Today, we are going to talk about asset management for businesses and we will take a look at some of the best asset management software available in the market today.
A company’s assets are its most valuable resource. Yet, around 30% of the assets of many companies are neither systematically accounted for, nor are they vetted for threats. Even for a small firm with limited assets, this still makes up a considerable amount of its overall wealth.
Of the companies that are prompt with their asset tracking, 25% still rely on archaic methods such as spreadsheets. One of the main reasons that these statistics look so bad is because of how difficult asset management is.
The Best Asset Management Software for Businesses in 2023
1. ManageEngine AssetExplorer
ManageEngine AssetExplorer is an IT asset management software that can track and manage your business’s IT assets. With AssetExplorer, there are several ways through which you can discover all IT assets connected to your network.
Another powerful capability that comes with ManageEngine is the subscription/license management for each IT asset. Understandably, a business uses a bunch of software. License distribution, management, and renewal can become quite a challenging task in itself.
With AssetExplorer, not only do all your IT assets come together and are easily discoverable, but you also get complete visibility over subscriptions and licenses issued to each of the IT assets on the network.
Furthermore, there are software management capabilities that come with AssetExplorer. Upon discovery of a new IT asset, this asset management software can also detect all software and applications that any IT asset is using on the network. This makes compliance hassle-free for asset managers as they can easily obtain a list of compliant, under-licensed, and over-licensed software.
There are three tiers available with AssetExplorer, and it is one of the best free IT asset management software that you can use for your business. However, the Free plan is only restricted to up to 25 nodes, suitable for only small teams.
Key Features
- IT Asset Management: ManageEngine AssetExplorer allows you to track your asset lifecycles from the day you get it right to the end. It can also auto-discover and manage all the assets in your network.
- CMDB: You can view and manage all the relationships between your configuration items. It also lets you analyze the root causes and check impact.
- Software Asset Management And License Compliance: Make use of easy-to-understand flashcards to ensure that you’re complying with the licenses. Also, identify unused and underused licenses.
- Purchase Order and Contracts: You can get an easier sale order generation using the purchase order workflow. You can also keep track of your contract rules and details. This IT asset management software will also notify you when your contracts are about to expire.
- Reports: ManageEngine AssetExplorer will send you detailed and custom reports to your inbox.
- End-to-End IATM mobile application: You can use this software to discover, manage, and track all your hardware and software assets from anywhere with the mobile app for iOS and Android.
2. SAP EAM
As your company grows, the management of assets becomes more complicated. To make your asset growth and management effortless, you should opt for SAP EAM.
SAP EAM is an enterprise asset management software. It helps you design your maintenance processes more effectively. It ensures your production readiness and improves your company results.
This asset management application can provide you access to better management of your assets. SAP EAM features a wide range of tools that guide you through various lifecycles of your assets making it a lifetime investment.
It also provides you with the ability to track the performance of an existing asset and also gives your assets an extra level of safety. SAP EAM also offers digital asset management software that you can include in your plan so that all your assets are in one place.
Key Features
- Asset tracking to track changes and work done on all individual assets.
- Predictive management to determine the condition of assets on use and schedule maintenance.
- Collaborative EAM to disclose best practices for the ideal deployment, management, and maintenance of assets.
- Asset Performance Management to collect and track equipment information and share performance analytics.
- Work Order Management to manage work orders managed from creation to completion. Includes notifications, completion status, parts required, readings and measurements, etc.
- Maintenance Management: to schedule, assign and record maintenance tasks to track changes done to individual assets.
- Risk and criticality assessment to calculate the risk scores based on different dimensions and impact categories.
- Centralized asset data repository to access all asset details from one place.
- 360-degree view of assets to gain complete access to your asset model, along with the master, transactional, and performance data all in one place.
- Mobile asset management to maintain work orders and processes online and offline.
3. IBM Maximo – Enterprise Asset Management Software
IBM Maximo is a fixed asset management software. It facilitates regular asset monitoring, asset performance, and asset failure throughout the enterprise. This asset management application brings together enterprise asset management with maintenance management.
Using IBM Maximo, companies can use one single server to track and manage the full lifecycle of their enterprise assets. This includes facilities, transportation, communications, production, infrastructure, hardware, and software.
