7 Best Asset Management Tools of 2023

In the modern business world, organization and process optimization have become a competitive advantage. And asset management is increasingly vital in ensuring success. 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 the year 2022, in the US alone, there have been over 1800 cases of data compromises. What's even scarier is that the cost of a data breach in the US costs over twice the global average.

1.Average Data Breach Cost in The US vs Global

This is where asset tracking and management software steps in as your knight in shining armor. It has transformed how a company manages, tracks, and protects its valuable data and resources. From streamlining processes to maximizing returns, let's dive into this game-changing technology that's transforming businesses one asset at a time.

In addition to sharing a brief guide to exploring the ins and outs of asset management solutions, we'll share 7 of the best asset management software for your IT business.

Explore the options below to choose wisely, analyzing the features and benefits that best fit your business needs and budget.

What is asset management software?

Asset management software is a type of dynamic 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.

Features to consider when selecting asset management software

Here are some standard features you should know about before investing in IT asset management software:

2.Features of Asset Management Software

Asset life cycle management

A good IT Asset Management software should be able to manage the entire life cycle of an asset 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.

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.

Mobile access and software integration

An ideal IT 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.

Work order management

The software should allow you to create, assign, track, and close work orders related to asset maintenance and repairs. This helps streamline maintenance processes and ensures all tasks are completed on time and within budget.

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.

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. Additionally, cloud-based solutions are more cost-effective as they eliminate the need for expensive hardware and server infrastructure.

Remember, choosing an IT asset management software with these essential features can significantly improve your business operations, streamline IT 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 tools for managing your business assets

Asset management is a critical part of any IT business. It helps organizations to keep track of their IT resources and maximize their value. Let's check out some of the best IT Asset Management Software available in the market that can help you keep tabs on your resources more efficiently.

1. RedBeam Asset Tracking

RedBeam is a reliable tool that greatly improves your fixed asset management with its powerful and user-friendly system to record, track, and ensure compliance.

Redbeam Fixed Asset Tracking Software

Ranging from streamlined audits to enhanced visibility of assets within an organization, this secure cloud-based solution provides unparalleled insight into the value of your company's equipment. 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.

Moreover, the solution integrates effortlessly with your existing systems and processes, creating for you 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: For a 1-year term, its price starts at $995 per user with the requirement to request a quote.

2. ManageEngine 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. Moreover, it helps you manage all your assets with contracts, renewals, and more.

ManageEngine AssetExplorer Asset Management Software

It allows you to scan your IT assets, manage your software licenses, maintain compliance and audit histories, and report on them. You can easily track the ownership and location of all your assets, including hardware, software, and even non-IT physical assets such as furniture, vehicles, and more.

It even comes with an integrated purchase order and contract management system, making it easier for you to manage all your contracts and purchases from one place.

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: The base license fee starts at $955 for up to 250 IT assets

3. UpKeep

This computerized maintenance management system (CMMS) and asset management solution is on the leading edge of technology, designed to enhance your team's efficiency. The software offers seamless integration across multiple devices — be it your desktop, smartphone, or tablet.

UpKeep Asset Management Software

It has a user-friendly interface that allows you to create work orders on-the-go, ensuring that your asset maintenance tasks are always up-to-date and well-documented. The real-time notifications feature keeps you informed of any updates or changes to work orders, allowing for prompt action and enhanced communication within your team.

The tool is 100% free to download and signup 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: It has a starter plan of $45/mo that is billed annually

4. Pulseway

Pulseway is a powerful and versatile IT asset management platform that offers a great level of 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.

Pulseway Asset Management Software

It can monitor and manage your assets from a wide range of platforms like Windows, Linux, Mac, SNMP devices, and applications with ease and efficiency. Advanced automation capabilities enable auto-remediation, patch management, and deployment, allowing IT professionals to resolve critical issues before they escalate, often without anyone even noticing there was a problem in the first place.

Trusted by 10k businesses worldwide, its robust features to manage IT assets make it an indispensable tool for system administrators and IT technicians alike.

Key Features

  • Remote 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 or 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: Flat rate of $0.76/mo

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.

GoCodes Asset Tracking Software

You can effortlessly transfer accountability by checking assets in and out using any computer or mobile device. This feature not only streamlines the asset management process but also ensures accurate record-keeping, eliminating the headaches caused by misplaced or unaccounted-for equipment.

More essentially, it records crucial information such as warranties, service records, and maintenance tasks. An all-in-one platform that allows you to centralize your asset management, saving you time and resources while boosting productivity.

Key Features

  • Asset identification for a secure and robust process of identifying asset
  • 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 3 user login

6. Ivanti

Ivanti Neurons for ITAM is better known for its robust IT asset management capabilities. The platform consolidates all your asset data into a single, unified view, making it easy to track, configure, optimize, and strategically manage your assets throughout their entire lifecycle.

Ivanti IT Asset Management Software

What sets it apart from other solutions is its highly configurable design. You have the freedom to define and follow your own workflows or take advantage of out-of-the-box processes tailored to meet industry best practices. This level of customization ensures that it can seamlessly integrate with your existing IT ecosystem and adapt to the unique needs of your organization.

Its agentless monitoring, end-to-end service management platform, and asset management capacity make it an ideal tool for any IT team looking to optimize its asset and service management processes to drive business success.

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 asset 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.

Freshservice by Freshworks Asset Manage Software

By partnering with leading discovery solutions, identity providers, and endpoint management tools, Freshservice ITAM ensures seamless integration and superior performance. Its unified platform manages your assets' lifecycle, enhancing IT governance and reducing costs through proactive maintenance.

Its asset analytics capabilities empower your team to make informed decisions by tracking an asset's lifecycle and forecasting IT costs with ease. An exemplary solution for organizations seeking an efficient and risk-free approach to managing their IT asset.

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 for your contracts and software licenses

Pricing: Its asset management plan starts at $49/month/agent annually

Related: A Complete Buyer's Guide to Asset Tracking Software

The right asset management software can make all the difference

It’s clear to see how modern asset management 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, sign up for a demo to see how RedBeam’s platform can help your business.