Asset management software: Your existing ERP software might not be good enough

In the digital world that we live in, innovation is critical for growth. The faster a company can innovate, the better it can grow. However, that’s exactly where the conventional Enterprise Resource Planning ERP software which is also referred to as Asset Management Software might be setting your business back. No offense intended, but conventional on-site Asset Management Software proves to be rigid and incompatible with technologies that evolve and it is almost impossible to seamlessly integrate them with disparate or new tools and business practices. This is where a cloud-based ERP software is more likely to suit your business needs:

There are plenty of reasons why a cloud Asset management software can be a better option, and the very first reason is that it can turn your asset-intensive business operations leaner and more flexible. The leading software of the day would come integrated with technologies such as AI, Robotics, IoT sensors, and data analytics to enable holistic services and asset management through a single dashboard.

The conventional ERP software is installed locally on your organization’s hardware and servers, infrastructure that is managed by your IT team. You would need significant investments to purchase and manage the software/hardware equipment and the personnel as well as facilities required to run it. Conventional ERP is often assumed to offer greater control and data security, but the costs involved make such a system beyond the reach of startups and bootstrapped firms. In the wake of the pandemic, most businesses have gone digital and people are working remotely. In such a scenario, there is a huge challenge when it comes to collaboration and data sharing among people who are scattered across a large geographical area across regional and national borders. That’s why cloud-based asset management software is a better choice due to the following benefits:

Real-Time Analytics and visibility

The cloud-based ERP software offers real-time and holistic access to analytics. You can dynamically see crucial information and updates on a real-time basis. The integrated AI analytics component will offer dynamic insights that lead to well-informed decisions on the go, automated MIS delivery to all stakeholders, real-time tracking of Work Order status & assets. You can also seamlessly track all your assets live on maps. Thus, you will have complete control and visibility through a customized dashboard at all times.

Security

The apprehensions of cyber attacks make some people wary of cloud-security, and they feel that the cloud encryption might not be secure enough to protect data from hackers. The truth is usually contrary. Your conventional ERP software might not be updated timely, and that can make the systems vulnerable to hackers and cyber criminals.

Flexible access

To effectively use on-premises asset management software, you or your team needs to be onsite which is a huge challenge nowadays. However, if you upgrade to a cloud-based asset management software, all you need is internet access and you can easily access all the data and applications on a desktop, laptop or smartphone devices from anywhere, at any time.

These are just some of the key benefits that a cloud asset management software offers over a conventional ERP software. You can go ahead and check the best options online and make the change needed to stay competitive in your market.