Top 6 Asset Management Software for your Business

You might be wondering, "What is asset management?" Well, think of it as a strategic approach to overseeing and optimizing your company's valuable assets, which can include everything from machinery and equipment to vehicles and IT hardware. 

It's like having a bird's-eye view of your assets' entire lifecycle, from the moment they're acquired to when they're eventually retired.

In this article, we'll explore the ins and outs of asset management software, covering everything from comprehensive asset tracking to preventive maintenance scheduling, cost management, compliance, and more. We'll break it down in a way that's informative, engaging, and easy to understand.

What is Asset Management Software?

Asset management software is a powerful tool that businesses use to efficiently monitor, track, and optimize their valuable assets throughout their lifecycle. 

Whether it's equipment, machinery, vehicles, IT hardware, or real estate properties, asset management software streamlines the entire process, making it easier to make informed decisions, reduce costs, and maximize asset performance.

In today's fast-paced business environment, managing assets effectively is crucial. It's not just about keeping an inventory; it's about understanding the complete lifecycle of each asset, from acquisition to disposal.

Types of Asset Management Software

Asset management systems come in various flavors, each tailored to meet specific needs. In this section, we'll explore five key types of asset management software:

1. Fixed Asset Management (FAM) Software

Managing your organization's fixed asset data is crucial for financial planning and compliance. FAM software streamlines the tracking and management of assets like buildings, machinery, and equipment. 

It helps you optimize asset usage, plan for depreciation, and ensure your assets are in compliance with accounting standards.

2. Digital Asset Management (DAM) Software

In today's digital age, managing your digital assets effectively is paramount. DAM software is designed to organize, store, and retrieve digital files, such as images, videos, and documents. 

It simplifies collaboration, ensures brand consistency, and accelerates content delivery, making it indispensable for marketing and creative teams.

3. IT Asset Management (ITAM) Software

IT assets are the backbone of modern businesses. ITAM software empowers organizations to efficiently manage their IT assets, including computers, software licenses, and network devices. 

It aids in optimizing software licenses, tracking hardware inventory, and ensuring compliance with software vendors.

4. Enterprise Asset Management Software

Large organizations often have a diverse range of assets to manage, from physical infrastructure to equipment and vehicles. 

EAM software provides a comprehensive solution for overseeing these assets throughout their lifecycle. It aids in maintenance planning, asset performance optimization, and regulatory compliance.

5. Real Estate Asset Management (REAM) Software

Real estate assets, including properties, can be substantial investments. REAM software is tailored to property management, helping organizations monitor leases, maintenance, and occupancy. It aids in making informed decisions about property portfolios and optimizing rental income.

Essential Features of Asset Management Software

Asset management software offers a range of essential features designed to streamline the management of your organization's valuable assets. Let's explore some key functionalities that can greatly benefit your asset management efforts.

1. Maintenance Management

One of the core features of asset management software is maintenance management. It allows you to schedule and track maintenance activities for your assets, helping prevent breakdowns, extend asset life cycles, and reduce maintenance costs.

2. Barcode and RFID Tracking

Efficiently track and manage your assets by utilizing barcode and RFID tracking. This feature enables you to quickly locate and identify assets, improving overall asset visibility and accountability.

3. User Permissions and Controls

Ensure data security and control access to sensitive information with user permissions and controls. You can define who can view, edit, or delete asset data, safeguarding your asset information.

4. Asset Utilization Tracking

Maximize asset utilization with tracking capabilities. By monitoring asset usage and performance, you can identify underutilized assets and optimize resource allocation.

5. Automated Alerts and Notifications

Stay proactive with automated alerts and notifications. Receive real-time updates on maintenance schedules, asset issues, or critical events, ensuring timely actions to address potential problems.

6. Multilingual Support

For global organizations, multilingual support is crucial. Asset management software with this feature allows users to interact with the system in their preferred language, fostering better communication and understanding.

What is an Asset Lifecycle?

Assets, whether they are physical equipment, software licenses, or even virtual assets, go through a lifecycle. 

This life cycle typically consists of stages like procurement, deployment, utilization, maintenance, and disposal. Each stage comes with its own set of challenges and opportunities.

1. Procurement: This is the stage where assets are acquired. It involves researching, purchasing, and receiving assets, often requiring approvals and budget considerations.

2. Deployment: After procurement, assets are deployed in the organization. It's crucial to ensure that they are correctly configured and integrated into existing systems.

3. Utilization: During this phase, assets are actively used to support business operations. Tracking assets and their performance and ensuring they meet business needs is essential.

4. Maintenance: Assets require regular maintenance to ensure they function optimally. Maintenance tasks can range from software updates to physical repairs.

5. Disposal: Eventually, assets reach the end of their useful life, and they need to be disposed of properly. This may involve selling, recycling, or securely retiring assets.

What is Asset Lifecycle Management?

Asset Lifecycle Management (ALM) is a systematic approach to managing assets throughout their entire lifecycle. 

It involves tracking and optimizing an asset's journey from procurement to disposal. ALM aims to maximize asset value, reduce operational costs, and ensure compliance with regulations. ALM encompasses various aspects, including:

1. Planning: Strategically plan asset acquisitions, deployments, and retirements based on business needs.

2. Tracking: Maintain a comprehensive record of asset information, such as purchase details, maintenance history, and current status.

3. Maintenance: Implement preventive maintenance schedules and promptly address issues to extend asset lifespan.

4. Financial Management: Monitor asset-related expenses, including acquisition, maintenance, and disposal costs.

5. Compliance: Ensure assets comply with regulatory requirements throughout their lifecycle.

Asset Lifecycle Management Benefits and Objectives

By consistently monitoring an asset throughout its lifecycle, a business accumulates valuable data and insights. This data can include an asset's physical condition, its impact on productivity and revenue, reliability, ongoing maintenance costs, and more. Let's look at the benefits: 

1. Maximizing Profit and Revenue

ALM enables businesses to assess how assets like CNC machines can handle production cycles, whether they align with production requirements, and if staff require training for optimal productivity. This information empowers organizations to increase productivity and revenue efficiently.

2. Minimizing the Cost of Ownership

Through data on fuel and power usage, downtime events, and specialized repairs, businesses can understand the total cost of ownership for assets like CNC machines. This data helps in substantial cost savings throughout an asset's operating life.

3. Extending the Operational Life of Assets

ALM provides insights into machine wear and tear, maintenance schedules, and productivity levels over time. Armed with this data, businesses can optimize processes to maximize an asset's working lifespan, thus enhancing overall ROI.

Best Asset Management Software Options

In the world of asset management software, finding the right solution for your specific needs can be a game-changer. Let's explore some of the top players in the market to help you make an informed decision.

1. ManageEngine

• Trial Period: 30 days

• Starting Price: £995 per year for 250 IT assets

• Tech Support: 24/7

When it comes to comprehensive and remote asset management, ManageEngine AssetExplorer stands tall. 

With a mature toolkit and a plethora of advanced features, including top-notch reporting, unique relationship maps, and support for both physical and virtual assets, ManageEngine AssetExplorer takes the crown as the best overall asset management software.

ManageEngine Asset Explorer boasts a feature-rich toolset with mature technology, making asset management a breeze. Setting it up is a walk in the park, and the pricing is reasonable, making it accessible for businesses of various sizes. 

The familiar Windows-style user interface ensures that users feel right at home while managing their assets.

However, it's worth noting that ManageEngine AssetExplorer lacks a mobile application, which might be a drawback for those who prefer managing assets on the go.

 

2. InvGate

• System Compatibility: Windows, MacOS, Linux

• Support Features: Unlimited access by phone and online for subscribers

• Pricing: Available only by request

 

If you're a small to medium-sized business with limited IT staff, InvGate Assets is among the best asset tracking systems. It ticks all the boxes, offering easy setup, a user-friendly interface, advanced reporting, and remote desktop capabilities, all at an affordable price point.

InvGate Assets is among the best asset management solutions; it helps you to manage assets, track them, covering both software and hardware aspects. 

The software's straightforward and easy-to-follow navigation ensures that even beginners can use it effectively. The alarm system is quick to identify and notify you of any asset-related issues.

3. Ivanti

• System Compatibility: Windows

• Support Features: 24/7 access for subscribers

• Pricing: Available only by request

 

When it comes to custom reporting, Ivanti IT Asset Management shines as an asset tracking software. It offers a plethora of pre-built reports that can be further customized based on your specific queries, making it the ideal choice for businesses that need flexibility in tracking key data points.

Ivanti IT Asset Management covers all aspects of asset management, from discovery to financial management and compliance. 

