What is an Asset Management Software?
Asset management software is a digital platform, application, or tool designed to monitor an asset’s entire lifecycle. This starts from procurement and deployment to maintenance, usage, and eventual disposal. It provides detailed, real-time information about each asset, including its current status, location, maintenance history, and assigned custodian. Also called an asset maintenance management software or asset management system, businesses use this digital tool to easily manage tangible, intangible assets, covering both software and hardware.
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 maintenance 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 promptly, 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 maintenance 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
How to pick the best Asset Management Software?
If you're trying to decide which asset management software is right for your business, this comparison table is a great place to start. Think about how many assets you need to track, who will be using the system, and whether your team needs mobile access for fieldwork or inspections:
Asset Management Software | Free Version | Paid Plan | Best For | Mobile App |
SafetyCulture | Yes | $24/user/month | Asset tracking & workflows | Yes |
AVEVA | None | Data unavailable | Industrial asset performance | No |
ManagerPlus | None | $85/month/user | Maintenance asset management | Yes |
InvGate Assets | None | Data unavailable | IT asset management | Yes |
Sage Fixed Assets | None | Data unavailable | Fixed asset accounting | No |
SAP Asset Manager | None | $178/month/user | Enterprise asset lifecycle | Yes |
IBM Maximo | None | Data unavailable | Asset-intensive industries | Yes |
AssetExplorer | Yes | $995/250 IT assets* | IT asset discovery | Yes** |
Freshservice | None | $19/month/user | IT asset lifecycle | Yes |
AssetWorks | None | Data unavailable | Fleet & infrastructure assets | No |
*one-time payment
**android only
Below are pre-existing asset audit and asset inventory templates that you might find useful:
