10 Best Asset Management Software Systems in 2023

Assent management software

Taking care of assets is super crucial for the success of any organization in today’s fast-paced business world. 

However, only some people do it right.

Close to 50% of small businesses need help to track assets and inventories effectively. Managing assets, tangible, intangible, digital, or IT, is a daunting task without the right tools. 

Did you know that nearly 80% of employees across industries spend thirty minutes daily trying to retrieve information?

Asset management is responsible for acquiring, maintaining, and organizing these resources. It exists to ensure that the business provides its cost-effectiveness. 

Asset management software simplifies this process by ensuring asset tracking at any time and linking this information to key performance indicators (KPIs). Usually cloud-based or on-premise, It lets asset managers spot potential risks easily and take action before the resource becomes detrimental to the business’s bottom line.

Also, Read: 10 Best Expense Management Software

What is asset management software? 

Asset management software helps organizations track, monitor, and manage assets. 

It includes a database with information about each asset, such as its location, condition, and maintenance history.

Asset management software lets companies manage their assets more effectively and efficiently. The software also generates reports on asset performance and utilization, helping businesses make informed decisions about asset allocation and retirement. 

Additionally, asset management software can be integrated with other enterprise systems, such as ERP and CRM systems. 

In this article, we will explore the ins and outs of asset management software and look at the best solutions in 2023. 

List of 10 best asset management software 

1. ManageEngine AssetExplorer
2. InvGate Assets
3. Ivanti IT Asset Management
4. Asset Panda
5. MMSoft Pulseway
6. GoCodes
7. Freshservice
8. Lansweeper
9. SysAid
10. ServiceNow

Asset management software comparison

Criteria	Asset Explorer	InvGate Assets	Ivanti	Asset Panda	Pulseway	GoCodes	Freshservice	Lansweeper	SysAid	ServiceNow
G2 Rating	4.2/5	4.7/5	4.2/5	3.9/5	4.5/5	4.6/5	4.6/5	4.5/5	4.5/5	4.4/5
Segment	Mid-market, Enterprise	Mid-market, Enterprise	Mid-market, Enterprise	Small, Mid-market, Enterprise	Mid-market, Enterprise	Mid-market, Enterprise	Small, Mid-market, Enterprise	Mid-market, Enterprise	Mid-market, Enterprise	Mid-market, Enterprise
Asset lifecycle management	Yes	Yes	Yes	Yes	No	Yes	No	Yes	Yes	No
Inventory management	Yes	Yes	Yes	Yes	No	Yes	No	Yes	Yes	No
Purchase Orders	Yes	Yes	Yes	Yes	No	Yes	No	Yes	Yes	No
Workflow management	Yes	Yes	Yes	Yes	No	Yes	No	Yes	Yes	No
Preventive maintenance	No	No	No	Yes	Yes	Yes	No	No	No	Yes
Predictive maintenance	No	No	No	Yes	Yes	Yes	No	No	No	Yes
ITAM	Yes	Yes	Yes	No	No	No	Yes	Yes	Yes	Yes
ITSM	Yes	Yes	Yes	No	No	No	Yes	Yes	Yes	Yes
Price	Contact for pricing	Contact for pricing	Contact for pricing	Contact for pricing	$39	$1000-$3500 per year	$19 goes up for bigger teams	$1 per asset per year	Contact for pricing	Contact for pricing
Free trial	No	No	No	Yes	Yes	Yes	Yes	Yes	Yes	No

10 Best asset management system in 2023

These are the list of the best asset management solutions in 2023.

1. ManageEngine AssetExplorer

ManageEngine Asset Explorer is an IT asset management software that helps businesses manage their IT assets. It provides a centralized database to store and track all purchases, including hardware, software, and other related components.

It automates IT asset discovery across the network, making tracking and managing all of them more manageable, even those not manually added to the system. It also tracks asset details, including hardware and software configurations, warranty status, and usage history.

Best for

Asset Explorer is perfect for managing and monitoring a company’s hardware and software components. It would help if you went with this provider since it’s one of the leading asset management solutions, according to review sites like G2.

Features

• Asset lifecycle management
• CMDB
• POs and Contracts
• Asset lifecycle compliance
• ITAM mobile application

Pros

• Ease of use and expansive feature-set
• Straightforward import functionalities
• Flexible asset categorization functionalities
• Seamless integration capabilities

Cons

• According to a G2 user review, the solution’s add-ons are expensive
• The product also has poor customer service in some cases

Pricing

ManageEngine has not provided its pricing information.

Recommended Read: 10 Best ERP Software and System

2. InvGate Assets

InvGate Assets caters to businesses across various industries with its hybrid IT asset management platform. The solution offers asset inventory management, metering, network discovery, remote desktops, and more and is available on-premise or hosted in the cloud.

InvGate Assets helps keep track of users’ IT hardware and software and monitor inventories in real-time. The solution provides centralized asset information from agent and network-based discovery, and other sources. The solution provides the option to use its web-based platform or implement on-premise. 

Best for

This solution is perfect for small business IT asset management.

Features

• Asset inventory
• Software license management
• CMDB
• Automation
• Asset monitoring
• Workflow management

Pros

• Robust integrations
• Easy implementation
• User-friendly interface

Cons

• One user from SoftwareAdvice states that the solution lacks a mobile app
• Another user says that alerts don’t come on time

Pricing

InvGate has not made its pricing information public. 

Quick Read: Top 6 Enterprise Payment Software

3. Ivanti IT Asset Management

Ivanti’s ITAM solution is an all-in-one solution for asset discovery, inventory, tracking, and reporting. It uses automated discovery and inventory processes to identify all hardware and software assets on the network, including desktops, laptops, servers, virtual machines, and mobile devices.

Best for

Ivanti IT Asset Management is perfect for small to medium-sized businesses looking for an easy-to-use solution.

Features

• Lifecycle tracking
• Asset repository
• Product Catalog
• Cost and contract visibility
• Barcode and QR code scanning
• Configuration management

Pros

• Straightforward navigation
• Cost-effective solution
• Background usage

Cons

• One user on G2 states that there are frequent session cuts
• Another user says that the user interface is outdated

Pricing

You can contact Ivanti’s team to learn more about their pricing. 

Suggested Read: 11 Best Billing Software for Businesses

4. Asset Panda

Facilities use Asset Panda, a platform that provides asset tracking and maintenance management applications. It works across all devices and enables real-time data updates from any location.

Asset Panda lets users assign contacts by location and track depreciation actively. They can also automate pick lists and look up asset details using a barcode scanner. 

The platform provides role-based security to grant access levels to employees, ensuring they have access to relevant information. Asset Panda also offers customized exporting and reporting features, allowing users to automate reports via email. 

Best for

Asset Panda is perfect for small to medium-sized businesses. It has a good user base and stands out for its ease of use, customer support, and setup. 

Features

• Interactive dashboards
• Asset depreciation tracking
• Ad-hoc reporting
• Custom reporting
• Multi-currency support

Pros

• Easy to migrate
• Great customization options
• Easy-to-use mobile app

Cons

• One reviewer on G2 states that you can get reports only via email
• Another user says that the application times out automatically, with no way to control it

Pricing

Asset Panda offers quote-based pricing. 

Also, Read: 9 Best Accounting Software in India

5. MMSoft Pulseway

Pulseway is a solution that IT administrators can use to monitor and control their business resources remotely. The solution offers integrated IT assets and network monitoring and supports a multi-deployment architecture. 

MSPs can use Pulseway to view the real-time status of their system resources, monitor overall network performance, and install critical updates from a central console. The platform also allows them to define scripts to automatically schedule maintenance, backup, security check, and other IT activities.

Best for

Pulseway is a consistent high-performer on G2. It’s a perfect fit for small to medium-sized businesses. 

Features

• Remote control
• Patch management
• Self-service portal
• Server application monitoring
• IT automation

Pros

• Full-featured mobile application
• Easy to set up and deploy
• Cost-effective solution

Cons

• One reviewer on G2 states that onboarding is mandatory
• Another user says that the integration capabilities aren’t great

Pricing

Pulseway’s solution starts at $39. 

Recommended Read: 10 Best Business Budgeting Software & Tools

6. GoCodes

GoCodes is an asset and inventory management solution for companies across various industries. It provides modules such as fixed assets, inventory, field service and maintenance management, and GPS tracking.

With a central database, GoCodes tracks asset information such as maintenance scheduling, cost, depreciation, and warranty, and location. It also updates inventory information by following products using smart devices. 

Best for

GoCodes is a consistently high-rated solution on popular software review websites like G2. It suits small to mid-sized companies. 

Features

• Centralized inventory database
• Data exporting
• Asset relationship tracking
• Asset history
• Asset location

Pros

• The solution is user-friendly
• Good feature-set
• Quick asset tracking functionalities
• Easy to install and deploy

Cons

• One reviewer on G2 states that the application gets complex over time
• Another user says that the location tracking functionality isn’t comprehensive

Pricing

GoCodes starts at $1000 and goes up to $3500 per year, depending on your requirements. 

Also, Read: 6 Best Cash Flow Management Software

7. Freshservice

Freshservice helps simplify IT operations with its ITSM solution. It provides a ticketing system, a self-service portal, and a knowledge base. IT administrators can also track service requests using iOS and Android mobile apps.

