Published 3 May 2023

The Best Asset Performance Management Software of 2023

an engineer checking an equipment using an asset performance management software

What is an Asset Performance Management Software?

Asset performance management software is a digital tool that provides a comprehensive view of an organization’s assets. It’s a tool that helps managers make better decisions in utilizing, maintaining, and improving these physical and intangible resources to ensure positive performance and profitable returns.

How Does it Help Your Business?

Managing asset performance has always been integral to any organizational process to make the most of operational resources. While traditional APM strategies are still effective, these are not enough in today’s fast-paced IT environment. Incorporating new techs like data optimization, AI, and IoT is the only way to go.

  • Anticipate risks – With real-tracking capabilities, managers can identify ineffective processes, assess issues, resolve these, and pre-empt critical events.
  • Reduce costs – Because companies immediately attend to concerns, they can extend the lifespan of an asset and save expenses from unexpected and pricey repairs or replacements.
  • Decrease workforce downtime – Any action taken to fix an asset, even when planned, interrupts operations. The workforce can minimize downtimes with good asset performance management software.
  • Improve communications – Many processes in any operation are interrelated and dependent on each other. With APM-related tools, all stakeholders can get accurate information, plan, and take the necessary action together.
  • Improve profitability – The end goal of asset performance management is a better return on investment (ROI). Many companies have reaped this benefit by using appropriate software combined with the right strategy.

Key Features

When planning to integrate or upgrade to a better asset performance management software in your processes, the following features are what you should look for:

  • Digitized asset-related templates for data collection and inspection
  • Real-time health tracking
  • Risk identification and analytics
  • Maintenance prioritization
  • Intelligent scheduling
  • IoT integration
  • Configurability
  • Scalability

Selecting the Right Software

To help you see which of the listed systems may work best for your operations, here’s the asset performance management software comparison at a glance.

Asset Performance Management Software Free Version Paid Plan Mobile App
SafetyCulture Yes $19/user/month Yes
Aveva None Quote-based Yes
Maximo by IBM None Quote-based Yes
Honeywell Forge None Quote-based No
Bently Nevada None Quote-based No
Intertek None Available upon request No
Cascade by DNV None Not available Yes
Eunice

SafetyCulture staff writer

Eunice Arcilla Caburao

Eunice is a content contributor for SafetyCulture. A registered nurse, theater stage manager, Ultimate Frisbee athlete, and mother, Eunice has written a multitude of topics for over a decade now.

Eunice is a content contributor for SafetyCulture. A registered nurse, theater stage manager, Ultimate Frisbee athlete, and mother, Eunice has written a multitude of topics for over a decade now.