11+ Best Asset Management Software 2023 (Ranked & Reviewed)

Asset management software is a crucial tool for businesses of all sizes and industries, allowing organizations to track and manage various types of assets, from IT equipment and software to financial investments and physical assets like machinery and real estate. 

There are several categories of asset management software, including IT asset management software, fixed asset management software, financial asset management software, and enterprise asset management software, each designed to meet the unique needs of different types of organizations and asset types. 

In this article, we will provide an overview of the best asset management software options available across these categories, covering the needs of asset managers, hedge funds, mutual funds, ETFs, pension funds, sovereign wealth funds, private equity firms, family offices, investment banks, and robo-advisors. 

We will compare the features and pricing of the top asset management software providers, and provide guidance on how to choose the best asset management software for your specific asset management needs. 

Whether you are looking to manage your organization’s IT assets, track financial investments, or optimize physical asset performance, this article will provide you with the information you need to make an informed decision when selecting the best asset management software for your organization.

Tips For Choosing The Best Asset Management Software

Choosing the optimal asset management software can be an overwhelming endeavor, given the plethora of options available on the market. 

To help you navigate the decision-making process, here are some essential factors to consider when choosing the most suitable asset management software for your specific requirements:

Identify your specific asset management needs

Before selecting an asset management software, it’s important to identify your organization’s specific needs and requirements. Consider the types of assets you need to manage, the level of automation you require, and the reporting and analysis capabilities you need.

Look for user-friendly software

A good asset management software should be user-friendly and easy to navigate. Look for software that offers a simple and intuitive user interface, as well as clear and concise reporting.

Consider integration capabilities

 Integration with other software and systems is important to ensure seamless asset management processes. Look for software that offers integrations with other systems such as accounting software, enterprise resource planning (ERP) software, and other relevant software.

Evaluate data security features

Asset management software typically handles sensitive and confidential data, so it’s important to choose software that offers robust data security features such as encryption, access controls, and regular backups.

Check for customization options

Every organization has unique asset management needs, so it’s important to choose software that can be customized to meet your specific requirements. Look for software that offers flexible configuration options and the ability to tailor reports and dashboards to your organization’s needs.

Consider scalability

As your organization grows, your asset management needs may also change. Choose software that can scale with your organization and accommodate future growth.

Read reviews and compare features

Before making a final decision, be sure to read reviews from other users and compare the features and pricing of different software options. Look for software that has a proven track record of success, positive reviews, and the features and functionality that best align with your organization’s needs.

What Is The Best Asset Management Software?

Here’s a list of some of the most popular asset management software available today:

• ManageEngine AssetExplorer
• Freshservice
• Asset Panda
• IBM Maximo
• GoCodes
• Ivanti IT Asset Management
• InvGate Assets
• MMSoft Pulseway

Comparing The 5 Best Asset Management Software

Best IT Asset Management Software

IT asset management software is designed to manage an organization’s IT assets, including hardware, software, and other technology-related equipment. 

It helps to track inventory, software licenses, maintenance schedules, and warranties.

1. ManageEngine AssetExplorer

Best Overall Asset Management Software

ManageEngine AssetExplorer is a web-based asset management software solution that helps organizations manage their IT assets, automate asset tracking, and ensure compliance with software license agreements. 

With AssetExplorer, businesses can easily track and manage software and hardware assets, gain visibility into asset lifecycles, and optimize asset usage to reduce costs and increase productivity.

One of the standout features of ManageEngine AssetExplorer is its ability to discover and track assets across different locations and networks, making it an ideal solution for distributed enterprises. 

The software also provides detailed hardware and software inventory reports, including information on asset configurations, warranties, and purchase orders, allowing organizations to make informed decisions about asset management and procurement.

AssetExplorer also includes a software license management module, which enables organizations to manage software license compliance, avoid software audit penalties, and optimize software usage. 

With the software license management feature, users can track software installations and usage, reconcile licenses against installations, and identify over or under-utilized licenses.

