Transforming Your IT Strategy with Cloud-Based IT Asset Management

Organizations strive to hire talent from all across the world. These workers often hail from different geographical locations and time zones, making it challenging for traditional on-premise asset tracking solutions to manage assets like IT equipment, digital files, etc. 

Traditional solutions that use local hardware to track all company assets, like Excel spreadsheets, lead to disjointed, error-ridden, and chaotic record-keeping. Cloud-based IT asset management is then a more efficient alternative for organizations.

Cloud-based asset management refers to managing physical and digital assets using cloud technology. It enables data to be consolidated and stored in one place—‘the cloud’—so that assets can be tracked and monitored from anywhere at any time.

According to the site, InfoWorld, 75% of the tech industry’s R&D budget in 2018 was spent on cloud-based systems. As this technology has gained popularity, more and more organizations are using it to streamline daily operations across multiple departments.

In this blog, we will discuss cloud-based IT asset management in detail and compare it to on-premise solutions while exploring its key features and functionalities.

What is cloud-based IT asset management?

Cloud-based IT asset management software helps track and manage an organization’s physical and virtual assets, including their physical servers and software licenses. Stemming from traditional asset management tools, it situates itself alongside other popular IT frameworks like the ITIL service lifecycle.

As data is hosted on ‘the cloud’, i.e., on servers over the internet, it offers benefits in terms of flexibility, accessibility, and scalability.

Using a cloud-based asset management system allows asset data to be stored and easily accessed from one secure platform, thus increasing collaboration across different company departments and eliminating data silos as all employees have simultaneous access to the same data. Moreover, a centralized company assets database helps mitigate the administrative burden associated with tracking, monitoring, and organizing all hardware and software items.

Core components of cloud-based IT asset management

1. Asset inventory database

With a cloud-based IT asset management system, your organization can access a centralized asset inventory database to track and organize all company items, whether physical or virtual. The presence of a centralized asset repository eliminates the hassle associated with going over spreadsheets or paper documents to manually locate specific asset information. Maintaining accurate database results helps enable more streamlined operations since it’s easy to quickly obtain crucial information like asset usage, performance, maintenance records, warranty information, purchase details, etc.

2. Hardware lifecycle management

ITAM solutions facilitate hardware lifecycle management by identifying where a hardware asset is in its lifecycle, i.e. the procurement, deployment, maintenance, or retirement stage. This allows organizations to better understand the performance levels of physical assets, foresee any asset issue that might occur, and ascertain when they need to be serviced or retired, helping improve overall work efficiency.

3. Software asset management 

It’s easy to keep up-to-date regarding the status of different software assets like software license agreements with cloud-based asset management. This solution helps organizations track various software upgrades and flags upcoming license expiries so you can renew these licenses in time.

4. User access and control management

Cloud-based software usually has security protocols that ensure only authorized personnel can access corporate asset data from their servers. This prevents sensitive information from falling into the wrong hands.

Cloud-based IT asset management vs On-premise

Organizations can choose between on-premise or cloud-based software solutions, as most asset management systems are deployed in either of these two ways. On-premise software is installed locally on users’ own computers and servers on their organization’s premises. Meanwhile, cloud-based software is hosted on third-party vendor servers, for example, Amazon Web Services (AWS), and can be accessed online from anywhere.

With cloud-based software, employees can access relevant organizational assets online from anywhere remotely. Meanwhile, with an on-premise system, employees usually require a LAN (local area network) connection to access company data. Additionally, it is easier to scale a cloud-based software, especially in terms of storage. This is because when compared to an on-premise system, it would require heavy involvement from IT teams and maybe even increased infrastructural costs like purchasing new data servers.

Another advantage of using a cloud-based IT management software compared to an on-premise one is reduced overhead costs. Cloud-based solutions are hosted on the vendor’s servers. Therefore, the vendor is responsible for bearing the maintenance and ownership costs of the software. Organizations that use these vendors’ services usually only have to pay a monthly or annual subscription, which is more affordable than setting up the infrastructure themselves and bearing the maintenance and licensing costs. Furthermore, since the subscription can be canceled at any time, the organization is not tied to only one kind of service provider and can shift vendors according to their needs.

Cloud-based IT asset management benefits

1. Cost-effective

The market is rife with a variety of cloud-based IT asset management software, each offering different features and functionalities at various price points. This means your organization has the option to pick a customized solution that meets your business’s needs and is affordable so you get the most out of your investment. It is much more cost-effective than setting up on-premise infrastructure and buying servers to fulfill your asset management requirements.

