An organization is nothing without its assets — but they can be a lot to manage. That’s why most businesses use EAM software to digitize processes and improve efficiency and reliability. To help you find the ideal asset management software, we’ve compiled a list of the leading solutions so you can make an informed choice.

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Understanding asset management, whether it’s IT assets or inventory, can feel a bit overwhelming. Each of them has its purpose, scope and benefits. But don’t worry, we’re here to help you learn more about them and clear your doubts.

In this article, we’ll not only list the top five asset management programs but also explain what each type of asset management is, how it works and why it’s important for your business.

Best Asset Management Software

Finding the right asset management tool that suits your business is crucial. All EAM platforms, related to CMMS software, offer asset management, but some stand out from the crowd for this crucial feature.

We’ve also included examples of companies from a variety of industries and sizes to demonstrate how these solutions helped them grow.

eMaint

eMaint is a cloud CMMS solution that helps businesses manage assets, optimize workflows, manage inventory using the IoT, and schedule predictive and preventive maintenance.

According to user reviews, eMaint is easy to use, highly customizable and has a responsive customer support team.

Here are some examples of how organizations benefited from eMaint:

• NARENCO managed thousands of assets at 36 remote sites, completing 5,500 preventive maintenance tasks and 2,000 corrective work orders.
• Advanced Atomization Technologies increased average uptime to 95% and reduced reactive work by 90%.
• Cerapedics simplified spare parts management for 750+ components and saved significant labor hours.

Filter and sort your assets by type, location, condition and criticality with eMaint. Source

Highest Rated Modules According to Our Data

• Asset Management — 100
• Spare Parts Handling — 98
• Analytics and Reporting — 93
• Mobile EAM — 93
• Maintenance and Inspection Management — 85

Top Benefits

• Refine Maintenance Plans: Create unlimited preventive maintenance tasks on a calendar-based interface or based on meter readings for individual assets to refine your planning and schedule maintenance as you see fit.
• Increase Productivity: Generate and manage work orders with a centralized system to reduce paperwork, improve communication and complete work orders on time and within budget. Create write-ups and work orders from anywhere using mobile devices.
• Improve Visibility: Access dashboards to gain visibility into assets’ locations and conditions in real time to identify and resolve problems quickly, improve asset usage, and reduce maintenance costs.
• Boost ROA: Perform routine maintenance tasks to optimize assets’ uptime, extend equipment life spans and reduce unexpected failures, maximizing your ROA.
• Ensure Regulatory Compliance: Use detailed documentation like audit trails and usage logs to demonstrate regulatory compliance, prepare for inspections and gain insights into relevant regulations.

Primary Features

• Asset Tracking Tools: Track assets’ locations in real time using GPS tracking systems or RFID technology. Record important information such as assets’ maintenance histories and warranty details to help maintenance teams make informed decisions about repairs and replacements.
• Asset Inventory Management: Manage stock levels and order replenishments when needed to reduce stockouts or overstocking. Track reorder points and quantities for spare parts and supplies.
• Asset Criticality Ranking: Assign criticality scores to assets based on operational, safety and financial impact for focused attention and timely maintenance of vital equipment.
• Asset Reservation: Reserve assets for work orders, projects or events. Set reservation start and end dates. Enable notifications for approaching or expired reservations to enhance maintenance coordination and minimize downtime.
• Condition Monitoring: Monitor asset metrics such as noise, pressure, vibration, temperature, flow, lubrication, wear and corrosion. Set upper and lower thresholds for these metrics, triggering alerts for prompt technician maintenance if exceeded.

Limitations

• Reporting module faces limitations with simultaneous table joins.
• Scheduler module lacks drag-and-drop functionality.
• Integration poses challenges with other systems.

Features Not Fully Supported According to Our Data

• Nested Preventive Maintenance Scheduling — Not Supported
• Track Rotating Assets — Not Supported
• Incident Management — Not Supported
• Vehicle Maintenance Reporting Standards (VMRS) — Not Supported
• Voice-to-Text — Not Supported

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SAP EAM

SAP EAM is an asset management solution that helps you manage your facilities, vehicles, assets, equipment and machines. It enables you to maintain facilities, conduct timely maintenance, monitor assets’ life cycles and analyze reports to make data-driven decisions.