ManageEngine AssetExplorer Key Features:

• Asset Discovery and Inventory Management: AssetExplorer automatically discovers and tracks all IT and non-IT assets in your network, including hardware and software, providing real-time visibility and control over asset inventory.
• Software License Management: The software license management module of AssetExplorer enables organizations to manage software license compliance, avoid audit penalties, and optimize software usage by tracking software installations and usage, reconciling licenses against installations, and identifying over or under-utilized licenses.
• Asset Lifecycle Management: AssetExplorer helps organizations track and manage the entire asset lifecycle, from procurement and deployment to maintenance and retirement, ensuring optimal asset usage and reducing costs.
• Asset Tagging and Grouping: AssetExplorer allows users to tag and group assets based on various criteria such as department, location, or type, making it easy to track and manage assets and perform audits.
• Customizable Workflows and Automation: AssetExplorer provides customizable workflows and automation rules, enabling organizations to streamline asset management processes and reduce manual tasks.
• Integrations with Third-Party Software: AssetExplorer integrates with popular third-party software such as Active Directory, SCCM, and ServiceDesk Plus, providing a centralized view of asset data across different platforms.
• Mobile Device Management: AssetExplorer includes mobile device management capabilities, allowing organizations to manage their mobile devices and BYOD policies from a central location.
• Reporting and Analytics: AssetExplorer provides detailed hardware and software inventory reports, including information on asset configurations, warranties, and purchase orders, allowing organizations to make informed decisions about asset management and procurement.

ManageEngine AssetExplorer Pros & Cons:

Pros:

• ManageEngine AssetExplorer offers a feature-rich toolset with mature technology, providing users with a wide range of functionalities for effective asset management.
• The software is known for its easy setup process, allowing users to quickly get started with managing their assets.
• AssetExplorer is reasonably priced, making it an affordable option for businesses looking to optimize their asset management processes.
• The familiar Windows-style user interface makes it easy for users to navigate and utilize the software’s capabilities.

Cons:

• AssetExplorer does not currently offer a mobile application, limiting users’ ability to manage assets on-the-go.
• The software may not be the best fit for small businesses with limited IT staff, as it offers a robust toolset that may require more resources than a smaller organization can allocate.

ManageEngine AssetExplorer Pricing:

ManageEngine AssetExplorer offers a flexible pricing model based on the number of assets you need to manage. There are two pricing options available: Standard and Professional.

The Standard Edition starts at $955 and allows you to manage up to 250 assets. It includes features such as asset discovery, inventory management, software license management, and reporting.

The Professional Edition starts at $1995 and allows you to manage an unlimited number of assets. It includes all the features of the Standard Edition, as well as advanced capabilities such as IT asset lifecycle management, software metering, and customizable workflows.

Both editions are available for purchase on an annual subscription basis and include technical support and software updates.

Additionally, ManageEngine offers a free trial of AssetExplorer, which allows you to test out the software and its features before making a purchase.

2. FreshService

Best IT Asset Management Software With Robust Automation Capabilities

Freshservice is a cloud-based IT asset management software that provides organizations with an all-in-one solution for asset discovery, inventory management, software license management, IT asset lifecycle management, and more. 

It offers a user-friendly and intuitive interface, making it easy for IT teams to manage and track their assets effectively.

The software offers a range of features and functionalities to streamline asset management processes, such as automation rules, asset grouping, and custom workflows. 

Freshservice is also aligned with ITIL best practices, providing users with ITIL-compliant capabilities for service management.

Freshservice offers integration with third-party software such as G Suite, Microsoft Azure, and AWS, allowing for a seamless asset management experience across different platforms. 

The software also includes a mobile application for on-the-go asset management.

Freshservice Key Features:

• Asset Discovery: Freshservice allows for automatic asset discovery and inventory management to help organizations keep track of their hardware and software assets.
• IT Asset Lifecycle Management: Freshservice provides IT teams with the tools to manage the entire lifecycle of their assets, including acquisition, deployment, maintenance, and retirement.
• Software License Management: Freshservice helps organizations manage their software licenses effectively, ensuring compliance with licensing agreements and minimizing unnecessary costs.
• Automation Rules: Freshservice’s automation rules allow users to automate routine tasks and streamline workflows for improved efficiency and productivity.
• Custom Workflows: Freshservice’s customizable workflows enable organizations to tailor their asset management processes to their specific needs.
• ITIL Alignment: Freshservice is aligned with ITIL best practices, providing users with ITIL-compliant capabilities for service management.
• Mobile Application: Freshservice offers a mobile application for iOS and Android devices, allowing for on-the-go asset management.
• Integration: Freshservice integrates with third-party software such as G Suite, Microsoft Azure, and AWS for a seamless asset management experience across different platforms.

