Key benefits of cloud-based asset management

Published:  25 August, 2021

Steve Richmond* explains some of the key advantages of using a cloud-based system versus an on-premise system to help you in finding an efficient and reliable EAM solution.

As the plant and works, manufacturing, and engineering sector evolves at a rapid pace, it will become even more critical for businesses to be proactive in seeking new and innovative solutions for their industry’s needs to keep them moving forward into the future.

There are countless factors to consider in the plants, works, and engineering industries, such as engineering/design management, change orders, interactive schematics, worldwide locations, and so on. When looking at options for asset management systems, there are a few key things to keep in mind, especially when it comes to cost-effectiveness, infrastructure, safety, security, and ease of use.

Below is a list of the key advantages of using a cloud-based system versus an on-premises system to help you in finding an efficient and reliable EAM solution:

Affordability

Above all, a good asset management system will save you and your company time and money in the long run. Investing in a cloudbased system will provide numerous advantages in terms of out-of-pocket costs, without sacrificing quality or capabilities.

When you decide to go with just a simple software-based solution, you may think you’re saving money, though you’re likely to spend far more in the long run. In addition to high overhead costs, maintenance and support fees, and compatibility concerns for your application, you will face a slew of compliance issues, limited scalability, time-consuming updates, and limited access to important new features.

Choosing a cloud-based solution will give you full access to a world-class product with low upfront costs, all the infrastructure you need, and fixed annual subscription fees for smart budgeting. It’s not only highly scalable, but it also provides quick access to the latest features and lowers overhead costs. At my company, Projetech, we’ve helped companies save a lot of money by helping them in managing their assets in a cloud-based Maximo environment, and it always comes out as being a better option from a financial perspective.

Safety and security

Aside from the cost, there are several key advantages to using a cloud-based system over an on-premise solution. When evaluating options, security is one of the most crucial factors to consider, and nothing is more important than the confidentiality, integrity, and availability of your data. If you choose to use an on-premise system instead of a service, you’re going to be faced with the challenge of ensuring that your data is as secure as possible. The responsibility rests solely on your team, who might not have as much security expertise as an outside vendor would.

In contrast, SaaS providers are subjected to annual audits to ensure that proper asset management security policies and procedures are in place. An ISO 27001 certified MaaS provider is also responsible for Maximo security and compliance and provides access to a highly secure data center environment and encryption and other security tools.

By opting for a cloud-based solution over an on-premise system, you have the assurance that your investment, data, and information are protected regardless of unforeseen circumstances. It’s also something that Projetech’s industry experts provide support with 24/7, as well as secure reporting and continuous upgrades.

Ease of use

After considering cost and security, it also makes sense to look at the many ease of use benefits that a cloud-based asset management system can provide over an in-house deployment. Customers who work with a cloud provider bear less of a burden than those who implement an on-premises system. Managing an on-premise EAM platform entails routine tasks that divert time away from more meaningful work for the in-house IT team members. With SaaS, the cloud provider manages security, maintenance, industry compliance, and upgrades, freeing the IT staff to focus on strategic business initiatives.

Consuming a service instead of buying software simplifies everything because much of the legwork is already done for you, and assistance is always available instead of being left to fend for yourself with an on-premises deployment.

In conclusion

As the continuing technological advancements drive changes in asset management in the plant works manufacturing and engineering industry, it’s critical to keep the above factors in mind when considering enhancements and upgrades to streamline your operations.

Cloud-based systems will provide more value for your money, and the advantages and improved solutions that come with them explain why many businesses are making the shift. There’s no doubt that there’s going to be an even greater need for smart and capable asset management systems in the near future, and you can start by making sure your own business is well-equipped for the changing times.

*Steve Richmond is the Chief Executive Officer and Founder of Projetech, Maximo Cloud Solutions

Projetech offer access to the MORE Maximo Community that serves as an allin-one platform where users can seek out their own help from community experts as another option to make things even easier. For further information please visit: www.projetech.com

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