Its Windows-based interface ensures ease of use, and the setup process is straightforward. However, keep in mind that Ivanti IT Asset Management does not offer a cloud-based service, so on-site installation is required.

4. Asset Panda

• Pricing: £1,500 per year for 500 assets

• Trial Period: 14 days

• Support Features: Online knowledge base access and free training

 

If you're looking for a cost-effective asset management platform without compromising on features, Asset Panda is the answer. 

Priced at just £1,500 per year for 500 assets, it offers a highly configurable dashboard, a feature-rich mobile app with barcode scanning, and the ability to include images, videos, and voice recordings in data files.

Asset Panda is known for its user-friendly interface, but its extensive configurability may require a bit of a learning curve. However, small to midsize businesses will appreciate the premium technical support and free training that come with it.

5. MMSoft Pulseway

• Reporting Options: On-screen and by email

• Trial Period: 14 days

• Starting Price: Starting at £22 for 20 workstations

 

MMSoft Pulseway takes the crown for mobile applications. As a cloud-first remote monitoring and management (RMM) software, Pulseway excels in its primary focus. It offers a robust and easy-to-use mobile client, modern user experience, and even an iPad app for full-feature access.

Pulseway's real-time status updates and notification options make it a valuable asset management tool. However, it does have limited reporting capabilities compared to some other options.

6. GoCodes

• Number of Reporting Capabilities: Less than 20

• Number of Plan Tiers: 5

• Starting Price: £500 per year for 3 users and 200 assets
  

For tracking physical assets, GoCodes takes the lead in the asset management suite. It offers an easy setup and an affordable solution using secure QR stickers. These stickers make it a breeze to track assets through any computer or mobile device. While GoCodes excels in tracking physical assets, it does have limited reporting capabilities.

Now that we've introduced you to these top asset management providers, you can explore each one further to find the perfect fit for your business needs.

How Propter App Serves as an Asset Management Software

Proptorapp is not just your ordinary inventory management software; it's a versatile asset management solution designed to help businesses effectively manage their valuable assets. 

Whether you're looking to streamline the management of physical assets, monitor consumable resources, or optimize your facilities, Proptorapp offers a comprehensive suite of features to meet your asset management needs.

1. Real-time Asset Tracking

With Proptorapp, you can track the location and status of your assets in real-time. Whether you're managing equipment, machinery, or any other physical assets, the software provides visibility into their current whereabouts and conditions.

2. Consumption Monitoring

Proptorapp goes beyond simple inventory tracking. It allows you to monitor the consumption rates of resources such as electricity, water, fuel, and more. This feature is invaluable for businesses seeking to optimize resource usage and reduce costs.

3. Automated Alerts

Say goodbye to the fear of running out of critical assets or resources. Proptorapp's automated alert system ensures that you receive timely notifications when it's time to replenish inventory or address any asset-related issues.

4. Expense Tracking

Managing asset-related expenses is a breeze with Proptorapp. The software helps you keep a close eye on costs associated with asset maintenance, consumables, and other expenditures, allowing for better financial planning and control.

5. Predictive Analytics

Proptorapp leverages predictive analytics based on extensive historical data to provide you with valuable insights into your assets, personnel, and overall company performance. This data-driven approach empowers you to make informed decisions for better asset management.

6. Inspection and Audit Automation

Proptorapp streamlines the inspection and audit processes, reducing paperwork, errors, and inconsistencies. You can collect standardized data and evidence of work done, then easily generate compliant reports, saving time and ensuring regulatory compliance.

7. Employee Performance Enhancement

Maximize your employees' performance and reduce training costs with Proptorapp's cloud-based technology. Deliver training content in any format and track employees' progress, ensuring your team is well-equipped to handle asset management tasks efficiently.

8. Exceptional Facilities Management

Proptorapp believes in going beyond property maintenance to create exceptional experiences for tenants and customers. By utilizing Proptorapp's asset management capabilities, you can enhance the quality of your facilities and create positive impressions.

Conclusion

In conclusion, Proptorapp offers a powerful asset management solution that covers a wide range of needs, from tracking physical assets to optimizing resource consumption and improving overall facilities management. 

If you're seeking an all-in-one asset management software that provides real-time insights and automation, Proptorapp is the solution you've been looking for. 

With its intuitive features, predictive analytics, and a commitment to exceptional facilities management, Proptorapp empowers your business to unlock the full potential of asset management, ensuring efficiency, cost-effectiveness, and customer satisfaction.