Administrators can manage assets, incidents, problems, changes, and releases with their ITIL-ready components. The asset management component controls IT assets, allowing organizations to add, tag, track, and delink software/hardware assets for visibility and awareness.

Best for

Freshservice is one of the top 50 solutions on G2. It’s a perfect fit across various business sizes. 

Features

• Automated ticket routing
• Ticket prioritization
• Time tracking
• Reports and dashboards
• Self-service channel
• Incident reporting

Pros

• Streamlines and automates mundane tasks
• Great user interface
• Excellent customization options

Cons

• One reviewer on G2 states that feature requests are not taken seriously
• Another user says that the customer service is poor

Pricing

Freshservice offers a free trial, and its paid plans start from $19 and go up to $119 if you want enterprise capabilities. 

Suggested Read: 10 Best Spend Management Software for Enterprises

8. Lansweeper

With one centralized IT inventory, Lansweeper’s device recognition capabilities provide complete visibility across the entire IT estate.

IT assets are automatically and continuously discovered across the infrastructure, including servers, laptops, desktops, virtual and cloud machines, network devices, and IoT assets. This process creates an always-accurate, up-to-date inventory with detailed and granular data, including hardware specs, user data, and installed software. 

Best for

According to G2, Lansweeper has one of the highest user adoption levels. It’s an excellent solution for mid-sized businesses to enterprises.

Features

• Hardware, software, and user inventory management
• Reports and dashboards
• Lifecycle insights
• Integrations
• Security insights

Pros

• Its feature set is unmatched
• Good analytics capabilities
• Easy to use and collect vast amounts of data

Cons

• One reviewer on G2 states that the information cache is hard to clear 
• Another user says that keeping the information updated is difficult

Pricing

Lansweeper offers a free trial and costs €1.00 per asset per year. 

Also, Read: 9 Best Vendor Payment Management Software

9. SysAid

SysAid is a comprehensive ITSM solution that helps businesses of all sizes across various industries. Some of its features are help desk management, asset management, reporting, and more.

SysAid ITSM enables the management of incidents, problems, changes, service level targets, and resolution knowledge. The solution also offers self-service portal, and service desk automation.  

Best for

SysAid is perfect for mid-market and enterprise users. 

Features

• Automated ticket routing
• Knowledge base integration
• Reports and analytics
• Ticket notifications 
• Multi-channel access
• Mobile app

Pros

• User-friendliness of the app
• Great customer support

Cons

• One reviewer on G2 states that the reporting and dashboard functionalities are not up to the mark
• Another user states that the ticketing functionality has issues 

Pricing

SysAid provides a tailor-made price quote. 

Also, Read: 10 Best Travel Management Software and Systems

10. ServiceNow

ServiceNow’s IT service management solution offers asset management, change and release management, incident management, and more for various industries. 

With its self-service portal, users can report and resolve issues while tracking progress. It also tracks financial and inventory details related to hardware, software, and virtual infrastructure. The solution includes a calendar, impact calculator, and collision detector that evaluates risks associated with changes in IT configuration.  

Best for

ServiceNow is a perfect solution for medium-sized companies to enterprises. 

Features

• Change management
• Virtual chatbot
• Predictive ML
• Timely alerts
• Self-service portal

Pros

• Extensive feature-set
• Automation and integration capabilities
• Process automation capability stands out

Cons

• One reviewer on G2 states that the integrations are complicated initially 
• Another user says that the application is slow sometimes

Pricing

ServiceNow has yet to make its pricing information publicly. 

Also, Read: What is source-to-pay (S2P)?

About the asset management system

As its name suggests, an asset management system helps businesses manage physical and digital assets. 

Examples of physical assets are buildings, HVAC units, and furniture. On the other hand, software, documents, audio, video, and spreadsheets are examples of digital assets. 

These solutions provide a centralized database to store asset details, like location, status, maintenance history, and depreciation.

Additionally, an asset management system helps budget better. It provides accurate information about all the company’s assets, including their value, location, and usage. This helps companies make informed decisions about asset purchases, maintenance, and disposal, leading to more efficient use of resources and cost savings. 

Some key features of an asset management system include: 

• Barcode scanning 
• RFID tracking 
• GPS tracking 
• Maintenance scheduling 
• Reporting and analytics, and 
• Integration with other systems

Recommended Read: What is Capital Expenditure?

Types of asset management

1. Digital asset management (DAM)

Digital asset management (DAM) helps organize, store, retrieve, and distribute digital assets such as images, videos, documents, and audio files.

2. Fixed asset management (FAM)

Fixed asset management (FAM) helps track and manage a company’s tangible assets, such as property, buildings, equipment, and vehicles. This includes recording asset details such as purchase date, depreciation, maintenance history, and disposal data.