Furthermore, it assists you in improving ROI, minimizing failures, and ensuring security and compliance.

You can use AI and IoT technologies to digitally manage assets. It gives you access to critical alerts, sensor data and engineering sites, helping you streamline maintenance activities, monetize content and services, and ensure optimal equipment usage.

According to user reviews, SAP EAM is a user-friendly, scalable and easy-to-implement solution that helps reduce asset maintenance costs.

Here are some examples of how organizations benefited from SAP EAM:

• ERG reduced unplanned downtime by 7%, planned downtime by 10% and anticipated an 8% reduction in asset maintenance costs.
• RetiPiù reduced FTE maintenance costs by 20% and preventive maintenance interventions by 15% to 20%.
• SBB AG used real-time data and analysis to gain insights into its asset portfolio and optimize its maintenance strategy.

Identify and address potential asset issues before they cause downtime using SAP EAM’s indicator monitoring modules. Source

Highest Rated Modules According to Our Data

• Asset Management — 100
• Spare Parts Handling — 100
• Analytics and Reporting — 100
• Environment, Health and Safety Management — 100
• Mobile EAM — 98

Top Benefits

• Digitize and Monitor Asset Data: Gain real-time insights into asset performance and health, enabling proactive maintenance and improved decision-making. Manage and monitor assets throughout their life cycles, supporting a successful PaaS model.
• Centralize Data: Employ real-time synchronization, remote device connection, conflict resolution and more. You can integrate with SAP solutions like SAP CRM and SAP ERP to consolidate your workflows into one system.
• Improve Fault Pattern Detection: Implement SAP Predictive Analytics and SAP HANA to analyze trends, calculate performance metrics and detect early signs of potential asset failures. Employ machine learning algorithms through R packages and REST APIs for advanced fault detection and anomaly identification.
• Streamline Documentation: Create standardized templates for risk and criticality assessments, checklists, models, and spare parts, ensuring consistent and efficient documentation. Easily access and retrieve relevant asset files based on frequently used criteria to save time.
• Predict Breakdowns and Failures: Run what-if scenarios using simulation-as-a-service capabilities. You can also use the data from virtual sensors to detect potential issues before they escalate into breakdowns.

Primary Features

• Inventory Management Apps: Monitor stock levels, consumption patterns and cost trends using inventory analysis capabilities.
  • Inventory Tracking: Assign and scan asset barcodes to monitor their movements, from procurement to disposal.
  • Spare Parts Management: Create and maintain a spare parts catalog, including information like part numbers, descriptions, specifications and supplier details.
  • Demand Forecasting and Procurement: Use historical data and predictive analytics to forecast inventory demands, streamlining procurement processes.
  • Consignment Management: Store spare parts at your vendor’s location to free up valuable warehouse space and reduce obsolete or slow-moving inventory.
• Asset Performance Management Tools: Integrate with IoT devices and sensors to gather real-time data from assets to make data-driven decisions.
  • Risk Estimation and Evaluation: Calculate risk scores, analyze assets’ criticality, search for existing risks, verify variants and more.
  • FMEA: Perform failure modes and effects analysis (FMEA) and implement reliability-centered maintenance to optimize asset performance.
  • AI-Based Predictive Maintenance: Predict asset failures and access recommended preventive maintenance actions using advanced analytics to avoid unplanned downtime and disruptions.
• Spatial Asset Management: Visualize assets and their relationships on a map. Integrate GIS systems data with asset information to gain insights into spatial relationships and dependencies among assets. Manage linear assets effectively. Share and consume GIS data across different platforms.
• Maintenance Planning and Scheduling: Define maintenance activities based on assets’ types, usage patterns or condition monitoring data. Automatically generate maintenance schedules based on upkeep plans, asset availability and resource constraints.
• Asset Collaboration: Work with other businesses on a single network to share and store content, deliver and request services, and provide feedback and ratings related to your assets to reduce costs, improve asset performance, enhance customer satisfaction and enable new business models.

Limitations

• No free trial.
• Difficult to learn and implement.
• Time-consuming and complex integration process.

Features Not Fully Supported According to Our Data

• Asset Audits — Not Supported
• Resource Allocation Based on Matching Competencies — Not Supported
• Sonic Acoustical Analysis — Not Supported
• Track Rotating Assets — Not Supported
• Work or Maintenance Request Portal — Not Supported

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AssetWorks

AssetWorks helps businesses manage assets like vehicles, buildings, infrastructures, facilities and more. Its services include fleet and fuel management, enterprise risk and asset management, and surplus assets.

According to user reviews, AssetWorks is an intuitive and customizable solution that helps you manage asset inventory and save time and money.
Here are some examples of how organizations benefited from SAP EAM:

• St Charles Parish reduced unplanned repairs and extended assets’ life spans. They also minimized data entry errors using the mobile app.
• Seattle Parks and Recreation tracked and managed 40,000 assets, including buildings, grounds and equipment through a central database.
• Peri & Sons Farms gained visibility into their packaging inventory which helped them avoid unnecessary expenses on surplus parts.

Request parts/materials via Assetworks’ mobile app. Source

Highest Rated Modules According to Our Data

• Work Order Management — 99
• Asset Management — 93
• Mobile EAM — 93
• Spare Parts Handling — 93
• Analytics and Reporting — 88

Top Benefits

• Centralize Data: Store documents, timecards and asset profiles in a centralized resource library for quick access.
• Access Remotely: Manage assets on the go using a web browser or native mobile app.
• Extend Asset Life Spans: Use asset monitoring, preventive maintenance and depreciation strategies to increase assets’ longevity.
• Improve Efficiency: Integrate with other enterprise platforms, such as ERP tools and CRM systems, to gain a holistic view of your business operations, eliminate data silos, improve communication and collaboration, and streamline processes.
• Improve Asset Visibility: Use GIS capabilities to visualize your assets in a map-based view to identify, track and understand relationships between assets.

Primary Features

• Inventory Management: Assign barcodes to objects, monitor stockroom levels, automate procurement processes and handle spare parts with just a few clicks.
• Maintenance Management: Schedule preventative maintenance, receive warnings when repetitive maintenance tasks are due and streamline the repair process.
• Work Order Management: Create, assign, complete and record work orders within minutes. Assign specific responsibilities to individual technicians and limit work order closure to administrative roles.
• Asset Performance Assessment: Integrate with various sensors to capture and analyze data related to asset conditions. Use asset benchmarking modules to compare asset performance, costs and other metrics with industry standards.
• GIS Mapping: Analyze assets’ geographic distribution to optimize resource allocation based on location-specific needs or conditions. Use spatial data to optimize maintenance routes, ensuring efficient and timely asset servicing.

Limitations

• Printing an invoice results in a date change to the printing date.
• Importing data is challenging and complex.
• Integrating with ERP systems proves to be a tedious process.

Features Not Fully Supported According to Our Data

• Voice-to-Text — Not Supported
• BI Software Integration — Not Supported
• Track Rotating Assets — Not Supported
• AI-Based Processing of Sensor Data — Not Supported
• Reliability Centered Maintenance — Not Supported

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IBM Maximo

Maximo by IBM is an asset maintenance software that helps you monitor assets and equipment, manage contracts, and schedule preventive maintenance.

It offers space management systems, predictive maintenance modules, inventory management tools, reports, integrative capabilities and more. It also provides multiple role-specific mobile apps for both Android and iOS devices.

You can integrate with popular applications like ServiceNow, Salesforce, SAP, Trello, Oracle platforms and more.

According to user reviews, IBM Maximo offers a user-friendly ticketing system, streamlined work order management and effective preventive maintenance capabilities.

Here are some examples of how organizations benefited from IBM Maximo:

• Downer reduced equipment malfunctions and increased reliability by 51%.
• City of Atlanta established a strong foundation for ISO 55001 certification, improved communication between departments, and created a more efficient and sustainable asset management system.
• Riyadh Airports Company eliminated 80% of maintenance paperwork and saw 50% improvement in insights through real-time dashboards

IBM Maximo’s work order management feature lets users track assets’ scheduled and performed work orders. Source

Highest Rated Modules According to Our Data

• Mobile EAM — 100
• Analytics and Reporting — 100
• Work Order Management — 98
• Spare Parts Handling — 97
• Maintenance and Inspection Management — 94