This centralized functionality gives companies visibility and control over their assets and processes. This also helps cut back downtime.
Besides this, IBM Maximo can also assist in the set up of new assets. It also helps companies automatically upgrade their enterprise asset management software to reduce uptime. You can also check your assets to know if they’re operating in full health.
IBM Maximo has industry-specific solutions. You can take advantage of this by gaining access to tailored tools and features. IBM offers digital asset management software too which you can incorporate into your asset management plan so that your digital and physical assets are In the same place.
Key Features
- Data Collection: IBM Maximo collects a range of data through manual collection methods and also through IoT. This data helps users understand the health of their assets. You can make better predictions and thus smarter choices.
- Work Management: You can turn recurring tasks into job plans streamline processes. This feature comes with the ability to set automated alerts about maintenance schedules, etc.
- Flexible deployment: There are multiple options to deploy the IBM Maximo solution so that you can get the deployment that best suits you.
- Asset Management: You can log asset information such as location, function, and repair history. This asset management application also performs asset modeling functions. You can make more accurate plans based on this.
- Supply Chain Management: This allows the management of inventory across locations. You can use this to keep track of inventory levels, automate reorders, manage payments, and avoid overbuying. You can also use this to monitor vendor performance to be sure that they’re not slacking.
- Analytics: IBM Maximo performs descriptive, predictive, and prescriptive analytics functions. This will help you get a better insight into your business outcome.
- IoT & Watson IoT Integration: You can identify, add, and transform information from your IoT sources into asset-based data structures.
4. ServiceNow – IT Service Management Software
ServiceNow ITSM provides users with modern and cloud-based service management. This ITSM tool allows you to modernize the way you manage and deliver services to your users.
You can use this to automate processes, boost productivity, improve data visibility, and get better reporting, all with one tool.
This tool helps you increase your output by automatically identifying and resolving issues. Thereby reducing the negative impact of poorly planned work. You can get support for common queries from your customers have by utilizing the virtual assistant feature.
ServiceNow ITSM makes use of machine learning algorithms and virtual agents to automate routine tasks. It gives you full visibility of the processes and services through built-in dashboards and analytics.
You can also get your employees the ServiceNow mobile application so that they can get work done from anywhere.
Key Features
- Incident Management to help identify IT failures so that services can e restored as quickly as possible
- Performance Analytics to give you insight into your IT structure performance trends
- Reports and Dashboards that use operational analytics to manage IT service delivery
- Problem Management to help analyze the root cause of IT failures to prevent them from recurring
- Walk-Up Experience that manages the queries made to your service center
- Service Level Management to speed up service restoration by monitoring the resolution of issues
- Change and Release Management that authorizes and implements variations to your IT infrastructure
- Agent Workspace that gives your IT agents an intuitive work console to boost their productivity
- Configuration Management that keeps track of all infrastructure elements
- Enterprise Onboarding and Transitions to enable IT and HR to collaborate on the workspace
- Benchmarks to pinpoint what areas need improving by checking IT metrics
- Virtual Agent to resolve common user issues through a chatbot
- Knowledge Management to share gathered IT knowledge with your team
- Surveys and Assessments that use end-user feedback to improve your team’s performance.
- Agent Intelligence that applies machine learning for intelligent incident routing
- Asset and Cost Management that will manage the lifecycles of your assets to cut costs associated with them
- Continual Improvement Management records and then acts upon service improvement ideas.
5. NinjaRMM
NinjaRMM is an IT Service Management solution that works for small and midsize businesses. It is among the very few platforms that offer a single-pane experience to its users. It is a remote monitoring and management software, suited for organizations in various fields.
NinjaRMM increases efficiency by simplifying everyday tasks for service providers and IT professionals. This reduces downtime, provides real-time results, and resolves issues before users notice them.
This ITSM tool brings all your endpoint management tools into a single application, and an application that decreases costs increases efficiencies and leads to better results. NinjaRMM’s monitoring agent is compatible with several operating software.
It lets track changes automatically throughout their infrastructure. This software also provides outlines for configurable alerts that can it sends via email or text message. It also schedules script and patch rollouts to run on user-set criteria.
Key Features
- Monitoring and Altering: Track IT assets remotely from one main location and create custom alerts about issues and progress.
