for any business.
Another important point is to stay on top of your business assets. If you are not able to track and manage your digital assets, it often leads to overspending. By removing unnecessary costs, it is possible to enhance your business productivity.
When should your business opt for a cloud based tool?
To get the maximum advantages out of cloud based tool, it is best to opt for a custom tool. Now, it is up to you to create a manual asset management tool or go with a cloud based tool. The choice will definitely depend on your organizational goals and number of employees.
Here, we will check the advantages and disadvantages of both the options.
Advantages and Disadvantages of building your own system
The easiest option is to create a spreadsheet in Excel or Google Sheets.
It is important to note that these options are best if you have a single person handling the asset management task.
Advantages of using a manual tool:
- Pricing – It is best to go with a manual spreadsheet if it is being handled by a single person.
- Limited Data – This system is best suited for smaller businesses.
- Devices – Manual tool is the best option to manage physical devices in an organization.
- Flexible Organization – Improved organization is another major benefit of a manual system.
But, building your own asset management system can have a few disadvantages like:
- Limited Users – Spreadsheets are used by one or two users and are not often meant for multiple users.
- Lack of Integrations – It is expensive to build a mobile application to scan the physical assets.
- Takes time – It is evident that a manual system will take longer to execute compared to a cloud based tool.
- High Error Percentage – Consistent manual data entry significantly increases the changes of data input errors and critical asset details.
- Few Resources – There is a lack of resources as you cannot attach tracking and maintenance images etc.
On the other hand, there are advantages and disadvantages of using cloud based software. It is best to opt for this option only if meets your business requirements efficiently.
We believe cloud based software is the best bet for larger businesses where the possibility of having a large number of assets is significantly higher than startups.
Advantages of Cloud Asset Management:
- Single location – All cloud based software stores and manages data from a single location for ease of management.
- Improved Accessibility – Cloud solutions enable business requirements like remote work.
- Attachments – A cloud based tool allows users to include attachments like images and records etc.
- Reduced Management – By using a cloud based tool, it is easier to manage large sets of data efficiently.
Though cloud solutions are really helpful, try to factor in these disadvantages as well.
Disadvantages of Cloud Asset Management:
- Expensive – Cloud asset management is not for you if you are startup. It is more suited for large teams.
- Internet Dependency – Cloud access needs active internet connectivity at all times.
- Processes – Irrespective of automation, businesses must remain on top of all the assets.
- Required Training – It is overwhelming to reach total business efficiency without availability of proper training.
Conclusion: Is cloud asset management the right choice for your business?
As you have read above, trying to figure out the right asset management approach for your business can be a tricky part. If you are a business with limited digital and physical assets, an in-house method may be sufficient. For larger organizations, cloud asset management software may be the optimum choice. If you have any questions, you can write to us at firstname.lastname@example.org
Karan works as the Delivery Head at Conneqtion Group, a Oracle iPaaS and Process Automation company. He has an extensive experience with various Banking and financial services, FMCG, Supply chain management & public sector clients. He has also led/been part of teams in multitude of consulting engagements. He was part of Evosys and Oracle’s consulting team previously and worked for clients in NA, EMEA & APAC region.