Top Benefits

• Ensure Regulatory Compliance: You can easily manage software deployments to production, transfer configurations and handle customization. Enable standard and repeatable roll-outs to help manage regulatory compliance and documentation.
• Empower Technicians With Mobile Access: Access critical asset information and work order instructions from remote locations to quickly resolve issues, save time and improve productivity.
• Prevent Reactive Maintenance: You can monitor operations, assets and equipment, detect anomalies, and perform root cause analyses with asset performance monitoring tools to avoid costly reactive maintenance.
• Streamline Communication: Enable different stakeholders, such as maintenance teams, administrators or executives, to access dashboards customized to their needs, improving efficiency and usability. Automate certain service requests or ticket approvals based on predefined rules, reducing manual intervention and speeding up processes.
• Improve Asset Reliability and Efficiency: Use advanced analytics, AI, IoT and digital twins to monitor assets’ health and condition in real time, predict issues and anomalies, and prescribe actions and solutions.

Primary Features

• Enterprise Asset Management: You can manage asset life cycles, workflow processes and asset operations to add new assets, handle asset data and control inventory. It offers modules like preventive maintenance applications, purchase, task and activity, contracts management, and more.
• Predictive Maintenance Insights: Use IBM Watson to predict and prevent asset failures by tracking impacts, detecting anomalies and generating failure probability curves based on patterns and unknown causes.
• MRO Inventory Optimization: Manage parts, stocks, consumable or critical parts, and more with a cloud-based inventory management platform. You can also track maintenance, repair and overhaul (MRO) inventory performance, prioritize work based on workload and generate reports.
• Remote Monitoring: Incorporate operational technology (OT) data from diverse sources using connectors for message queue telemetry transport (MQTT) and supervisory control and data acquisition (SCADA). Use advanced root cause analysis tools to identify and resolve the underlying causes of asset problems quickly.
• Visual Inspections: Create defect detection and correction solutions using self-learning machine algorithms — train the system to identify defects specific to your assets and environment. Save workers from entering hazardous environments or dangerous conditions to reduce accidents and injuries.

Limitations

• Viewing jobs in the preferred order section isn’t possible.
• Only IBM DB2 Warehouse is supported, with no current support for Oracle and SQLServer.
• Occasional performance issues arise when handling large datasets, leading to delays in data processing and response times.

Features Not Fully Supported According to Our Data

• Linear Asset Management — Supported With Additional Modules
• Generate QR Codes or Barcodes for Assets — Supported With Partner Integrations
• Asset Reservation Request — Not Supported
• Structural Analysis — Supported With Partner Integrations
• Track Calibration Data — Supported With Additional Modules

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Asset Panda

Asset Panda is a cloud-based asset management platform that helps businesses monitor assets’ locations, conditions and maintenance histories — everything from IT equipment and vehicles to office furniture and machinery.

According to user reviews, Asset Panda provides comprehensive asset tracking and reporting capabilities and excellent customer service.

Here are some examples of how organizations benefited from Asset Panda:

• An electrical construction company saved several hours of manual data entry work by tracking 43,000+ assets digitally.
• A state government agency managed 20,000+ assets and tracked software licenses efficiently.
• Thompson Law implemented a check-in/out process to decrease downtime and recover lost productivity.

Generate depreciation, warranty, change and audit reports with Asset Panda. Source

Highest Rated Modules According to Our Data

• Mobile EAM — 93
• Asset Tracking — 86
• Asset Management — 85
• Analytics and Reporting — 78
• Work Order Management — 66

Top Benefits

• Improve Visibility: Track assets’ movement in real time to reduce lost or misplaced assets. Attach relevant information to assets, including maintenance history and condition monitoring data to identify assets that may be at risk of failures.
• Save Time: Automate manual asset management tasks, such as check-in/check-out, inventory tracking and maintenance scheduling, to save time and money and free up employees to focus on more strategic work.
• Customize Asset Management: Personalize asset profiles, fields and workflows according to your specific needs.
• Ensure Regulatory Compliance: Perform asset maintenance and calibration, maintain audit trails, and generate inventory and depreciation reports to maintain regulatory compliance and avoid costly fines and penalties.
• Improve Decision-Making: Gain insights into asset usage frequency, maintenance costs and failure risks to make informed decisions about asset allocation, maintenance strategies and replacements.