- Endpoint Monitoring: Watch employee devices and servers remotely.
- Network Management: Monitor multiple networks at one time.
- Workflow Management: Create and streamline existing workflows to better handle IT services.
- Mobile Management: Manage all IT assets using the mobile application on various OS devices.
- Automation: Automate tasks by scheduling script alerts to keep your endpoints running.
- Patch Management: Remotely update security measures on devices to keep endpoints protected.
- Asset Management: Keeps track of each network asset and its usage and health. Identify new assets accessing the network.
- ITIL Compliance: Helps establish, implement, and adhere to ITIL regulations.
- Data Visualization: Displays data in charts or graphs form for analysis of live and historical network performance.
6. Freshservice – IT Asset Management Tool
Freshservce is a cloud-based ITSM designed using the best ITIL practices. Its purpose is to help IT organizations deliver top-quality services to their customers. It’s popular with consumers due to its ease of use, quick setup, exemplary customer service, and inexpensiveness.
The core component of this system is incident management. It ensures that no customer query goes unanswered. The service desk feature is accessible across various channels.
It lets you manage all your and mundane tasks automatically so that you and your team can collaborate to find the best solution together.
Freshservice is capable of analyzing and fixing errors before they harm your business’s work. It also records all errors in a database and keeps them there until a permanent solution is found.
Freshservice plans, tracks, and manages your resources. It records all asset purchases and automatically updates the inventory when it discovers new assets. You can get a view of the lifecycle of the asset at every stage. Contract management is an added feature too.
Key Features
- Automation allows you to route tickets automatically to the appropriate user.
- Ticket Notification feature that notifies your IT team when a ticket needs action.
- Knowledge Base provides a forum for answers to common queries.
- The dashboard feature displays significant metrics relating to performance.
- Time tracking feature that records the time worked on a ticket.
- Surveys feature to measure employee satisfaction.
- Mobile App to access service desk features via a mobile device.
- Self Service to let users view the status of their tickets
- Active Directory feature to display a directory of all users in the organization.
- Multi-Channel Access feature so that you can access the service desk through multiple channels such as email, phone, or the portal.
- Threat Detection feature that collects and curates data insight into the performance and health of a company’s system.
- Unified Communications Platform to ease communication between users and administrators.
7. Zoho – IT Asset Tracking Software
Zoho has made it possible for you to track all your assets and licenses from one central location with its free asset management software. The Zoho IT asset management solution keeps tabs on all your software and hardware assets so that you can manage them more easily.
It also allows for third-party application integrations. These applications include Google Drive, OneDrive, and WordPress.
This IT Asset Tracker service lets you store extensive details about your assets such as models, and configuration. You can use it to tracks the asset right down to who it is currently allocated to and who it was previously with.
In addition to this, it also allows the tracking of requests made by employees. It divides the requests up into stages of approval so that you know where the process is at. On top of it all, it makes the whole process simple by automating it.
It is important to note that while the Zoho IT Asset Tracker is free, it can’t work without the Zoho Creator. The Creator will cost you a minimum of $10 and you may need to pay more as you upgrade. Overall it is a very user-friendly and simple asset management software.
For better asset management, you could incorporate free digital asset management software with your Zoho Creator so that your assets aren’t scattered over several platforms.
Key Features
- Round-the-clock Asset Tracking: This Lets you track all your assets from one location. Also uses live updates to tell you where your assets are and how long they will be there.
- Multiple Asset Tracking: You can track your software assets, hardware assets, as well as your machine assets all in one place.
- Know what assets are in demand. Track what assets are being used more than others and place orders at the right time.
- Customization: Add custom features to your application or your reports. The app is built using a low code platform so changes are very easy to make.
- Mobility: You can access all your reports and analytics on the go with the Zoho IT Asset Tracker mobile application.
- Integrations: Integrate your asset management app to other Zoho applications as well as to third-party applications.
8. Spiceworks – IT Asset Management Software
Spiceworks is a free IT asset management software that helps you keep track of everything that’s happening on your network. It also offers suggestions on how to resolve problems that occur.
The cloud feature allows you to host from anywhere. It has a mobile application for on-the-go inventory checks and management.
it provides detailed and custom reporting. For a more enhanced user experience, you can integrate your Spiceworks ITSM tool with your Spiceworks help desk. You can also integrate this app with third-party applications using APIs.
