The Best Asset Management Software of 2022

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

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Published 23 Nov 2022

What is Asset Management Software?

Asset management software is a digital platform, application, or tool that monitors an asset’s lifecycle all through its usable life. It provides detailed information about an asset—from its procurement stage, continued maintenance, current status, and location, as well as who is responsible for it. Also called as asset management tool or asset management system software, businesses use this digital tool to easily manage tangible, intangible, software, and hardware assets.

How Does it Help Your Business?

Tracking, controlling, and monitoring all the registered assets of an organization can be very time-consuming and prone to inaccuracy if done manually. The use of new technologies such as software, however, simplifies this process and helps ensure that assets are operated properly and efficiently. 

Whether you’re looking for digital asset management software, enterprise asset management software, or simply just an asset management software, here are a few other areas on how they help your business:

  • Improve asset lifecycle management – Asset management software provides a comprehensive insight into asset lifecycle stages—planning, acquisition, operation, maintenance, and disposal. In turn, users are able to identify the right maintenance activities that could help prolong the life of each asset.
  • Streamline asset monitoring – When assets are well-maintained, accounted for, and taken care of in a timely manner, they are maximized to their full capacity which ultimately leads to a greater return on asset investment.
  • Increase record accuracy – Data-tracking documents that are in spreadsheets or other forms of physical papers are prone to human error and can be very inefficient. Asset management software consolidates information in a few taps, breaks them into digestible chunks, and presents users with the right amount of data—just enough to perform the currently required activity or process.
  • Enhance inventory management – Asset management software makes it possible to manage inventory more accurately and efficiently. With the help of asset tracking tags and labels such as barcodes, QR codes, RFID tags, NFC tags, and GPS trackers, businesses can monitor equipment, vehicles, hardware, etc., in real-time with precise and continuous updates of inventory information.
  • Avoid unnecessary asset purchases – If all the above-mentioned items were observed, it helps companies avoid buying additional assets and focus on other crucial areas of the business that need attention.

Key Features of an Asset Management Software

Before purchasing any third-party products such as asset management software, consider asking questions like—why it is being purchased, who will use it, would it be beneficial for the business, and would it really address the demands of the organization. Depending on the specific needs of a business, make sure to choose the right software that would best cater to all the recognized pain points and improve the way assets are managed. 

The following items are the key capabilities that an asset management software should possess:

  • Maintenance scheduling
  • Preventive maintenance
  • Asset tracking
  • Asset lifecycle management
  • Inventory management
  • Real-time information
  • Work assignment capability
  • Alerts and notifications
  • Adjustable workflows
  • Comprehensive reporting functionality
  • Insightful analytics
  • Software integrations
  • Intuitive interface
  • Cloud-based technology
  • Mobile compatibility

Choose the Best Software

To help you decide which software to pick, check this comparison table where we’ve provided a quick summary of the 10 best asset management software in the market right now:

Asset Management Software Free Version Paid Plan Mobile App
SafetyCulture Yes $19/month/10 users Yes
AVEVA None Data unavailable No
ManagerPlus None $85/month/user Yes
InvGate Assets None Data unavailable Yes
Sage Fixed Assets None Data unavailable No
SAP Asset Manager None $178/month/user Yes
IBM Maximo None Data unavailable Yes
AssetExplorer Yes $995/250 IT assets* Yes**
Freshservice None $19/month/user Yes
AssetWorks None Data unavailable No

*one-time payment
**android only

Below are pre-existing asset audit and asset inventory templates that 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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