7 Reasons to Choose Cloud Based Asset Management Software

Managing inventory can be a tall order without cloud based software. Let's see how it transforms equipment management and helps your business become more efficient. 

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Technology is making our lives way more efficient than ever. One pertinent example is that we moved from pen and paper to spreadsheets to record data. As we know, businesses handle lots of inventory data to keep their operations running smoothly. Working with the data manually takes ages and results in inaccuracies. 

So, what's the solution, you might ask? It is a cloud based asset management system for small, medium, and large businesses. From tracking physical condition to scheduling for maintenance, it can shed a lot of inventory management load from your shoulders.

Let's discuss all the reasons that make cloud database creation a no-brainer for your business today. 

Cloud Based Inventory Management: A Brief Overview 

A cloud based inventory management system allows you to record and secure all the important details about your inventory in an online database. The software records every detail whenever you add items, remove them, or relocate your inventory. Moreover, the data is backed up in a cloud, so you can easily access it anytime. 

Quality cloud asset management systems are accessible on desktops, tablets, and smartphones, allowing businesses to track their inventory on the go. No matter the size of your business, cloud based inventory management software saves you a lot of time, minimizes inaccuracies and secures your data for future use. 

Why Choose Cloud Based Asset Management? 7 Important Reasons 

Instead of using spreadsheets to record your inventory details, it's time to graduate to a more refined cloud based system. Here is why making that switch is worth it for your business.

1. Effortless Data Access 

Accessing inventory data on the go can make your business operations much more efficient, and that's what cloud based asset management offers. You can build a comprehensive asset register with the ability to record all the important data. The best part is that your team members can access this data anytime, anywhere, with their smartphones, laptops, tablets, or desktops.

You can also update the data through these devices. Some of the most pertinent data points you can record through this software are:

  • Current and past usage
  • Repair or maintenance schedules 
  • Current working condition

2. A Level Playing Field 

A level playing field for every business is one of the most crucial aspects of a market-driven economy. Unfortunately, on-premise tracking systems are prohibitively expensive for small businesses, given the infrastructure, hardware, and IT teams required to run them. 

Add installation and security costs to the mix, which is gigantic amounts of money small businesses simply cannot afford. We already know that the gap between smaller and larger companies is growing, which is something of concern.

Graph showing the difference in market values between small and large companies

Cloud based asset management helps level the playing field. Small businesses no longer need to invest in purchasing dedicated servers or installing hardware; they can simply store their inventory data on third-party vendors. With cloud asset management tools, smaller companies can enjoy the same data capabilities and accessibility features as their larger counterparts with an excellent support system. 

3. No Over- or Under-Ordering 

Inventory management software isn't just about jotting down a few entries. It tells you how much stock you have of the items that need restocking. For instance, you can track the building equipment and see which item is running low in stock. When you're timely notified about it, you can order it immediately and prevent shortages. 

With these metrics, one can eliminate guesswork and waste by ordering exactly the amount or number of materials needed. To be precise, you can reduce inventory costs by 10% using a robust cloud based asset management system. 

4. Enhanced Data Security 

Cloud software improves physical and online security by storing your data in a secure data center. While you could have compromised devices or other internal problems, they won't affect your data stored far away. Moreover, you can be more confident about the security of your premises since you have the latest data on workers, building use, equipment, and much more. 

5. Robust Centralisation 

Your data might be spread across various computers or devices, making locating the required data for specific operations frustrating. Cloud software resolves this issue by centralizing your inventory data, allowing you to access everything from one place 24/7 with a few clicks. Now, when you want to check the stock of a specific item or determine expiry dates, you don't have to log into multiple devices. 

6. Effective Collaboration 

When every team member can easily access the inventory data from anywhere, it tells them where the items are and who is using them. Using the dedicated app ensures a consistent supply of equipment to team members who use them the most. For instance, if your business orders new furniture or repairs the broken one in a far-off branch, you can track the supplies consistently from anywhere. 

7. Hassle-Free Scalability 

On-premise applications suffer scalability issues because you must manually add storage space and licensing. It requires much time and effort, and you might have to call the technical staff for help. You might be tempted to start with a plan offering extra storage and user licenses. However, it could lead to financial bottlenecks as you spend working capital on something you might not use.

Now, that is a serious financial burden for a small business. Cloud based asset management systems help you rapidly move from 1,000 assets to 10,000. You don't need a large extra storage or licensing to do it.

Bottom Line 

Businesses have been managing their inventory using on-premise applications, but as described in this guide, cloud based asset management systems are far superior. They have become the go-to choice for many successful businesses, so you should also opt for them.

If you want full inventory control, look no further than Itefy. We offer a state-of-the-art asset management system that prevents equipment loss, extends lifespan, and improves asset utilization. Our comprehensive system also provides valuable insights for effective stock management so you always stay ahead of the competition. 

With laptop, tablet, and desktop access and live statistics, we ensure you don't miss a beat. So, contact us today and make your inventory management more efficient than ever.