Freshservice Pros & Cons:

Pros:

• Offers a wide range of features and functionalities for comprehensive IT asset management.
• Provides a user-friendly interface that is easy to navigate.
• Offers customization options that enable users to tailor asset management processes to their specific needs.
• Offers ITIL-compliant capabilities for service management.
• Provides a mobile application for on-the-go asset management.
• Integrates with a range of third-party software for a seamless asset management experience.

Cons:

• Customization options may require some technical expertise to implement.
• Some users have reported issues with customer support and responsiveness.

Freshservice Pricing:

The pricing ranges from $19 to $99 per agent per month.

3. SolarWinds Service Desk

Best For Automated Cataloging

SolarWinds Service Desk is a highly advanced IT asset management tool that offers extensive capabilities for tracking and managing assets throughout their lifecycle. 

One of its standout features is the ability to track contract statuses and collect key inventory data, providing a comprehensive view of an organization’s asset portfolio. 

The web-based application is designed to track an organization’s entire hardware and software stack, from computers and laptops to networking equipment and mobile devices. 

This level of visibility allows IT teams to make informed decisions regarding asset procurement, maintenance, and retirement, resulting in better resource allocation and cost savings.

SolarWinds Service Desk Key Features:

• Asset Discovery and Management: SolarWinds Service Desk offers automated asset discovery and management capabilities, allowing IT teams to easily track and manage their organization’s hardware and software inventory.
• Contract Management: The software offers a comprehensive contract management system that allows organizations to track contract statuses, key dates, and vendor information, providing a full view of an organization’s contract portfolio.
• Incident and Problem Management: With SolarWinds Service Desk, IT teams can easily track and manage incidents and problems, streamlining the incident management process and reducing downtime.
• Change Management: The software offers a powerful change management system that provides visibility and control over changes to an organization’s IT infrastructure.

SolarWinds Pros & Cons:

Pros:

• Comprehensive asset management capabilities
• Powerful automation and customizable workflows
• Integration with a wide range of third-party tools
• Mobile app for increased accessibility
• Robust reporting and analytics capabilities

Cons:

• Steep learning curve for some users
• Higher pricing compared to some competitors
• Some users have reported occasional issues with software updates
• Limited customization options for certain features
• No self-hosted option available

SolarWinds Service Desk Pricing:

SolarWinds Service Desk offers flexible pricing options based on the number of assets or users an organization needs to manage.

If you require volume discount pricing, feel free to reach out to SolarWinds Sales team by emailing Itsmsales@solarwinds.com or by requesting a quote.

4. Ivanti IT Asset Management

Best IT Asset Management Software For Custom Reporting

Ivanti IT Asset Management is a comprehensive asset management solution designed to help organizations manage and optimize their IT assets. 

With Ivanti IT Asset Management, businesses can track the entire lifecycle of their assets, from acquisition to disposal, and gain full visibility into their hardware and software inventory.

One of the key features of Ivanti IT Asset Management is its automated discovery capabilities, which enable organizations to identify and inventory all their IT assets quickly and easily. 

The solution also provides real-time insights into asset utilization, maintenance, and compliance, allowing businesses to proactively identify and resolve issues before they impact operations.

Ivanti IT Asset Management is a scalable solution that can be customized to meet the specific needs of different industries and business sizes.

Ivanti IT Asset Management Key Features:

• Automated discovery: Ivanti IT Asset Management offers automated discovery capabilities that help businesses identify and inventory all their IT assets quickly and easily.
• Real-time insights: The solution provides real-time insights into asset utilization, maintenance, and compliance, allowing businesses to proactively identify and resolve issues before they impact operations.
• Customizable: Ivanti IT Asset Management is a scalable solution that can be customized to meet the specific needs of different industries and business sizes.

Ivanti Pros & Cons:

Pros:

• Offers both mobile and desktop workspaces for flexibility
• Has a familiar and user-friendly Windows-style interface
• Easy wizard setup to get started quickly
• Customizable workflows and processes to fit specific needs
• Multiple options for technical support to choose from

Cons:

• No cloud-based service option available
• The installation process can be lengthy and hardware-heavy
• 24/7 phone support is only available on the premium plan.

Ivanti Pricing:

Ivanti IT Asset Management pricing is not publicly available on their website. Interested customers are required to contact their sales team to get a quote based on their specific business needs.

5. MMSoft Pulseway

Best Asset Management Software For Mobile Applications

MMSoft Pulseway is a powerful and comprehensive IT asset management solution that enables businesses to manage and monitor their IT infrastructure from a single centralized platform. 

It provides users with real-time updates and alerts, allowing them to stay on top of their assets and ensure their systems are running smoothly. 

The solution offers a range of features including remote monitoring and management, asset tracking, inventory management, software deployment, and patch management, among others. 

It is a cloud-based solution that can be accessed from any device with an internet connection, making it a convenient option for businesses of all sizes. 

With Pulseway, users can gain full visibility and control over their IT assets, ensuring they are always functioning at peak performance.

MMSoft Pulseway Key Features:

• Real-time monitoring: Pulseway provides real-time monitoring of servers, workstations, and network devices, enabling IT administrators to quickly identify and resolve issues.
• Automation: The platform offers a wide range of automation tools, allowing users to automate routine tasks and processes, and thereby reducing the workload of IT staff.
• Remote access: Pulseway’s remote access feature enables users to remotely access and control servers, workstations, and other devices from any location using a web browser or mobile app.
• Patch management: The platform includes patch management tools that allow IT administrators to easily deploy software updates and security patches to all devices in their network.
• Asset management: Pulseway provides a centralized location to track all IT assets, including hardware and software inventory, license compliance, and warranty information.
• Customizable alerts: Users can set custom alerts for specific devices or events, ensuring that IT staff are immediately notified of any critical issues or events that require attention.
• Integration: Pulseway integrates with a wide range of third-party applications, including RMM tools, PSA solutions, and backup and disaster recovery software.
• Reporting and analytics: Pulseway includes built-in reporting and analytics tools that provide insights into system performance, usage, and trends, enabling IT staff to make data-driven decisions.

MMSoft Pulseway Pros & Cons:

Pros:

• User-friendly mobile client with many features
• Modern and intelligent user interface
• iPad app allows full access to all features
• Can easily connect to both cloud and locally deployed physical and virtual infrastructure

Cons:

• Reporting capabilities are limited
• Only networked assets can be managed

MMSoft Pulseway Pricing:

MMSoft Pulseway offers flexible pricing plans based on the number of endpoints you need to manage. 

Their pricing starts at $45 per month for 25 endpoints, with additional endpoints priced at $1.80 each per month. 

They also offer a 14-day free trial for those who want to try out the software before making a purchase.

6. InvGate

Best IT Asset Management Software For Small To Medium Businesses

Invgate is a powerful IT asset management software designed specifically for small to medium businesses. 

With a range of features and functionalities, Invgate provides an efficient and effective solution for managing IT assets and optimizing IT operations.

Invgate includes a comprehensive ticketing system for managing IT service requests, incidents, and problems. 

It also offers features for asset management, including inventory management, software license tracking, and device monitoring. 

Invgate’s automation capabilities allow IT teams to automate routine tasks and processes, freeing up time for more strategic work.

Additionally, Invgate includes self-service options for end-users, allowing them to easily submit and track their own service requests. 

The platform also provides detailed analytics and reporting capabilities, giving IT teams insights into their operations and identifying areas for improvement.

