List and Comparison of the Top IT Asset Management Software:
Keeping a track of business assets is important for every organization.
Record of assets is required for regulatory compliance purposes. Moreover, accurate records of physical and digital assets also help in efficient resource planning.
Gone are the days when organizations used to keep manual asset management registers. Today different types of asset management apps are available and they in turn save time and improve the efficiency in keeping a record of the company’s assets.
Here we will explain the process of IT asset management and why it’s important. Also, here you will find a review of the top Asset Management Software available online.
What is IT Asset Management?
IT asset management refers to an all-encompassing computer system that tracks the organization’s assets. The International Association of IT Asset Managers (IAITAM) has defined IT asset management as “a set of business practices that incorporates IT assets across the business units within the organization.”
The process helps to support strategic decision making in an IT ecosystem.
The purpose of an IT asset management solution is to:
- Effectively help manage the assets.
- Improve visibility of assets.
- Ensure optimum utilization of assets.
- Reduce IT and software costs.
- Ensure compliance with regulatory requirements.
IT asset management ties the assets with the IT infrastructure of the organization. With a robust asset management system, management and IT professionals can review and monitor all types of assets within the organization. The information can be used to make detailed decisions about purchase and other aspects of the asset’s lifecycle.
You can view IT asset management as a combination of IT and accounting services. The IT systems are used for records of assets for accounting purposes. The information contained in the systems can be used to prepare an accurate balance sheet. This can help the management in making informed business decisions.
In addition, investors can analyze the financial position of the business more accurately.
What does an Asset Management System do?
An asset management system performs multiple functions. You can use an asset management application to monitor all types of assets. Using asset management software, you can track physical and digital assets.
Asset management software can be used to track inventories, hardware devices, software, and other software. The system also helps in asset lifecycle management. The software can track assets at all stages right from purchase to disposal.
The system helps to optimize the process of asset management. You can use an asset management system to track all type of documents including software installations, business services, documents and others in a single repository.
Application of an asset management system generally starts with the recording information about the physical and digital assets of the company. The information is used for monitoring the location of assets and making appropriate asset management decisions.
Asset management systems track assets, ensure licensing compliance, and monitor maintenance history. Using the system saves time and effort involved in auditing the assets.
An important component of the IT management system is the contract data. Data is often collected from the manufacturer or retailer and it includes details such as license entitlements, version number, vendor SKU, service levels, and other critical information about assets.
Why is an Asset Management System Important?
IT asset management is important for businesses of all sizes. The software helps in an accurate record of all types of assets. Using the software can help in efficient resource planning. It can also reduce the risk of theft of assets.
An asset management system will help to monitor the assets located in different locations and departments. You will get to know where the assets are located. You can run reports to know about ownership, service details, and other insightful information.
Improved visibility of assets ensures that the assets are not misplaced. You can add assets and details and schedule a periodic audit of the assets. The stock control module will alert you in the case when the minimum threshold is reached. This will ensure that the inventory items are always fully stocked.
Asset management software also helps in managing the depreciation of assets. Previously most of the companies were monitoring assets manually using spreadsheets. This process was often error-prone thereby resulting in problems with the valuation of assets.
IT asset management allows for better knowledge about the planned purchase of assets. The system leads to more informed decision making about assets. Moreover, it allows for the timely replacement of critical assets of the company.
With the use of asset management software, the management will also have a more complete picture of the net cost of the assets. The asset management application brings all the required information in a single repository. This helps to ensure proper asset management and planning in compliance with ISO 55000.
- Capture early stage costs.
- Document changes to assets.
- Plan proper service and maintenance.
- Capture the cost of disposal.
- Determine profit or loss on the sale.
Asset management software can accurately calculate the value of assets including the depreciated cost. This helps in more accurate calculation of the profit or loss on the sale of assets.
Moreover, it ensures that regulatory requirements are complied with while purchasing and disposing of assets. This helps in optimizing the profit from the asset generated through its lifecycle.
What is Asset Lifecycle Management?
Asset Lifecycle Management refers to optimizing the use of assets.