Primary Features

• Asset Tracking: Track assets using a barcode, RFID or GPS technology. Associate relevant documents (PDFs, manuals) with assets to centralize information for quick access.
• Maintenance Management: Create maintenance schedules to extend assets’ life spans. Generate maintenance history reports to analyze trends and plan future maintenance effectively. Configure reminders for upcoming maintenance tasks to uphold asset reliability.
• Custom Fields and Reports: Tailor fields to track vital business-specific data like maintenance costs to make informed decisions on asset replacement.
• Audit Trails: Record date, time, user and field changes for troubleshooting problems, auditing asset data and investigating asset theft or loss.
• Mobile App: Access your asset data and manage tasks on the go via mobile devices. Capture images and add them to the required asset group to expedite data entry.

Limitations

• Fast session timeouts.
• Inefficient mobile barcode scanner.
• Lack of over-the-phone customer support.

Features Not Fully Supported According to Our Data

• Linear Asset Management — Not Supported
• Collaborative Asset Management — Not Supported
• Automatic Spare Parts Purchase Order Creation — Not Supported
• Nested Work Order Creation — Not Supported
• MTTR and MTBF Analysis — Not Supported

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How We Choose Products

Our team of writers and analysts at SelectHub is committed to giving you the best recommendations based on our data. To make our list, products had to meet two criteria:

1. Closely match the topic
2. Earn a top-5 analyst score in our selection platform

Our analyst scores are based on an in-depth research process using primary and secondary sources. This includes SelectHub Analyst Briefings, direct communication with vendors, and reviewing materials such as user reviews, product brochures, specification sheets, case studies, user manuals, and technical documentation.

Our platform’s Scoring Engine processes the research and computes the analyst score. The score also factors in platform settings such as industry and company size.

Learn more about our research methodology and editorial standards

Types

Now that we know about the best asset management tools out there, let’s look at some common types.

• Fixed Asset Systems: These tools enable you to track and manage physical assets such as equipment, machinery, vehicles and infrastructure. You can also keep a record of asset details, maintenance histories and depreciation for accounting and compliance purposes.
• Digital Asset Management (DAM) Tools: If you’re from marketing, design or media companies, these tools are your go-to for organizing and retrieving digital assets like images, videos, documents and creative files. They help you with efficient content management, metadata tagging and version control.
• IT Asset Management (ITAM) Apps: They concentrate on managing your organization’s IT assets, including hardware, software, licenses and network devices. You can track asset life cycles and licenses and ensure compliance with software usage. They help you optimize IT investments, reduce costs and ensure security.
• Real Estate Asset Management Platforms: Best suited for real estate industries, they enable you to manage properties, buildings and land assets. They help you with lease and tenant management, maintenance, and financial analysis, optimizing property portfolios and revenue streams.

Asset Management vs. IT Asset Management vs. Asset Inventory Management Solutions

Understanding the differences between asset management, IT asset management and asset inventory management solutions is vital for organizational efficiency. We’ve outlined the same in the table below.

Check out our article to know the differences between asset management and inventory management in detail.

Now that we have a brief idea of the three let’s explore them in deeper detail in the sections below.

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Asset Management

What Is Asset Management?

Asset management is the practice of efficiently tracking and maintaining an organization’s assets throughout their life cycles, ensuring optimal usage and compliance. It includes asset inventory, tracking, maintenance and disposal.

What Is Asset Management Software?

An asset management platform is a digital solution that streamlines critical tasks like asset tracking, maintenance scheduling and compliance management. These tools help companies with diverse asset portfolios optimize processes, improve efficiency and reduce manual data entry errors.

Top Benefits

Some important benefits of asset management include:

• Decreased administrative costs
• Maximized asset usage
• Simplified compliance
• Streamlined auditing
• Improved services
• Centralized software and hardware
• Mobile asset management

Primary Features

The basic features and key requirements of asset management tools include:

• Asset life cycle management
• Preventive maintenance
• Asset inventory management
• Scheduling
• Reporting

Some solutions offer additional features you may want to consider, including:

• Vendor management systems
• Asset performance management apps
• License management programs
• Fleet maintenance tools

IT Asset Management

What Are IT Assets?