InvGate Key Features:

• IT inventory automation: Automate the process of bringing, organizing, and monitoring asset information for all devices including hardware data, location details, software installed, updates performed, related devices, and contracts. Access over 500 indicators ranging from financial information to license details, software categories, alerts, and more.
• Discover network inventory: Perform automated and unattended inventory of all SNMP devices connected to the network to provide your company with a detailed analysis of its total IT estate using the Discover Network functionality.
• Asset health monitoring: Maintain a complete record of each change and alert for every monitored device, providing insight and control over configuration changes in your IT infrastructure using the asset health rules.

Invgate Pros & Cons:

Pros:

• Fast and simple setup process
• User-friendly interface with easy navigation
• Alerts provide quick identification of asset issues
• Affordable pricing suitable for small to mid-sized businesses

Cons:

• Reporting capabilities are limited

Invgate Pricing:

Invgate offers flexible pricing based on the number of assets you want to manage, starting at $2.50 per device per month for small businesses. 

They also offer a free trial for those who want to test the software before purchasing.

Best Fixed Asset Management Software

This type of software is designed to manage physical assets such as equipment, machinery, vehicles, and property. It helps organizations to track the location, condition, and value of their assets, schedule maintenance and repairs, and forecast depreciation.

1. Asset Panda

Best Value Asset Management Software

Asset Panda is a robust asset management software that is designed to simplify asset tracking and management processes. 

With its intuitive user interface and customizable features, it provides organizations with the flexibility to manage their assets the way they want.

One of the standout features of Asset Panda is its ability to track and manage assets across multiple locations, making it a great solution for organizations with distributed teams or multiple offices. 

Its mobile app allows field technicians to easily scan barcodes and update asset information in real-time, providing organizations with up-to-date asset data anytime, anywhere.

Asset Panda Key Features:

• Customizable fields and workflows to fit specific asset tracking needs
• Mobile app with barcode scanning and real-time updates
• Multi-location asset tracking and management
• Robust reporting and analytics capabilities
• Integrations with accounting and ERP systems
• Customizable user roles and permissions for data access control
• Automated alerts and notifications for maintenance and check-out/in workflows
• Asset lifecycle management from procurement to disposal
• Audit trails and historical data tracking
• API access for custom integrations and automation.

Asset Panda Pros & Cons:

Pros:

• Offers a highly customizable dashboard to meet specific tracking needs
• Comes with a feature-rich mobile app that supports barcode scanning and allows for inclusion of various types of data files such as images, videos, and voice recordings
• Offers solid technical support

Cons:

• Has a longer user learning curve compared to other options
• Lacks network discovery functionality.

Asset Panda Pricing:

Asset Panda provides customized pricing based on the quantity of assets, beginning with a minimum of 250 assets. Contact them for a quote.

Asset Panda offers a free 14-day trial for interested users. The trial provides access to all features available in the Advanced plan.

2. GoCodes

Best Asset Management Software For Tool Tracking

GoCodes is a cloud-based asset management software designed to help businesses track their assets, manage inventory, and monitor equipment usage. 

With its easy-to-use platform and mobile capabilities, GoCodes enables companies to streamline their asset tracking processes and increase efficiency. 

Its intuitive interface allows users to easily locate and update asset information, as well as view reports on asset usage, maintenance history, and depreciation. 

With its unique QR code and barcode scanning feature, GoCodes allows users to accurately identify and track assets in real-time, making it an ideal solution for companies looking to improve their asset management processes.

GoCodes Key Features:

• QR code and barcode scanning for easy asset tracking
• Cloud-based software accessible from any device with internet connection
• Real-time GPS tracking of assets
• Automated alerts for maintenance and repair schedules
• Customizable reports and analytics for asset management
• Automatic calculation of depreciation with pre-built depreciation reports

GoCodes Pricing:

GoCodes offers a 14-day free trial for users to test out the software before committing to a paid plan.

3. Sage Fixed Assets

Sage Fixed Assets is an industry-leading software solution designed to streamline the management of fixed assets throughout their entire lifecycle. 

The software provides businesses with a comprehensive toolset for tracking, managing, and depreciating their fixed assets, helping them stay compliant with accounting standards and regulations. 