The asset lifecycle typically consists of four stages:
- Operation and Maintenance
IT asset management system can help to optimize the use of assets throughout the assets life cycle. The software can help in establishing the requirements of assets. The management can know about the asset requirements after analyzing the existing assets.
By looking at the asset management report, the management will know whether the existing assets will meet the current needs of the organization or not.
Effective planning of assets through different stages of an asset lifecycle will ensure that the assets are properly maintained. In addition, it will help in monitoring the practical sufficiency of the current assets. The management can know about excess assets. Also, they will know about outdated assets that require replacement.
With a good asset management system, asset managers can estimate the options for the provision of assets as well as the funding of acquiring new assets. Effective planning of assets will help in delivering value for the organization.
Apart from planning, asset management system also allows efficient acquisition of assets. The decision makers will be able to accurately define the cost requirements. They can use the information contained in the asset management system to make an informed purchase decision.
Once the asset is purchased, an asset management system will help in knowing about the maintenance requirements of the asset. This, in turn, will ensure proper operation of the assets. Moreover, it will reduce the repair cost over the life of the asset.
Lastly, when the asset has reached the end of life, an asset management system can tell whether the sale on disposal will be reported as a profit or a loss. The asset management software will accurately calculate the gain or loss based on the purchase price and depreciated cost of the asset.
Benefits of asset life cycle management using an asset management system are:
- Better forecast of the asset purchase.
- Informed purchase decisions.
- Ensure timely maintenance.
- Know the depreciated cost of the asset.
How to Select the Best IT Asset Management Software?
You will find different asset management software online. Asset management software can be classified based on the types of assets that they help to manage.
Infrastructure Asset Management Software: The app is used to record physical infrastructure assets such as roads, utilities, power generators, transport equipment, etc. They are generally used by public organizations and large companies.
Financial Asset Management Software: This software is used to record the financial assets owned by the company. The assets include investment funds, securities, loans, and other financial assets.
Software Asset Management: The app is used to manage purchase, use, upgrade, license renewal, and other aspects of the software applications within a company.
Physical Asset Management: The asset is used to manage all kinds of physical assets owned by a company. These include computer equipment, light fixtures, tables, cabinets, and other physical assets.
You should buy an asset based on business requirements. Make sure that you are clear about what you want with the asset management system. Prepare a list of all types of features that you want in the asset management software.
Large firms would require the software that is able to record all the above features. Small business owners may have only fewer requirements. Once you have determined the needs, you should research online to find the required software.
What You Will Learn:
- Best Asset Management Software With Price And Features
Best Asset Management Software With Price And Features
Here is a list of the 10 best asset management software including the price, suitability, and best features.
Comparison Of Top 5 Asset Management Software
|Asset Management Software||Best For||Price||Features|
|Snipe-IT||Mobile management of assets||Self-Hosted – Free, Hosted – $39.99 per month||Asset management|
Custom & scheduled reports Incident management
Contract and project management
|Asset Panda||Tracking and management of all types of assets||N/A||Centralized asset management|
Disaster recovery capabilities
Help desk module
|Asset Cloud||Manage IT hardware, software, and licenses||$595 to $4,295||Track complete asset cycle|
Tag items with labels
Manage and track IT purchase order
Equipment maintenance schedule
Cross reference IT landscape
|InvGate Assets||IT Asset inventory monitoring||N/A||Network discovery|
Software license management
Monitor and control changes
|Samanage||Manage IT hardware and software||N/A||Contract and asset management|
Let's see their detailed reviews.
ServiceNow has been a leader in the ITSM market for 5 consecutive years according to Gartner’s Magic Quadrant for IT Service Management Tool.
ServiceNow’s ITSM product includes IT asset management functionality that covers both hardware and software assets and allows managing asset life cycles, tracking assets’ worth, efficiently optimizing the use of asset inventory, etc.
ServiceNow also offers an additional product called ServiceNow Asset Management that offers an extended functionality set for ITAM.
ManageEngine Asset Explorer lets you manage software and hardware devices. The software can support a large number of IT assets. It gives you comprehensive information about network resources across WAN, LAN, and VPN.
- Know the total costs of ownership.
- Manages the IT asset lifecycle.
- Ensure compliance with software licenses.
