9 Reasons You Should Move To A Cloud based Enterprise Asset Management Solution

Asset management across locations, departments, and teams is already challenging — and using an outdated, on-premise system only makes it worse. That’s why more businesses are shifting to cloud-based enterprise asset management solutions. These modern platforms offer more than just accessibility; they provide better visibility and control over your assets.

So if you’re still relying on legacy systems, now is the best time right now for you to switch to an enterprise asset management cloud solution from an on-premise one. But how to do it? And more importantly, why is it important today more than ever? Let’s find out in this blog.

The Shift to Enterprise Asset Management Cloud Systems

On-premise EAM software has been getting less and less attention these days. A study by Nextwork found that 51% of IT spending in businesses will shift to cloud-based solutions this year. But why are companies moving towards enterprise asset management cloud systems? Here are a few reasons:

• Accessibility Challenges

Outdated, on-premise EAM systems don’t allow IT teams to manage assets remotely and from any location. This brings quite a few unique challenges in hybrid and remote working models, where assets are distributed globally. Therefore, enterprises have a higher risk of losing their assets in misplacement, theft, etc. In contrast, 

This lack of accessibility also limits visibility. You can never see an asset’s location, status, and condition, preventing you from optimizing asset use and reducing costs. 

• Cost and Complexity

On-premise systems have a significantly higher upfront cost for deployment and installation. You need the IT experts to integrate this system seamlessly into your IT infrastructure. But what if your IT infrastructure is outdated? That means even more costs for upgrades before your organization can support this installation. Thus, it ends up introducing more expenses in an enterprise, while most teams today focus on reducing costs. 

• Scalability Halt

An on-premise system can solve some of the basic inventory management problems in an enterprise. But it struggles significantly when scaling organizations. Because these systems are designed only to solve problems of a specific-sized organization. Therefore, these solutions don’t support the increasing number of critical assets, responsible maintenance planning, and dynamic work order creation.

• Data Silos

Data fragmentation is one of the most common problems for modern enterprises. In fact, 72% of IT leaders believe their IT infrastructure is overly independent. The results? Data remains siloed in different platforms across the enterprises, and IT teams spend hours finding the required information. Moreover, each department and stakeholder sees different data sets, as each platform works asynchronously. 

Furthermore, data silos can significantly affect your overall operations. This lack of integration creates inventory discrepancies, which can lead to non-compliance with regulatory requirements. 

• Data Security & Compliance

Yes, on-premise systems are safer because data remains inside the organization. But there are some other security problems that enterprises might have with these in-house EAM solutions. They require internal resources to maintain security and keep up with compliance regulations, like HIPAA, GDPR, SOX, etc. However, staying audit-ready with an outdated system becomes a full-time job and requires dedicated resources.

9 Reasons to Move to A Cloud based Enterprise Asset Management Solution

Are you facing problems with your on-premise EAM? Here’s why you should shift to an enterprise asset management cloud solution:

Reason	What does it offer?
Centralized & Unified Asset Intelligence	Unify IT and hardware physical assets in one enterprise asset management cloud system for better visibility and fewer errors.
Real-Time Tracking and Automated Monitoring	Use IoT, barcodes, and RFID with asset management software for real-time hardware tracking, reducing loss and enabling proactive maintenance planning.
Flexible, Predictable Cost Structure	Shift from capital costs to scalable, user-based pricing models like Teqtivity’s, aiding in reducing costs and budget control.
Hassle-Free Upgrades & Compliance	Automatic updates and patching support regulatory compliance and security on all critical assets without straining IT resources.
Scalability on Demand	Quickly add users, teams, or sites via a scalable cloud management system, eliminating infrastructure bottlenecks.
Deep Ecosystem Integrations	Seamlessly connect work orders and asset data with MDM and ITAD for smoother lifecycle management.
Instant, Actionable Analytics	AI-driven dashboards offer insights on asset performance, cost savings, and help maintenance managers optimize through predictive analytics.
Support for Hybrid and Remote Teams	Ensure full visibility and control over distributed assets and teams with cloud-based asset management tools that support hybrid work.
Consistent Business Value & Innovation	Benefit from continuous updates and automation features in the EAM solution that keep assets optimized and aligned with best practices.

The table above highlights the key reasons to use an enterprise asset management cloud system. Let’s discuss these reasons in detail:

1. Centralized & Unified Asset Intelligence

A centralized, cloud-based system helps unify data for all physical assets, warranties, and secondary accessories. This approach allows you to achieve a holistic asset lifecycle management, starting from procurement all the way through to the secure disposal. 

In addition, a centralized management system eliminates asset losses and inventory discrepancies. This ensures you face minimal manual errors and every asset is accounted for, giving IT teams the much-needed visibility and control over their infrastructure. Also, centralized EAM solutions, such as Teqtivity, provide all essential information on a single dashboard. This enables every leader and stakeholder in the enterprise to make informed decisions about upgrades, replacements, repairs, and redployments.

