What Is an Asset Management System? # Things To Look For

May 8, 2023

Whether you're a small business owner, a financial expert, or an industry tycoon, keeping track of your assets can make or break your success story.

In 2023, there were around 3,205 data compromises in the US alone. What's even scarier is that the cost of a data breach in the US is USD 4.45 million, a 15% increase over three years.

To protect your data from such breaches, you need an asset management system that safeguards sensitive information, tracks assets efficiently, and comprehensively protects your digital defenses.

Our guide below outlines six things to consider when choosing an asset management system.

Main Takeaways From This Article:

Gain insight into what constitutes an asset management system and its role in optimizing resource utilization and tracking assets.
Discover the six essential features to prioritize when selecting an asset management system to ensure maximum efficiency and effectiveness.
Things to look for when opting for an asset management system are asset Life Cycle Management, preventive and predictive maintenance, mobile access and software integration, analytics and reporting, and cloud-based technology.
Understand the importance of customization options to align the asset management system with your organization's unique requirements and workflows.
RedBeam is a dependable solution for enhancing fixed asset management software through its robust and intuitive system, which effortlessly facilitates recording, tracking, and ensuring compliance.

What Is an Asset Management System?

An asset management system encompasses the organization and oversight of both physical assets (machinery, vehicles) and digital assets (software, files). It is integrated into business infrastructure to ensure streamlined data management and security across platforms. Evolving from basic spreadsheets to advanced cloud-based solutions, these systems offer efficient tracking, compliance, and protection of valuable assets in today's dynamic business landscape.

How Asset Management Works

An asset management system involves a comprehensive workflow from acquisition to disposal, covering procurement, usage, maintenance, and retirement phases. Assets are tracked using physical tags, such as barcodes or RFID for tangible items, and digital identifiers, such as licensing keys, for software.

Integrating enterprise systems like ERP and CRM ensures seamless data flow across departments, enhancing oversight and efficiency. By combining these methods, businesses can optimize resource allocation, ensure compliance, and maximize the lifespan and value of their assets throughout their lifecycle.

Why Is Asset Management Important?

An effective asset management system optimizes asset use and value, boosting organizational efficiency and maximizing investment returns. It minimizes risks by maintaining asset health and compliance with regulations, avoiding operational disruptions and legal penalties.

Additionally, asset management systems provide valuable data that enable data-driven decision-making, improving forecasting and strategic planning. This allows organizations to make informed decisions about asset maintenance, purchase, and allocation, aligning these assets with business goals and long-term financial planning.

Conversely, neglecting asset management poses significant risks. Financial losses may accrue from underutilized assets or unexpected maintenance costs. Inadequate oversight compromises productivity and may lead to regulatory non-compliance, inviting penalties. Moreover, poor management exposes assets to security threats. Outdated software, for instance, is vulnerable to cyberattacks.

What Is Asset Management Software?

Asset management software is a type of digital solution that streamlines the organization, tracking, and optimization of valuable assets within a business or enterprise.

This powerful tool revolutionizes how companies manage their physical, digital, and financial resources by offering a centralized platform for seamless inventory control, maintenance scheduling, cost analysis, and more.

By harnessing the power of advanced analytics and real-time data, asset management software empowers businesses to make informed decisions, maximize resource utilization, and ultimately drive growth and profitability.

Why Use Asset Management Software?

Utilizing asset management software offers multifaceted advantages crucial for efficient resource oversight and organizational success.

Enhanced Accuracy: Centralizing asset data reduces errors associated with manual tracking methods, ensuring data accuracy and integrity.
Real-Time Tracking: Instant visibility into asset locations, statuses, and usage patterns enables proactive decision-making and resource optimization.
Automated Maintenance Alerts: A streamlined upkeep process with automated alerts for routine maintenance tasks minimizes downtime risks and extends asset lifespans.
Customizable Reporting and Analytics: Comprehensive insights through customizable reporting and analytics features empower stakeholders to identify trends and make informed strategic decisions.
Integration Capabilities: Integration with other business systems enhances workflow efficiency and data accuracy by eliminating redundant tasks and ensuring seamless information flow across departments.

Features to Consider when Choosing an Asset Management Tool

Our list below explores the essential features to ensure optimal asset tracking, security, and integration for your organization's needs.

1. Asset Life Cycle Management

The best asset management software should be able to manage an asset's entire life cycle from procurement to disposal. This feature allows you to track your assets' history, usage, maintenance, and performance throughout their lifespan, ensuring optimal utilization and timely replacement or disposal when needed.

2. Preventive and Predictive Maintenance

Predictive and preventive maintenance features help you schedule regular maintenance activities to ensure your assets remain in good working condition. Moreover, these features can analyze historical data to predict potential issues and suggest appropriate actions to prevent asset breakdowns, ultimately reducing downtime and repair costs.

3. Mobile Access and Software Integration

An ideal asset management software should have a mobile-friendly interface that allows users to access and interact with the software on various devices, such as desktops, laptops, and tablets. Furthermore, it should integrate seamlessly with other software and systems your organization uses, enhancing overall productivity and efficiency.

4. Analytics and Reporting

The software should provide insightful analytics and reporting capabilities to help you monitor asset performance, identify trends, and make data-driven decisions to optimize your asset management strategy. Customizable dashboards and reports give you a comprehensive overview of your assets' health and performance, enabling you to take corrective measures or actions when required.

5. Cloud-Based Technology

Opting for a cloud-based IT asset management software offers numerous benefits, including automatic updates, reduced dependency on IT teams for installation and maintenance, and enhanced data security. Cloud-based solutions are more cost-effective as they eliminate the need for expensive hardware and server infrastructure.

Remember, choosing asset management software with these essential features can significantly improve your business operations, streamline processes, and ensure secure access to your digital assets for increased efficiency and productivity.

Also read: Factors to Consider Before Purchasing an Asset Tracking Software

7 Best Asset Management Solutions

As discussed, digital asset management is a critical part of any business. Let's check out some of the best asset management software options to help you keep tabs on your resources more efficiently.

1. RedBeam Asset Tracking

RedBeam is a reliable tool that greatly improves fixed asset management with its powerful and user-friendly system for recording, tracking, and ensuring compliance.

This secure cloud-based solution provides unparalleled insight into the value of your company's equipment. Its benefits extend to streamlined audits and enhanced visibility of assets within an organization. Those responsible for asset control also benefit from its easy-to-use interfaces for defining locations and generating barcodes for tracking fixed assets.

Get accurate asset tracking to assist your organization in meeting compliance regulations quickly and easily. It provides a streamlined process that reduces errors, simplifies tracking, and increases overall operational efficiency — giving you unparalleled asset visibility for enhanced decision-making capabilities.

RedBeam integrates effortlessly with your existing systems and processes, creating a unified and streamlined asset management experience.

Key Features

Mobile ready to allow you to add and manage the fixed asset on the fly
Rest API to provide you with a convenient and simple way to Web services API
Data security to protect your sensitive information
Asset tagging for increased data integrity and error reduction
Web-based asset management solution, so no hassle of installation

Pricing: Plans start at $995 per user for a 1-year term, with discounts offered for long-term plans.

2. AssetExplorer

AssetExplorer is an asset management software designed to help organizations effectively manage their IT assets across different departments and locations. The solution ensures proper visibility and control over all your IT and physical assets in a single, easy-to-use platform.

Key Features

Software license management to keep track of your software licenses and ensure compliance
Contract management to manage all your vendor contracts and agreements in a single location
Purchase order management to easily create, manage, and track purchase orders
Asset lifecycle management to manage your contracts, renewals, and more
Integration with Active Directory for easy management of access and permissions

Pricing: Contact AssetExplorer for a personalized quote.

3. UpKeep

This computerized maintenance management system (CMMS) and asset management solution are on the cutting edge of technology and are designed to enhance your team's efficiency. The tool is 100% free to download and sign up for, making it a risk-free investment for businesses looking to streamline their maintenance processes and improve asset management.

Key Features

Work order management to create, track, and manage work orders all in one place
Preventive maintenance to schedule and manage tasks to keep your equipment and assets in good condition
Mobile app to manage work orders, track assets, and perform maintenance tasks from anywhere
Barcode scanning to add or update assets and equipment quickly
Multi-site management to help manage multiple locations and assets from a single platform

Pricing: Plans range from $20/month to $75/month with custom pricing for business plans.

4. Pulseway

Pulseway is a powerful and versatile asset management system software platform that offers great control and customization for businesses looking to optimize their asset management operations. Its extensive feature set, combined with its user-friendly interface and scalability, make it an essential tool for any organization seeking to minimize downtime and maximize productivity.

Key Features

Remote asset management monitoring to observe and manage IT systems and assets from any device or location
Real-time alerts and notifications for critical IT events, such as system failures, security breaches, etc.
Automation to automate routine IT tasks such as software updates and patch management
Server management and monitoring to watch servers' uptime and performance from anywhere
Integrations to connect with other software tools, such as help desk or ticketing systems

Pricing: Plans start at $67/month for 20 assets, with discounts offered for long-term plans and large volumes.

5. GoCodes

Designed specifically for industry customers, GoCodes provides a complete solution for managing chain-of-custody. No matter where you are, this has an innovative system that empowers you to keep tabs on your equipment on the fly.

Key Features

Asset identification for a secure and robust process of identifying assets
Barcode scanning through its free top-rated mobile apps
Rapid check for quick in and out of your asset by scanning the label
Inventory management to track stock items by scanning your barcode
Auditing to keep track of your financial assets and operational information

Pricing: Standard plan starts at $500/year for 200 assets and go up to $2,500/year for 2,000 assets. Custom pricing is offered for Enterprises.

6. Ivanti

Ivanti Neurons for ITAM consolidates all your asset data into a unified view, making it easy to track, configure, optimize, and strategically manage your assets throughout their entire lifecycle.

Key Features

Lifecycle tracking from procurement to purchase order and invoicing, receipt, deployment, and disposal
Cloud-based being hosted on Ivanti's multi-tenant, cloud-based technology platform
Contract and cost visibility for reporting IT spending and keeping track of asset age and value
Asset repository to keep proper track of information like lifecycle status, stock, location, and warranty
Product catalog to provide visibility into purchased and assigned assets, current stock levels, or active orders

Pricing: Contact Ivanti for pricing details.

7. Freshservice by Freshworks

This is more of a contemporary management tool outlined to streamline your IT infrastructure and optimize your organization's operations. This powerful solution offers a multi-source CMDB that combines all your hardware, software, and SaaS assets using its state-of-the-art discovery solutions and real-time connectors.

Key Features

Asset lifecycle management to manage your assets from acquisition to retirement in a unified solution
Automated discovery to locate your hardware, software, and SaaS across cloud and on-premises environments
Software asset management to discover the software used in your enterprise
Purchase order management to track purchases, manage vendors, and approvals
Contract management to maintain a unified record of your contracts and software licenses

Pricing: Plans start at $29/month and go up to $145/month.

Manage Assets Effectively with RedBeam

It’s clear to see how the modern asset management system software has upended the way businesses manage and monitor their assets. The technology has become a key resource for maximizing utilization, tracking fixed assets, and keeping them in tip-top shape — ultimately enhancing efficiency, reducing costs, and refining decision-making processes.

Whether you represent a small enterprise seeking improved resource control or a large corporation striving to augment the return on investment for your extensive asset portfolio, investing in a dependable asset management software solution is a no-brainer.

If you are looking for reliable fixed asset tracking software for your organization, schedule a demo to see how RedBeam's platform is the best asset management software that can help your business.