The free version of the application comes with ads. This is ideal for a trial run to see and figure out how the application works. You can choose to remove the ads for an annual fee.
Key Features
- Inventory: Spiceworks will collect and record details of all your assets, right from workstations to routers. As soon as the asset connects to your network, Spiceworks will find it, collect information on it, and categorize it.
- Easier Tracking: Spiceworks simplifies the task of tracking for your business. It tracks not only your software assets but also the licenses on them so that you don’t violate compliances. You can also use this free asset management software to identify and remove software that is not useful to you.
- Cloud Service Integration: This asset management tool lets you connect your cloud services so that you can manage all your work remotely. You can also check and manage alerts even when you’re away from your hosting location.
- Easier Reporting: You can get custom reports generated to keep track of everything that you do, including how much time a task completion took. You can use these reports for audit checks too so that you don’t miss out on listing any assets.
9. BMC Track-It! – Digital Asset Management Software
Track-It! is an IT asset management software. It comes as part of the Track-it Client ManagementS service. It is extremely inexpensive and easy to operate, making it suitable for smaller and medium-sized firms.
Track-it! Let’s you manage your work orders and changes from one single access point. It supports ITIL practices such as incident management, change management, and asset management. It ensures that all your assets are effectively managed and accounted for.
Other capabilities include the ability to detect all the endpoints on your network, record information, painlessly generate inventory reports, and automate the management of all endpoints. It can also help you save time and reduce human error.
Key Features
- Automatically detect new assets that connect to your network. This software will also report on the new assets and record any necessary details. The inventory is updated every time new assets are added or removed and the whole process is online.
- Details about the assets on the network are gathered and can assist in informed decision-making. Track-It! will tell you what assets need to be replaced or repaired.
- Users can create dashboards that show an overview of the assets including the software and hardware inventories.
- Custom-tailored reports that you can receive as per your schedule. You can customize the type of report different personnel will receive so that information that is critical to each person can be delivered.
- Task scheduling for automating all repetitive tasks.
- Access assets anywhere through the internet.
10. Asset Panda – Simple Asset Management Software
Asset Panda is a web-based fixed asset management software solution. It supports a powerful and cloud-based platform. You can integrate this with its mobile applications to get a simple and secure way of managing your assets.
Asset Panda is simple and easy to navigate and is deployable at every level within the organization. This asset management application can manage a large inventory of assets. It also performs an elaborate array of storage, shipping, and logistics workflows.
This asset management application lets you access your assets from anywhere. The mobile application updates all your information in real-time. You can have unlimited users, locations, and use it on multiple OS devices such as Windows, Mac, iOs, and Android devices.
The pricing policy is straightforward and transparent. There are no hidden user or location charges. While the mobile application is free, the asset management service isn’t and you need to purchase that before you can get the app. Asset Panda offers a free trial.
Key Features
- Asset Definition: Asset Panda registers and tracks all assets owned by your company. It also identifies and defines relationships between your assets and determines their value.
- Asset Tracking: Tracks all your assets by location and maintains a history of changes made.
- Audit Trail: Traces detailed transactions related to assets. Included purchases, sales, disposal, etc.
- Asset Check-ins/outs: Assigns due return dates and notifies when asset returns are overdue. Tracks tool inventory using a barcode scanner. The Asset Panda mobile apps come with a built-in scanner. Employees can reserve or buy tools by checking their availability on a tool inventory portal.
- Integration: Integrates with existing inventory, warehouse management, ERP, and other third-party software.
- Tool Tracking: Tracks tool data including serial number, model, purchase date, and other information of the sort. Creates maintenance and repair schedules. Provides features to add custom fields for tool tracking.
- Design: Lets you create and save custom labels with a WYSIWYG editor. Edit colors, import graphics, and create 1D or 2D barcodes for your labels.
- RFID Encoding: This allows you to encode RFID tags.
11. Snipe-IT – Open-Source Asset Management Software
Snipe-IT is a free, open-source asset management software. It offers its users transparency, security, and oversight.