2. Real Time Tracking and Automated Monitoring

Modern, cloud-based EAM tools use advanced technologies to track assets more effectively. That includes labelling every asset with barcodes, QR codes, and RFID tags, allowing enterprises to monitor their devices across large teams and multiple locations. The results? No assets go missing, and problems such as theft and loss significantly decrease. 

This real-time tracking empowers organizations to take proactive action on critical events. An effective EAM tool, such as Teqtivity helps identify assets’ health early and ensures maintenance is scheduled on time. This way, both maintenance managers and IT teams can keep assets in optimal health. 

3. Flexible, Predictable Cost Structure

You can cut down on hefty infrastructure maintenance costs and additional expenses with an enterprise asset management cloud solution. It eliminates the expensive upfront pricing that often stops enterprises from using any EAM solution. A cloud-based system offers asset-based or user-based pricing models with transparent subscription models.  

Therefore, enterprises can include predictable pricing in their future budgeting. The best part? This pricing model is significantly better if you want to scale your organization. It ensures that future budgets only include operational expenses. In short, a cloud-based solution asks you to pay only for what you use. 

4. Hassle-Free Upgrades & Compliance

Enterprise asset management cloud systems provide quick and easy upgrades, often automating this part. So, enterprises don’t face compliance and security issues. 

Also, organizations can automatically update to the latest security patches, ensuring that every asset meets regulatory standards. Furthermore, automated compliance reporting and audit-ready documentation support industry and privacy standards worldwide, making it highly useful for remote and hybrid working models.

5. Scalability on Demand

Scaling and growth mean more assets, an increased workforce, and more focused asset management. The problem is, an on-premise system might not meet these growing needs because they are designed to suit specific-sized businesses.

A cloud-based system’s elastic capabilities let your organization scale users, critical assets, and locations instantly without an infrastructure overhaul and additional investments. Also, a tool like Teqtivity supports dynamic onboarding of thousands of devices. It all ensures no disruption to operations and asset oversight. 

6. Deep Ecosystem Integrations

An on-premise system has limited integration capabilities. That’s where an enterprise asset management cloud system has it beat. It provides all the essential integrations with your broader IT infrastructure, such as ITAD, MDM, Vendor & Supplier Management, APIs, and People Management systems.

The results? Businesses can speed up asset onboarding and offboarding, connect work orders to ticketing, and automate lifecycle management. These integrations eliminate data dislos and support flexible workflows, offering synchronous data to every department. 

7. Instant, Actionable Analytics

Cloud-based asset management tools offer built-in dashboards that visualize powerful analytics for asset performance, utilization, and compliance. Maintenance leaders and IT teams can track every key metric that matters.

As a result, enterprises can make data-driven decisions about new purchases, maintenance, and disposals. That is why more companies are turning to data-driven decision-making, which boosts their productivity by up to 63%. 

8. Support for Hybrid & Remote Teams

Hybrid and remote teams have become the new norm. A global survey by Zoom polled over 600 IT and C-suite leaders and nearly 1,900 knowledge workers about today’s workplace. The results show that hybrid work dominates, with 64% of employees reporting their company follows a hybrid model. Also, this trend is highly unlikely to slow down anytime soon.

Still, legacy, on-premise tools might not support these globally distributed decisions. A cloud-based solution provides better asset visibility and control for users, no matter where they’re located. This is one of the key reasons why businesses have adopted enterprise asset management cloud systems to support their hybrid/remote working models post-pandemic.

9. Consistent Business Value & Innovation

Cloud-based solutions offer frequent updates and new features to continue innovation in enterprise asset management. This allows organizations to gain early access to the latest functions in automation, asset lifecycle management, compliance monitoring, and data security. The best part? All of these updates are directly delivered to your organization without disrupting your workflow. 

Why Teqtivity is the Right Enterprise Asset Management Cloud Solution

Are you ready to switch to the enterprise asset management cloud solution? Consider choosing Teqtivity for these reasons:

• It allows effective tracking of all physical assets across the full asset lifecycle, allowing businesses to manage each device carefully to prevent losses, thefts, and misplacements.
• Teqtivtiy automates work orders, streamlines maintenance planning, and adopts a preventive maintenance approach to optimize operations and minimize sudden breakdowns. 
• Teqtivity easily integrates with your enterprise’s existing platforms. So, you can say goodbye to data silos and fragmentation.
• It is suitable for both technical and non-technical stakeholders in an enterprise. Because, it delivers intuitive and customized dashboards that cover all essential information to monitor your critical assets across multiple locations. 

Teqtivity’s centralized enterprise asset management approach is scalable to meet growing enterprise needs. It simplifies onboarding, scaling, and offboarding, allowing enterprises to become agile. 

So, if you’re looking for a cloud-based EAM solution, then try Teqtivity. It offers user-based pricing, so you pay per user, not per asset. All this allows your organization to scale more efficiently. And the best thing is that you can test all the features with a 14-day free trial. Book a demonstration today to see how it actually works!