A method, system and computer program product for managing hardware components in a cloud computing environment. Each hardware component in a data center of the cloud computing environment detects and identifies other hardware components within a communication range of the hardware component using a wireless protocol. Furthermore, each hardware component determines its actual location as well as its relative location with respect to the detected hardware components, such as based on a triangulation of the wireless signals. Such information is transmitted to an administrative server. An inventory of the hardware components in the data center, including their current location, is then compiled by the administrative server. In this manner, a hardware component can be more easily located after being relocated in the data center. Furthermore, the administrative server will be able to balance a workload across these hardware components based on their location.