IT assets are the hardware and software components that make up an organization’s information technology infrastructure. They include but aren’t limited to:

Hardware Assets

• Computers, laptops, servers and data center equipment
• Networking devices, routers, switches and firewalls
• Mobile devices like smartphones and tablets
• Printers, scanners and other peripherals

Software Assets

• Operating systems (e.g., Windows, macOS)
• Productivity software (e.g., Microsoft Office)
• Enterprise software (e.g., ERP systems)
• Licenses and subscriptions for software

Data Assets

• Data stored on servers and storage devices
• Databases and data repositories

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What Is IT Asset Management?

IT asset management is a process of maintaining and managing assets, software and information at an organization. It helps you take charge of your assets from planning and procurement to deployment, maintenance and retirement.

IT resources have a limited life span. You should proactively manage the IT asset life cycle to optimize the value your business can derive from them.

ITAM involves tracking and making strategic decisions regarding IT assets using financial, contractual and inventory data. Its key goal is to ensure you use your IT resources appropriately and efficiently.

Streamline operational costs by strategically reducing asset quantities, extending their life spans and mitigating the need for costly upgrades. Understanding the total cost of ownership and figuring out how to use the assets most are crucial components of ITAM.

What Is IT Asset Management Software?

IT asset management software is a digital solution that provides a centralized system for tracking, monitoring and optimizing IT assets, ensuring compliance with licensing agreements and enhancing overall asset management processes.

Top Benefits

• Cost Savings: Helps reduce unnecessary spending on underused or redundant assets, optimizing software licenses and extending hardware life.
• Compliance: Ensures that you stay compliant with software licensing agreements and other regulatory requirements, reducing legal and financial penalties.
• Security: Enables you to protect your IT assets with security patches and updates, keeping security threats at bay.
• Efficiency: Provides visibility into asset inventory and usage, helping you make informed decisions about asset procurement and allocation.
• Risk Mitigation: Wipes out sensitive data from decommissioned devices, minimizing data breaches and operational disruptions.

Primary Features

• Asset Identification: Identify and catalog your IT assets including make, model, serial number and purchase date to optimize inventory management.
• Asset Procurement: Monitor and manage new assets, ensuring proper documentation and compliance with licensing and procurement policies.
• Asset Tracking: Track IT assets’ locations, statuses and usage with asset tags, barcodes or RFID.
• Software License Management: Track software licenses to ensure compliance with terms and conditions, preventing over-licensing or under-licensing.
• Asset Maintenance and Upkeep: Schedule and manage maintenance, repairs, and updates for hardware and software assets to extend their life spans.
• Asset Disposal: Plan assets’ retirement and disposal in an environmentally friendly manner, including data erasure and hardware recycling.

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Asset Inventory Management

What Is Asset Inventory Management?

IT asset inventory management is the process of tracking and managing an organization’s physical assets, equipment and inventory. It involves monitoring assets’ acquisition, usage, maintenance and disposal.

Types

Asset inventory management involves different types of approaches to effectively monitor and control assets. We’ve outlined the same below.

• Periodic: Periodically conduct inventory checks, often on a set schedule, such as weekly, monthly or annually. As you physically count assets, you update the data to reflect the current inventory status.
• Perpetual: Monitor assets in real time using barcode inventory or RFID systems, ensuring that inventory data stays up to date as changes occur.
• Barcode: Attach barcode labels to your assets and use scanners or mobile devices to efficiently update an asset’s status and location, streamlining the entire tracking and management process.
• RFID Inventory Management: Affix RFID tags to your assets, enabling non-line-of-sight tracking as RFID readers capture data from these tags.

What Is Asset Inventory Management Software?

Asset inventory software is a digital solution that helps you address challenges of asset tracking, maintenance, procurement and overall inventory management.

Top Benefits

• Improved Asset Visibility: Gain a centralized view of inventory items, including their locations, conditions and quantities. Identify misplaced or depleted inventory items to prevent stockouts and overstocking.
• Boost Asset Usage: Tracking inventory usage histories to identify underused or overused items. Take steps to improve the usage of these items, such as selling or leasing unused items or moving overused items to a more convenient location.
• Improved Asset Maintenance: Schedule routine maintenance tasks to extend assets’ life cycles, reducing downtime and repair costs.
• Enhanced Compliance: Follow financial reporting requirements and environmental, health and safety (EHS) standards to avoid legal penalties.