This free asset management software lets you host yourself for free. It also offers a paid hosting option. Both versions allow users to track and manage an infinite amount of assets as well as software. The system is easy to use and supports multiple users and administrators.
Snipe-IT is a cloud-based platform that ensures reliability and speed. It’s also highly customizable and the developer, JSON REST API lets you develop animations according to your taste and need.
The developers of Snipe-IT offer great support to the self-hosting users on GitHub and Gitter. Users on the hosted version can get support on email and phone too.
This digital asset management software treats security as a top priority. The software product and the cloud-hosting infrastructure are very safe and secure.
Snipe-IT offers free updates and new releases every week. It keeps the whole process very transparent to allow users to stay in the loop with development plans, etc.
Key Features
- Asset and License Tracking: Records what assets are with whom and where they currently are. Lets you group assets by common features. Also lets you add custom fields for additional features. Sends you email alerts when licenses or warranties are expiring.
- Mobile Compatibility: You can install Snipe-IT on both Android and iOS devices for asset management on the go. Allows access to all assets through QR labels and can integrate with multiple QR reader and barcode scanner applications.
- Easy Deployment: Deployable on Linux, Windows, and Mac devices.
- Multilingual Support: Supports multiple languages. Also lets users in distributed teams pick individual languages.
- Web-based: Cloud-based software so you can access it from anywhere and on any device.
- Enhanced Security: Snipe-IT allows users to enable two-factor authentication. It encrypts all files with AES-256 via OpenSSL. The databases and drives are also encrypted. The security policy is reviewed quarterly to ensure that it is up-to-date and fool-proof.
- Hassle-Free Data Release: Snipe-IT does not hold your data hostage. Whether you’re hosting yourself paying for the hosting plan, your data remains yours and you can extract it whenever you choose.
- LDAP Sync And Login: The LDAP functionality imports and updates users in your LDAP directory using the LDAP sync. They can log in using the LPAD credentials. This adds another layer of security to the already secure digital asset management software.
- JSON REST API: The JSON REST API lets you do most of the same stuff with the tools that you have which you could have done through the web interface. You can add, edit, update or delete items. You can also create your animations.
- Quick Check-in/out: Get notifications for check-ins and check-outs. Snipe-IT lets you check in with just one click. Assets retain a full history of check-ins, check-outs, and maintenance.
12. UpKeep – Free Digital Asset Management Software
UpKeep’s CMMS is a free asset management software. It enhances communication by sending real-time updates to your team. It is deployable on desktops as well as mobile platforms.
UpKeep offers critical maintenance facilities such as asset, inventory, and work order management. Plus it offers preventive maintenance to create service schedules.
It has an overview page that shows all upcoming work along with the deadlines. This page also displays the criticality of the tasks and the assets or workers assigned to each. Users can add customization to new tasks such as notes, images, color-coded priority ratings, assets, and users.
This asset management software grants users the ability to create projects, assign work orders and manage assets. This asset management software is perfect for small to midsize companies across various industries.
UpKeep also has several other handy management tools such as QR generation, PM scheduling, workflow management, inventory management, and more.
UpKeep has a free and freemium version that users can use when on a budget. It allows for an easy and inexpensive upgrade to the paid version. Its monthly packages contain support via phone, email, and through an online knowledge base.
Key Features
- Work Order Management: Create, edit, or clon work orders. UpKeep lets you prioritize, schedule, track, and report following maintenance workflows.
- Preventative Maintenance (PM): Automates preventative maintenance work order scheduling. UpKeep does this based on a series of factors, including date, time, alarms, meter readings, and specified event occurrences.
- Predictive Maintenance (PdM): Monitors equipment and assets with built-in data analysis tools and integrated third-party applications. Streamlines preventative maintenance efforts.
- Materials Management: Organizes maintenance, repairs, and operations materials. Coordinate materials inventory and purchase requests.
- Equipment Breakdown Reports: Analyzes records of equipment performance reports and generates new statistics using this data to identify underlying equipment issues.
- Approval Management: Streamlines the approval of work orders or material purchase requests by creating approval workflows.
- Task Templates: Maintains task templates for unscheduled and preventative work orders. Organizes these templates into libraries that are easily accessible and can be altered as needed.