2. Automation

Cloud-based asset management is a dynamic solution that automates rote tasks such as asset discovery, tracking, and organizing. This mitigates the risk of human error and frees up time that can be dedicated to more strategic and intellectually demanding corporate initiatives.

3. Scalability

With cloud-based ITAM software, your organization can scale up and innovate based on its evolving needs. You can also easily upgrade your subscription plan as needed to accommodate a larger number of users and assets. Additionally, this system offers greater flexibility in terms of connectivity, as you can always request your cloud provider to integrate with the third-party applications you require. This facilitates increased collaboration between different tools, resulting in more seamless operations.

4. Real-time information on assets

One significant benefit of a cloud-based software is that it provides real-time visibility in terms of asset location and status. This means that organizations have access to up-to-date information regarding where an asset currently is, how it is being used, its condition, etc. By implementing cloud-based software, organizations can also more easily access and analyze their assets’ key performance indicators (KPIs) to maximize their efficiency. Capturing asset data in real-time further helps organizations make more informed decisions, such as identifying which of their assets are in need of maintenance or need to be utilized more to get a return on their investment.

5. Integration with other cloud-based services

Cloud-based IT asset management solutions have enhanced integration capabilities with leading third-party service providers like Jira and Zendesk. These integrations with their seamless connectivity help create a more cohesive IT environment that leverages data across different functionalities for more informed decision-making.

6. Enhanced security

Cloud-based asset management systems help you implement advanced security measures like multi-factor authentication, backups and disaster recovery, and data encryption to ensure organizational data is secure and safe from any potential cyber threats. Additionally, cloud systems have to comply with strict international guidelines like HIPAA (Health Insurance Portability and Accountability Act) and GDPR (General Data Protection Regulation) for data privacy and security standards. This means that any organizational data stored on these cloud servers is doubly secured to maintain compliance.

7. Dedicated IT support staff

Most cloud service providers, such as AWS, have round-the-clock IT teams dedicated entirely to technical support. In case of issues like unexpected system breakdowns, these teams release rolling updates so your organization’s operations never lag. Moreover, the provision of a dedicated IT support staff means you no longer need to spend on hiring IT teams of your own. Instead, your organization can get premium onboarding support along with comprehensive software usage training, all while paying a monthly subscription fee.

Real-world applications

1. Large enterprises

Large enterprises often have complex business processes, especially in regard to asset distribution and organization. In such cases, a centralized asset data repository is essential for effectively tracking and monitoring all enterprise assets. For example, in the case of a transport company, a cloud-based management solution is necessary to monitor the movement and performance of delivery trucks for a better understanding of fuel consumption patterns, truck maintenance status, etc.

2. Healthtech organizations

For healthtech organizations, cloud-based software is helpful in keeping track of essential medical equipment while simultaneously monitoring their status and usage. Moreover, this software allows remote access to information like patient records, improving staff accessibility. It’s an increasingly popular asset solution, as the healthcare computing market is projected to reach US$170.82 billion by 2030.

3. Software and technology organizations

Technology and software organizations benefit from cloud-based systems not only because of the tracking functionalities such systems provide but also due to the advanced security protocols they follow. For a tech organization, data security is of paramount importance, especially in the face of hackers and ongoing cybersecurity threats. In such a case, the security measures offered by cloud-based systems like data encryption, muti-factor authentication, etc., are necessary for safe and secure daily operations.

4. Higher education and K-12 institutions

Educational institutions, whether they are at a post-secondary or K-12 level, have a whole host of IT assets to manage, from PCs in classrooms to software licenses for LMSs (Learning Management Systems) and online learning platforms like Zoom. With cloud-based IT asset management, these educational institutes can keep on top of their asset and software license tracking to ensure that resources are allocated efficiently and students and faculty have access to the tools required.

How to choose the right cloud-based IT asset management software for your organization?

Before implementing a cloud-based IT asset management software for your organization, consider factors like pricing and security. Your ideal software should be affordable and meet your organization’s requirements. For larger enterprises, that could mean paying for a premium subscription with a dedicated round-the-clock IT support staff.

Regarding security, consider cloud-based solutions that provide a virtual private cloud (VPC). A VPC stores data in a single-tenant cloud hosted within a public cloud. This means that your organization’s sensitive IT data is stored away from the information of other companies and can only be accessed by authorized users. AssetSonar is a leading cloud-based ITAM software that offers VPC services to organizations with strict data governance needs.

Conclusion

Cloud-based IT asset management is a necessity in today’s rapidly evolving workplace environment. By leveraging cloud technology for real-time asset tracking and monitoring, organizations can enjoy improved accessibility and work productivity. Cloud-based solutions help organizations realize and unleash the full potential of their assets to help them expand and grow sustainably.