- Track contracts and purchase orders.
Best for Managing software and hardware assets.
Website: ManageEngine AssetExplorer
#3) Spiceworks IT Asset Management Software
Spiceworks IT Asset Management software allows you to monitor your network hardware and software. You can monitor all types of network devices such as switches, routers, gateways, and others. The software will automatically detect assets on the network, categorize them, and prepare a detailed report.
- Monitor network licenses and devices.
- Manage licensing, network, exchange, etc.
- Report on inventory, assets, and licensing.
Best for Managing IT network infrastructure.
Website: Spiceworks IT Asset Management
Price: $19 to $99 per user per month.
FreshService is an online asset management solution that can help you to maintain records of hardware, software, contracts, and other assets. The assets can be grouped by location, created by, created date, and asset type. You can track assets through different phases and even get a timeline at a glance.
- Asset management
- Custom & scheduled reports
- Incident management
- Multiple languages
- License management
- Contract and project management
Best for Assets and project management.
Price: Self-Hosted – Free, Hosted – $39.99 per month.
Snipe-IT is an open-source online asset management software app. The app comes with a lot of features that can make managing your inventory easy. The dashboard gives an overview of the most recent activity. You can also integrate the app with your own system using the REST API.
- Monitor assets based on location, assignment, and status.
- One-click check
- Email alerts in case of expiring licenses.
- Asset auditing
- Import and export assets.
- Generate QR code labels.
Best for Mobile management of assets.
#6) Asset Panda
Asset Panda is a scalable asset management app for managing all types of assets – physical and digital. You can create workflows and actions to streamline the asset management process.
- Centralized asset management.
- Disaster recovery capabilities.
- Customized reporting
- Help desk module
Best for Tracking and management of all types of assets.
Website: Asset Panda
Price: $30 to $125 per month.
GoCodes is a robust asset management software tool. The basic version of the software is free and supports custom fields, QR codes, audits, excel imports and export, GPS tracking, maintenance, APIs, reports, analytics, and inventory management.
You can go for the paid version if you want advanced features such as company URL, data backups, recurring services, asset stock transfer, and advanced access control.
- Manage unlimited assets with an Enterprise solution.
- Manage multiple roles.
- GPS location tracking
- Fixed asset depreciation
- Inventory module
- Report designer
- API Access
- Custom Labels
Best for Managing all types of assets with depreciation.
Price: Basic – Free; Paid $27 to $112.5 per month.
EZInventory contains a comprehensive solution for tracking assets. The software solution consists of barcode asset tracking, fixed asset tracking, inventory tracking, RFID asset tracking, tool tracking, and IT hardware and software tracking.
- Auto-discover IT assets.
- Manage hardware and software licenses.
- Barcode, QR Code, & RFID.
- Managing purchase orders.
Best for Managing hardware and software assets.
Samanage is an IT asset management solution. The software supports a range of features. Highlights of the asset management software include change management, a self-service portal, automation, ticketing, and risk detection.
- Contract and asset management.
- Risk detection
- Configuration management.
Best for Managing IT hardware and software.
Price: $595 to $4,295
AssetCloud is a versatile asset management software tool. The application allows you to manage physical and digital assets. You can generate pre-built reports to know about overdue checkouts, warranties, scheduled maintenance and more.
- Manage and track IT purchase orders.
- Equipment maintenance schedule.
- Tag items with labels.
- Cross-reference IT landscape.
Best for Managing IT hardware, software, and licenses Simplify workflow.
#11) InvGate Assets
InvGate Assets is a great asset management software. The software allows the discovery and management of IT assets. You can compile asset information through network discovery data and third party sources to create a single repository of assets.
- Network discovery
- Software license management
- Monitor and control changes
- Remote desktop
Best for IT Asset inventory monitoring.
Website: InvGate Assets
Reading about the best asset management software will make it easy to select the right software for the firm.
Make sure that you check the online reviews and ratings before purchasing the software. Most of the reviews regarding the software should be positive, otherwise, it’s not worth purchasing the software.
Consider trying a free demo before making an actual purchase. This will help you to try the software to ensure that it meets the requirements.
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