Asset Tracking Spreadsheets Vs. Cloud-Based Asset Management Software

Like most companies we speak to, you may still be using spreadsheets as your asset tracking solution. Alternatively, you might be relying on an old, clunky system that nobody quite understands and everyone dreads having to log into. If you haven’t yet explored cloud-based software, then you missed the chance to completely modernise the way you manage assets, as it has some excellent benefits.

We all use spreadsheets for so many tasks because they’re so handy. However, there are usually better alternatives for specific needs if you know where to look. Here, we’ll have a closer look at the pros and cons of spreadsheets vs cloud-based software.

One of the main advantages of using spreadsheets is straightforward — they are free!

All it takes is signing in to Google Sheets, and you can begin entering data without much hassle and without spending any money.

Of course, Microsoft Office and Excel are not free, but with the Google alternative, if cost-free is what you’re looking for, then that is what you can have!

On the other hand, of course, the best cloud-based software will not be free, but it will provide many additional benefits compared to spreadsheets.

An example of these benefits – is a GPS asset tracking system that allows you to couple your GPS trackers with a range of functionalities. For example, you’ll be able to use your GPS trackers in tandem with QR code asset management operations.

This means that you get the complete benefits itemit’s asset tracking software can provide. Not only will you be able to create a robust, accurate, and automated fixed asset register, but you’ll also be able to use GPS trackers to take your location tracking to the next level.

Another benefit of using spreadsheets is that they are easy to use and offer a great deal of flexibility. You can quickly create a basic asset register using a spreadsheet.

Unfortunately, while asset-tracking spreadsheets are free and easy to use, they come with significant drawbacks that can ultimately cost your business both time and money.

The chance of human error is high when using inventory-tracking spreadsheets. Often, anyone with access can update data in the cells, compromising its integrity. This means that the integrity of your data can come into question.

If you think about how many times an asset changes hands and how many times it is used, damaged, or depreciated, having to manually input this makes human error almost guaranteed.

Spreadsheets don’t update in real-time whenever the status of an asset changes, every change requires manual input. In most cases we’ve seen, spreadsheets are not updated until the end of the day or even every few days. Usually, this means that paper records are kept daily and then manually entered to update the spreadsheet at a later point in time.

Not only is this duplication of effort a real waste, but it also increases the chance of data being entered incorrectly.

The chance of “ghost” or “zombie” assets is also significantly increased due to this lack of accountability.

Cloud-based software allows you to use QR codes or RFID asset tags for more accessible, faster, and widespread tracking.

Every scan of an asset tag instantly updates the user and location in real-time.

There’s no need to manually type updates into a cloud-based spreadsheet; it’ll simply update in real-time and automatically.

Another benefit of cloud-based asset tracking is that you’ll be able to share asset data with your colleagues and set their permissions. Choose whether your team needs access to run reports, add new assets to your register, edit information, etc. Alternatively, just let your team scan your assets so that their location is automatically updated.

Save money? But we told you cloud-based software costs money, right?

The most significant benefit of using cloud-based software over spreadsheets is that it will save you money in the long run.

As mentioned, due to the high chance that your asset register spreadsheet is out of date and inaccurate, it’s only a matter of time before you fall into one of these pitfalls that will cost you money:

• Purchasing replacement assets because you didn’t know the business already had what you need.
• Purchasing replacement assets due to the asset you need having gone AWOL.
• Inaccurately reporting assets in your accounts.
• Inability to deliver services due to not having the required assets to hand.

Cloud based digital asset management is a modern solution that takes advantage of smartphones and the latest technology. In practice, you and your team can access the same data no matter where you are, thanks to smart syncing capabilities.

Implementing a new system or a new way of doing things can sometimes mean you face pushback from the wider team. A lot of people don’t like change, so it will be necessary for you to handle this carefully to ensure your new tracking software is a success.

We won’t lie to you; you need to invest some upfront time and resources into your new software. You’ll need to tag your assets, which, although quick and easy, depending on how many assets you have, you’ll need that time to be available to get you up and running. Also, share asset tracking tutorial videos with your team so they have the chance to get familiar with the tool.

About Cost Management

The costs associated with cloud-based asset tracking software vary depending on features, scalability, and the vendor. Typically, these costs include:

1. Subscription Fees: Most cloud asset tracking solutions operate on a subscription model. This means you’ll pay a recurring fee, usually monthly or annually, to access the software. Fees often varies depending on the number of assets tracked or the number of users.
    
2. Implementation and Setup Costs: While some cloud-based asset management solutions are straightforward to implement, others may require a more complex setup, particularly if you’re migrating from an asset tracking spreadsheet. These costs might include data migration, initial configuration, and integration with existing systems. 
3. Training and Support: Investing in training for your team to effectively use the cloud-based asset management software can incur additional costs. Some vendors offer support packages, which may be included in the subscription or come at an extra cost.

    

4. Customisation and Add-Ons: Depending on your business needs, you might require customisation or additional features beyond the standard offering. These can add to the overall cost of your cloud asset tracking system.

    

5. Maintenance and Updates: Unlike asset tracking spreadsheets, which require manual updates, cloud-based asset management software includes ongoing maintenance and automatic updates. While these are generally included in the subscription fee, some advanced features or premium support services may come at an additional cost.

Benefits for Specific Industries

Industries that benefit most from cloud-based inventory software compared to spreadsheets are those where accuracy, scalability, and real-time data access are critical. Key sectors include:

1. Healthcare: The healthcare industry relies heavily on precision and compliance. Cloud-based medical software offers a significant advantage over tracking spreadsheets by providing real-time updates on medical supplies, equipment, and pharmaceuticals. This ensures that healthcare providers have the necessary resources available at all times, reducing errors and improving patient care.

    

2. IT and Technology: In the tech industry, managing a vast array of hardware and software assets is crucial. Cloud-based IT asset management allows companies to track their assets across multiple locations, ensuring that every piece of equipment is accounted for and optimised. This is a marked improvement over traditional tracking spreadsheets, which can be cumbersome and prone to errors, especially as the scale increases.

    

3. Manufacturing and Logistics: Manufacturing and logistics sectors benefit greatly from cloud-based asset management due to the need for accurate tracking of raw materials, finished goods, and machinery. The ability to monitor inventory levels in real time, predict shortages, and manage supply chains efficiently provides a competitive edge that tracking spreadsheets simply cannot offer.

    

4. Retail: Retail businesses often deal with large volumes of inventory that require constant monitoring and updating. Cloud-based asset management solutions allow for automated tracking, reducing the risk of stockouts or overstocking. This leads to better inventory control and improved customer satisfaction compared to the manual processes involved with spreadsheets.

While cloud-based inventory software is designed to be online, many platforms offer offline capabilities to ensure continuous operation, even when an internet connection is unavailable. These include:

1. Data Entry and Updates: Users can continue to add and update inventory data offline. The software will automatically sync these changes with the cloud once the connection is restored, ensuring no data is lost. 
2. Access to Critical Information: Some cloud-based inventory software solutions allow users to download and store essential data locally on their mobile devices. This means that even without an internet connection, users can access important inventory information, such as stock levels, asset locations, and product details. 
3. Basic Reporting: Offline capabilities may also include generating basic reports using the most recent data. These reports can be used for quick decision-making or operational tasks, with full reporting functionality available once online access is regained. 
4. Offline Scanning: For industries using barcode or QR code scanning, cloud-based inventory software often supports offline scanning. Scans can be performed without an active connection, and the data will be synced once the connection is re-established.

Cloud-based asset tracking software employs robust security measures, ensuring that it remains safe from unauthorised access, breaches, and other security threats. Key security measures include:

1. Data Encryption: Both at rest and in transit, data is encrypted using advanced encryption standards (AES). This means that any data stored on the cloud or transmitted between users and the cloud is encoded, making it inaccessible to unauthorised users.

    

2. Authentication and Access Controls: Strong authentication mechanisms, such as multi-factor authentication (MFA), are used to verify the identity of users accessing the system. Access controls are also implemented, allowing administrators to set permissions and restrict access to sensitive data based on user roles.

    

3. Regular Security Audits: Cloud-based asset management providers often conduct regular security audits and vulnerability assessments to identify and mitigate potential security risks.

    

4. Data Backup and Recovery: Automatic backups are regularly performed, ensuring that data is not lost in the event of a system failure or cyberattack. Additionally, disaster recovery protocols are in place, allowing for quick data restoration.

    

5. Compliance with Industry Standards: Many cloud-based asset tracking software solutions comply with industry-specific security standards and regulations, such as GDPR for data protection and HIPAA for cloud-based medical software. This ensures that the software adheres to the highest security practices and legal requirements.

    

6. Network Security: Firewalls, intrusion detection systems, and anti-malware tools protect the cloud infrastructure. These measures prevent unauthorised access and safeguard against cyber threats.

Migrating from spreadsheets to cloud-based software is typically straightforward, thankfully to user-friendly features and support options. Here’s what to expect:

1. Data Import Tools: Most cloud-based asset management platforms come with built-in data import tools that allow users to easily transfer data from asset tracking spreadsheets. These tools often support common file formats like CSV or Excel, making it simple to upload existing inventory or asset data into the new system.

    

2. Guided Setup and Support: Many providers offer step-by-step guides, tutorials, and support teams to assist users during the migration. This ensures that all necessary data is accurately transferred and that the system is configured correctly to meet the organisation’s specific needs.

    

3. Automated Data Mapping: Advanced cloud-based IT asset management software often includes automated data mapping features. These tools help align the fields from your spreadsheets with the corresponding fields in the cloud-based system, minimising manual work and reducing the risk of errors.

    

4. Customisable Templates: Some platforms offer customisable templates that can be used to format your spreadsheet data before migration. These templates ensure that the data is compatible with the new system and that the transition is as seamless as possible.

    

5. Trial Runs and Testing: Before fully committing to the new system, businesses can often perform trial migrations or tests to ensure everything works as expected. This step allows for adjustments and fine-tuning before they complete the transition, reducing potential disruptions.

    

6. Ongoing Support and Training: After migration, many cloud-based asset tracking providers continue to offer support and training to help users adapt to the new software. This ongoing assistance ensures that employees can quickly become proficient with the new tools.

itemit was created as an alternative to spreadsheets. Over time it has developed and grown based on listening to customers’ needs and is now a bespoke and easy to use cloud-based software solution that makes asset tracking simple.

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