Sage Fixed Assets is highly configurable, allowing businesses to tailor the software to their unique needs, while its intuitive user interface makes it easy for users of all skill levels to navigate and use effectively.

Sage Fixed Assets Key Features:

• Asset tracking and management
• Depreciation management
• Tax management and reporting
• Customizable dashboards and reporting
• Integration with other financial systems
• Multiple location tracking
• Barcode scanning and mobile access
• Project management and job costing
• Audit trails and compliance management

Sage Fixed Assets Pricing:

The pricing for Sage Fixed Assets is not publicly available and is only provided upon request. Interested customers can contact the Sage sales team for a quote.

Best Financial Asset Management Software

This type of software is designed to manage an organization’s financial assets, including stocks, bonds, and real estate. 

It helps to track investment portfolios, monitor market trends, and forecast financial performance.

1. Bloomberg Asset and Investment Manager (AIM)

Bloomberg Asset and Investment Manager (AIM) is a comprehensive solution for asset management that enables financial institutions to effectively manage their portfolios, monitor risk, and make informed investment decisions. 

With AIM, asset managers have access to a wide range of tools to help them optimize their investment strategies and stay ahead of the competition. 

AIM is designed to support a broad range of asset classes, including fixed income, equities, derivatives, and alternative investments, making it an ideal choice for institutional investors, hedge funds, and private equity firms. 

The platform is also highly customizable, with flexible reporting tools and analytics that can be tailored to meet the specific needs of individual users. 

Whether you are looking to streamline your investment processes, improve your risk management capabilities, or gain deeper insights into your portfolio, Bloomberg AIM provides a powerful, integrated solution to help you achieve your goals.

2. Charles River Investment Management System

Charles River Investment Management System (IMS) is a comprehensive front-to-back office platform that provides investment managers with a unified solution for managing their investment portfolios. 

The system offers a range of tools and capabilities to help investment managers streamline their investment workflows, manage risks, and improve operational efficiency. 

With Charles River IMS, investment managers can gain better insight into their investments and make informed decisions with confidence.

The platform offers a range of features including portfolio management, order management, compliance, risk management, performance measurement, and reporting. 

Charles River IMS is highly configurable, allowing investment managers to customize the system to fit their specific needs and workflows. 

The platform also integrates with a wide range of third-party systems and data sources, making it easy to bring in external data and integrate with other tools.

With a user-friendly interface and intuitive workflows, Charles River IMS makes it easy for investment managers to access the information they need and manage their portfolios with ease. 

The platform is designed to help investment managers stay ahead of changing market conditions and make informed decisions with confidence. 

Overall, Charles River IMS is a powerful and comprehensive investment management system that can help investment managers optimize their investment processes and achieve better results.

Best Enterprise Asset Management Software

Enterprise asset management software is a comprehensive solution that combines fixed asset management, IT asset management, and financial asset management capabilities. 

It helps organizations to manage all their assets from a single platform, streamline asset-related processes, and gain a holistic view of their asset management operations.

1. Infor EAM

Infor EAM (Enterprise Asset Management) is a powerful software solution designed to help businesses manage their assets, equipment, and facilities in a more efficient and cost-effective manner. 

This cloud-based platform streamlines asset management workflows by providing real-time insights into asset performance, maintenance, and reliability. 

Infor EAM supports a wide range of industries, including manufacturing, healthcare, transportation, utilities, and public sector organizations, to name a few. 

It offers an easy-to-use interface, powerful analytics and reporting tools, and robust asset tracking capabilities, making it a valuable asset management tool for businesses of all sizes.

2. IBM Maximo Asset Management

IBM Maximo Asset Management is an enterprise-level software solution designed to help organizations manage their assets, optimize their maintenance operations, and reduce costs. 

It provides a comprehensive view of all asset types, including facilities, infrastructure, transportation, and production equipment, allowing businesses to make informed decisions regarding their asset management strategies. 

With its extensive features and functionality, IBM Maximo Asset Management is a powerful tool for asset-intensive industries such as manufacturing, utilities, transportation, and facilities management.

How To Use Asset Management Software

Having a clear understanding of the assets that IT services depend on is crucial for effective IT Service Management. 