Primary Features

• Forecasting: Use historical data to forecast future inventory needs to ensure that you have adequate inventory to meet customer demand.
• Replenishment: Automate inventory replenishment to maintain optimal levels by ordering when quantities reach a set threshold.
• Valuation: Generate accurate financial statements and make decisions about inventory pricing.
• Reporting: Produce inventory turnover, velocity and cost reports to identify areas for improvement in inventory management.

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FAQs

What is the difference between physical and IT assets?

Physical assets are tangible items such as equipment, machinery and vehicles, while IT assets refer to intangible assets like software and data and physical assets like hardware used in an organization’s IT infrastructure.

What is an IT inventory management solution?

IT inventory management software helps you keep track of IT assets and resources such as hardware devices, software licenses, networking equipment, servers and other technology-related items.

Its primary goal is to provide a centralized and organized way to monitor, manage and control IT assets throughout their life cycles.

What are the risks of going without an asset management tool?

Going without an asset management tool poses several risks like:

• Incomplete asset tracking
• Software license violations
• Security vulnerabilities from unmanaged devices and outdated software
• Inefficient resource allocation and usage
• Increased downtime from a lack of proactive asset management
• Difficulty in effective budgeting and financial planning
• Higher likelihood of errors with manual tracking methods
• Challenges in assigning and enforcing responsibility, leading to a lack of accountability
• Risk of overlooking assets, resulting in underuse

How do I know when it’s time to replace my software?

Recognizing the right time to replace your software involves various indicators:

• Discontinued support or updates
• Challenging integration with newer systems
• Obsolete frameworks or technology
• Sluggish, prone to crashes or errors
• Lack of commitment to ongoing development from vendor
• No longer aligns with evolving organizational goals
• No security updates, patches, or history of vulnerabilities
• High maintenance costs outweighing benefits
• Consistent reports of dissatisfaction or functional limitations
• Inadequate industry or regulatory compliance measures
• Newer options offer enhanced features or efficiency

How can I select the best asset management program?

Follow the steps outlined below to select an ideal asset management solution.

Key Requirements

Consider factors such as asset types you need to manage, equipment tracking requirements and any specific workflows unique to your organization.
Check out our asset management requirements checklist to determine your functional needs.

Use our free requirements template to speed up the process.
Some features you should consider include:

• Asset tracking and identification
• Software license management
• Integration with other systems like help desk tools and procurement apps
• Barcode/QR code scanning
• Automated discovery of new assets
• Alerts and notifications

Ease of Setup

Choose a solution that offers a straightforward and user-friendly setup process. The faster and more intuitive the setup, the quicker your organization can start benefiting from the asset management system.

Ease of Operation

Opt for a program with an intuitive and user-friendly interface. Training requirements should be minimal, and the system should facilitate easy navigation and quick access to relevant information.

Mobile Capabilities

Check for mobile compatibility, as this allows for flexibility and real-time updates, especially for tracking assets on the go. Ensure that the mobile version provides essential features you need to manage your assets from the field.

Reporting

Evaluate the reporting capabilities of the asset management program. It should help you generate reports on

• Usage patterns
• Maintenance history
• Repair history
• Total asset life cycle costs
• Total asset inventory
• Performance patterns
• Specific user patterns and asset check-in/out

Scalability

Choose a solution that can scale with your organization’s growth. Ensure that the asset management program can handle an increasing number of assets and users without significant performance issues.

Security Features

Look for data encryption, access controls and other security capabilities to safeguard your files. Additionally, consider integrating other EDR solutions that provide features like multi-factor authentication, intrusion detection systems and regular security audits.

Vendor Support and Updates

Choose a reputable vendor that provides ongoing support and updates and addresses security vulnerabilities promptly. Regular updates ensure that the software remains current and secure.

Need more help? Check out our Lean Selection methodology — a nine-step process that helps you on your software selection journey.

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Next Steps

Hopefully, our overview gave you a better idea of which vendors to include in your shortlist for asset management tools.

Depending on your business size, budget and other needs, some will be a better match, so check out our free comparison report to get an in-depth breakdown of EAM options.

It helps you compare multiple options simultaneously by viewing individual products’ scores, user sentiments, benefits, and functional and technical requirements.

What asset management software solutions not included do you think deserve a place among the best of the best? Leave us a comment and tell us why!