Top 10 Asset Inventory Softwares of 2022

Monitor asset lifecycle by regularly performing asset inventory activities. Discover the 10 best asset inventory softwares in the market and choose the right one for your business.

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Published 30 Nov 2022

What is an Asset Inventory Software?

An asset inventory software is a tool utilized by companies to record, track, and maintain the performance and quality of fixed assets and intangible assets. Also called asset inventory management software, personnel responsible for asset inventory management can also use it to verify company assets lifecycle and records.

Key Features of an Asset Inventory Software

Asset management and inventory management are two separate business processes that can cohesively work together to achieve an accurate, efficient, and cost-effective method of maintaining an organization’s fixed and intangible assets. Although other capabilities could vary depending on the specific needs of a business, an asset inventory software should ideally have the following features:

  • Maintenance scheduling
  • Reporting functionality
  • Real-time information
  • Alerts and notifications
  • Asset tracking
  • Highly customizable
  • Integrations
  • In-depth reporting
  • Adjustable workflows
  • Cloud-based technology
  • Mobile compatibility
  • User-friendly

Solutions to the Challenges of Asset Inventory Management

Asset inventory can become overwhelming and more challenging if not managed properly over time. Here are some of the common challenges in asset inventory management and their corresponding solutions:

Records and Documents Pile up Over Time

Company assets that are kept for 12 months or more need long-term monitoring and tracking which means documentation and records on the value and performance of assets need to be maintained over long periods of time.

Solution: An asset inventory management software with secure digital storage in the cloud saves businesses time and resources for efficient recordkeeping of company assets. Virtual storage means no need to spend on maintaining physical storage for long-term recordkeeping.

Inefficient Asset Maintenance

Company assets need periodic preventive maintenance checks in order to determine issues and proactively keep assets at their peak performance. When assets are not at their optimum, operations may suffer unscheduled disruptions.

Solution: Scheduling of maintenance checks will help avoid missing opportunities to catch preventable issues that could lead to disruptions in operations. Automated notifications will make sure that the right people are aware when tasks are due and if they’re not yet completed.

Insufficient Description of Assets

Insufficient asset information and description will make asset inventory and tracking challenging. Poorly describing an asset can waste time and effort, not to mention resources, in asset inventory management.

Solution: Using a free and readily available asset inventory template, or any of the asset inventory templates, that can be used with asset inventory software like SafetyCulture, can help guide personnel in capturing the right asset information and prevent confusion in asset inventory. Take photos of assets and/or scan barcodes for easy data capture and verification.

Below are pre-existing templates you might find useful:

SafetyCulture Content Specialist

Jaydee Reyes

Jaydee Reyes is a content writer and researcher for SafetyCulture. Her six-year experience in the field of data research and media monitoring adds expertise and quality to her work. She is also a champion of leveraging technology to promote a culture of safety in workplaces around the world. As a content specialist, she aims to help companies adapt to digital changes through interesting and informational articles.

Jaydee Reyes is a content writer and researcher for SafetyCulture. Her six-year experience in the field of data research and media monitoring adds expertise and quality to her work. She is also a champion of leveraging technology to promote a culture of safety in workplaces around the world. As a content specialist, she aims to help companies adapt to digital changes through interesting and informational articles.

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