This guide outlines how Freshservice can help you effectively manage your IT assets, bridging the gap between ITSM and IT Asset Management.

Benefits Of Using Asset Management Software

Improved Asset Tracking: 

With an asset management system in place, organizations can easily track the location, usage, and maintenance history of their assets. This helps in optimizing asset utilization and minimizing downtime.

Increased Efficiency: 

Asset management software automates several tasks such as asset tracking, maintenance scheduling, and depreciation calculation. This saves time and improves efficiency, allowing employees to focus on more critical tasks.

Enhanced Compliance: 

Asset management software helps organizations comply with regulations and standards by maintaining accurate and up-to-date records of their assets. This reduces the risk of non-compliance penalties and fines.

Cost Savings: 

By providing real-time visibility into asset performance and usage, asset management software helps organizations optimize their asset utilization and avoid unnecessary purchases or replacements. This results in cost savings and better return on investment.

Improved Decision Making: 

Asset management software provides valuable insights into asset performance, usage, and maintenance history, enabling organizations to make data-driven decisions. This helps in identifying areas for improvement and optimizing asset utilization.

Frequently Asked Questions

What Is Asset Management Software?

Asset management software is a tool that businesses use to maximize the efficiency of their assets and minimize the cost of underutilized or lost assets. It provides a comprehensive view of tangible and intangible assets, enabling organizations to know where their assets are, who has them, their license status, and whether repairs are needed in real-time. AMS automatically collects data and compiles reports that businesses can use to optimize their asset usage.

Implementing a well-designed asset management software system provides businesses with a deep understanding of their assets, allowing them to: 

• Reduce maintenance costs
• Eliminate obsolete assets
• Make informed decisions about new IT purchases 
• Optimize software license utilization
• Increase protection against security risks
• Become more compliant and audit-ready

How Does Asset Management Software Work?

Asset management software (AMS) works by automating the entire asset lifecycle process from acquisition to disposal. The software typically uses a combination of barcode scanning, RFID tagging, and/or agent-based discovery to collect and compile data on all assets within an organization’s network, including hardware, software, and virtual assets.

Once the asset data is collected, AMS provides a central repository for all asset-related information, which can be accessed in real-time by authorized personnel across the organization. This includes detailed information such as asset location, ownership, maintenance history, warranty status, license compliance, and more.

AMS also helps organizations track and manage their assets by automating routine tasks such as asset tracking, inventory management, maintenance scheduling, and workflow management. Additionally, it can generate reports that provide valuable insights into asset utilization, cost analysis, and compliance status.

How Much Does Asset Management Software Cost?

The cost of asset management software can vary widely depending on the specific features and functionalities of the software, the size of the organization using it, and whether the software is deployed on-premises or in the cloud.

Some asset management software is available for free or at a low cost for basic features, while more comprehensive solutions can cost several thousand dollars or more per year.

Additionally, some vendors offer a pricing model based on the number of assets being managed or the number of users accessing the software. It’s important to carefully evaluate the pricing options and consider the overall return on investment that the software will provide for your organization.

Do I Need Technical Skills To Use Asset Management Software?

The level of technical skills required to use asset management software can vary depending on the specific software and its features. Some asset management software is designed to be user-friendly and requires minimal technical skills to use, while others may require more technical expertise.

However, even if you are not a technical expert, most asset management software provides user guides, tutorials, and support to help users navigate the software and its features. Additionally, some asset management software may offer customization options, which may require more technical skills to implement.

It is important to research and evaluate different asset management software options to find one that matches your technical skills and business needs.

Wrap Up

Based on the benefits and features discussed, it is clear that asset management software can be a valuable investment for businesses of all sizes. It streamlines asset tracking, improves efficiency, and helps organizations make informed decisions about their assets.

If you’re also looking to manage your physical inventory and assets, check out our article on inventory management software. Additionally, for those managing properties, we recommend our article on property management software. Both articles provide in-depth insights into the benefits, features, and pricing of the top software solutions available in the market. With the right software in place, businesses can save time, reduce costs, and improve their bottom line.

Last updated on April 20th, 2023 at 02:48 am