Fixed Asset Management & Cloud-Based Asset Management 

Fixed Asset Management is all about keeping track of the essential, high-value assets that drive your business forward. Think of everything from your offices and vehicles to machinery, technology, and equipment. These are the backbone of your operations, and managing them effectively ensures you’re getting the most out of your investments, while minimizing risks and maximizing growth potential.

But, what about Cloud-Based Asset Management?  What does that mean?  Yes, it's a form of Enterprise Asset Management, and it harnesses the power of today's technology, making the process of Asset Tracking much smoother and easier to implement for every industry sector.
In this blog, we will explore the topic and find out about the benefits of cloud-based Fixed Asset Management.  This type of technology is the latest Fixed Asset system, used in the UAE and across the globe for better, uninterrupted Fixed Asset tracking.

If we go back 25 years, Fixed Asset Management was a tedious, time-consuming task that was open to error because it was managed through a pen and a paper, then filed away and often, those bits of paper got lost as they went from department to department.  It was a costly exercise too, because of the errors involved and Fixed Assets were much more open to theft, loss, damage and lacking in maintenance.  Then came computers and the process evolved.  Spreadsheets (Excel in particular) became more and more popular and for Fixed Assets Management, they seemed to be a much better way of managing the process.  And, they were!  However, Excel was limited and still is. Those businesses today still using Excel have limitations, because Excel isn't built for as an Asset Tracking system, it can't store data that's required to pinpoint exactly where a Fixed Asset is, and neither can it flag up when an Asset needs maintenance or must be disposed of.  Equally, it cannot cope with Asset Depreciation and it's difficult to update especially for multiple users as it can only be used by one person at a time – that 'locked for editing' message means that updates get forgotten about, leaving plenty of margin for error.

 

Next Generation Fixed Asset Management

So – what was the answer?  The next generation Fixed Asset Management systems included RFID tags and assets' barcoding labelling, along with asset GPS tracking and the ability to track Fixed Assets using asset handheld applications and scanners.  For Fixed Asset Managers, this type of technology made the job far easier and meant that every single piece of important information (purchase date, purchase price, maintenance schedules, depreciation information, warranties, licenses etc.) could be kept in one, easily accessible place.  These systems also meant that a person could locate a Fixed Asset in a moment – and guess what?  Those fantastic RFID and barcoding systems continue to evolve.  The next-generation Fixed Asset Management software systems include cloud- based technology – giving businesses of today even more control over their most expensive, most valuable items and still uses asset tracking using RFID.

 

Benefits of Cloud-Based Fixed Asset Management

Using cloud-based technology, you store all of your Fixed Asset information on your system – and it's held securely in the Cloud for end-to-end complete asset lifecycle management.  There's no need for you to purchase expensive software.  Everything is held on a central storage system that's perfectly safe and accessible from anywhere in the world, as long as you are connected to the Internet. Cloud technology is highly encrypted, making it exceptionally safe and secure—one of its greatest advantages. But that’s just the beginning. Here are a few more benefits:

• Easy access and accuracy: With all your data stored in one centralized location, the system ensures accuracy by handling large volumes of information. This makes tasks like asset counting more efficient, keeping everything you need in one easily accessible place.
• Time-saving with remote access: It allows you to manage assets from anywhere using a mobile application for added convenience.
• Cost-efficient: The Cloud offers sufficient storage space, eliminating the need for businesses to invest in larger hard drives or new systems to manage vast amounts of fixed asset data.
• Centralized data: The Cloud consolidates all your information in one place, making it easily accessible to everyone who needs it, streamlining processes, and simplifying asset audits.
• Easy to install: as it's a remote service, there's no need to add anything to your current computer systems and it's also ideal for small, online asset tracking handheld applications as it just requires Internet connection.
• Simultaneous access: Multiple users can work on the Cloud-based Asset Management system at the same time, reducing errors and eliminating the need to wait for system access.
• Real-time updates: Cloud technology operates in real-time, ensuring you’re always viewing the most up-to-date information, which minimizes reporting errors and makes tracking assets more efficient.

 

Conclusion – Cloud-Based Fixed Asset Management

So, if you're considering a new Fixed Asset Management system for your business, or it may be that you want to update your current system, it's worth considering Cloud-based technology as it's the most up-to-date method for tracking your Fixed Assets.  In summary, this type of technology reduces wastage, it's more cost-efficient, it operates in real-time, it improves overall business processes, it gives you unlimited storage and it allows you to store all your information in one, centralized area for a more seamless exchange of data between different departments.