- Compliance Auditing: Track maintenance documentation to ensure compliance with Occupational Safety and Health Administration (OSHA) and ISO standards. Manage material safety data sheets (MSDS) and other critical safety instructions within a central repository, and track employee training certifications.
- Dashboards: Visualizes maintenance data and displays KPIs.
- Vendor Management: Submit RFPs / RFQs to vendors. Communicate terms and conditions to them and track and manage their performance.
- Asset Tracking: Creates lists of all your assets and defines the relationship between them. Identifies the value of each asset.
- Decommissioning: Tracks the cost of retiring assets when they become obsolete.
13. EZOfficeInventory
EZOfficeInventory is an asset tracking and maintenance solution for businesses of various sizes. It allows them to keep track of everything. It reports on the life cycles of all the assets, from procurement to retirement, and simplifies all the operations related to the company assets.
This cloud-based asset management solution supports QR and barcodes and is accessible from anywhere. EZOfficeInventory further simplifies the process by incorporating mobile apps and handheld scanners.
The solution is ideal for global businesses that operate from multiple geographical locations. It is suited for a variety of industries, including educational institutes, construction, engineering, healthcare, NGOs, IT firms, event management, and maintenance businesses.
EZOfficeInventory can be seamlessly integrated with other systems. It allows efficient inventory tracking and automatically provides stock level alerts. It makes the check-in/check-out process simpler and allows users to keep all the information updated.
Key Features
- Asset Lifecycle Management: Tracks and manages the lifecycle of all assets. Adds and monitors asset purchase orders, vendors, maintenance histories, and lifetime costs for new assets.
- Check-in/out Assets: Keeps asset information up-to-date by monitoring asset movement.
- Mobile Apps: Comes with mobile applications that are compatible with Android, iOS, and Windows systems. Scans Barcodes and QR Codes in an instant.
- Availability Calendar: Tells you which assets or asset stocks are available, reserved, lent, or under maintenance.
- RFID Asset Tracking: Uses external RFID readers to scan and handle large quantities of items in one go.
- Groups and Subgroups: Classifies assets in groups and subgroups for ease of use.
Asset Management Software – FAQs
What is IT Asset Management?
IT Asset Management (ITAM) refers to a system where a company tracks all its IT hardware and software assets. This is usually done with the help of IT asset management software.
The primary purpose of this practice is to create and maintain a database of everything that your organization owns. This helps with the maintenance of those assets.
Furthermore, it increases visibility, ensures optimum utilization, reduces costs, ensures compliance with legal regulations, and helps management make informed decisions about assets.
What is Asset Management Software?
Asset management software is an innovative solution to the problem of centralizing and modernizing the management of a company’s assets. It’s software that helps you store, organize, manage, and keep track of all your assets so that you can access them anytime, anywhere.
Thanks to IT asset management software, asset logging and management have become so much easier. The following are some of the best asset management tools in the market right now.
What are the Key Features to Look for in Asset Management Software?
Key features that your asset management software should possess are as follows:
- Hardware Monitoring: Your Asset Management software should track the health and status of all hardware devices linked to it. This feature helps you with the prevention of sudden malfunctions.
- License Management: A good asset management software helps you utilize your software assets more effectively. It also tells you the conditions and limitations of the license that you’ve purchased.
- Discover Devices: This feature scans your firm’s network to register new devices that get added. This saves your time and effort as you no longer have to manually add devices to your network.
- Ticketing: It should assist with customer queries by finding solutions to issues and tracking the speed at which your team resolved the issue.
- Inventory Management: Asset management software uses a centralized database to display all vital data about a company’s assets to its management.
- Security: Only users you have authorized should be able to access your network system. You should be able to set levels of authorization to individual users to monitor the usage of assets.
- Cost Management: Asset management software can help you save money by optimizing the usage of IT assets.
Conclusion
Asset management might not be a very glamorous part of running a business but it is very crucial. Before you choose an Asset Management Software, you should take your time in researching it and reading what other people have to say about it.
Ask for a free demo before you fully commit. This way you can be sure that the software meets all your requirements.
We hope our list of the best asset management tools will help you with your decision. It’s important to remember that whatever choice you make, do it while keeping in mind all your requirements and demands.
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This is a really comprehensive list. Thank for sharing, I look forward to seeing the extra benefits to be gained from implementing this software.