3. IT asset management (ITAM)

IT asset management (ITAM) manages and optimizes a company’s IT assets. This includes software, hardware, network devices, and data centers. ITAM helps with asset discovery, inventory tracking, maintenance, and risk management.

4. Enterprise asset management (EAM)

Enterprise asset management (EAM) helps manage and optimize physical, equipment, and IT assets. EAM integrates multiple systems to view asset performance, maintenance, and spending comprehensively.

5. Financial asset management (FAM)

Financial asset management (FAM) includes investment management and handling financial assets such as stocks, bonds, and securities. It involves market trends monitoring, risk assessment, and making investment decisions for more returns.

6. Infrastructure asset management (IAM)

Infrastructure asset management (IAM) includes managing and maintaining a company’s physical infrastructure assets, such as roads, bridges, and utilities. IAM monitors asset performance, maintenance, and repairs to ensure safety, reliability, and cost-effectiveness.

Also, Read: What is Expense Management?

How does asset management software work? 

Asset management solutions help organizations understand all their assets, including equipment, machinery, tools, vehicles, software, etc. 

Here’s an overview of how it works: 

• Asset identification: This feature helps identify and categorize each asset you need to track. You can enter data manually, scan barcodes, or use RFID tags. 

• Asset tracking: The asset tracking functionality helps track and monitor your assets. This includes completely tracking assets, their location data, failures, breakdowns, and more.

• Asset maintenance: The software helps start and keep a complete record of maintenance tasks for each asset. Companies can track preventive maintenance tasks and schedule repairs whenever required.

• Asset reporting: Asset management software generates performance and utilization reports. This helps businesses make better decisions about asset allocation and retirement.

Benefits of asset management software

Asset management solutions help companies manage their assets more effectively and efficiently, which allows them to reduce costs, improve productivity and ensure compliance. Moreover, it absolves the reliance on spreadsheets. 

Organizations can realize the following benefits with asset management software: 

• Improved asset tracking and visibility. Businesses can track and monitor each asset’s location, status, and maintenance history, giving them better visibility into its usage and performance levels. 

• It has increased efficiency and productivity. With maintenance scheduling and automated tracking, the solution helps organizations save time and resources, getting improved productivity and efficiency.

• Reduced downtime and maintenance costs. Businesses can quickly minimize downtime and extend asset lives, which leads to expenditure savings on maintenance and replacements.

• Improved compliance and risk management. Companies can also ensure compliance with regulations and industry standards and identify asset use and maintenance risks.

• Better decision-making. With real-time data on asset performance and utilization, businesses can make more informed decisions about asset allocation and offloading, leading to more cost savings and increased efficiency.

Suggested Read: 10 Best Financial Management Tools

Asset management software modules

While asset management solutions include specific modules based on organizational needs, these are the most common ones:

1. Asset tracking

The asset tracking module tracks and monitors the number of assets, their location, status, and maintenance history of each asset. It includes barcode scanning, RFID tracking, and GPS tracking.

2. Maintenance management

This module helps schedule and track the maintenance tasks for each asset. These tasks include preventive maintenance activities and repairs whenever required. It includes work order management, asset downtime tracking, and maintenance schedule.

3. Depreciation and cost management 

In this module, companies can track asset depreciation and costs, which include purchase price, maintenance costs, and disposal costs. Companies also get to track expenses, calculate depreciation, and manage disposals.

4. Reporting and analytics 

The reporting and analytics module generates reports on asset performance and utilization, helping companies make better asset allocation and retirement decisions. Along with the primary features, the reporting and analytics module offers customizable reports, real-time data visualization, and predictive analytics.

5. Integration 

Asset management solutions also have robust integration capabilities. This module helps integrate with asset management software and other enterprise systems, such as ERP and CRM solutions.

Also, Read: Purchase Order Process (PO) Guide

How to choose the best asset management software? 

There are many asset management solutions in the market. Some primarily focus on physical assets, some on digital, and a few deal with managing all kinds of assets from end to end.

Knowing which one to choose for your business depends on your needs, and if done right, it could be a game-changing move for your organization.

Here are some exciting tips to help you select the best asset management software for your organization:

1. Needs

First things first, identify your needs. What assets do you need to manage? What challenges do you currently face with your system? Knowing your needs helps identify all the functionalities you require. 

2. Features

Look for asset management software that offers asset tracking, inventory management, maintenance tracking, reporting, and analytics. These features help manage your assets more effectively and efficiently.

3. User-friendliness

It would be best if you implemented a solution that is easy to navigate and use. The best asset management software lets you quickly and easily perform tasks like adding, editing, or tracking assets.

4. Customization

Customization is another feature to look for. Your organization may have unique needs that require customization. Look for software that allows you to customize it to fit your organization’s specific requirements.

5. Security

It would help if you chose a solution with robust security features like encryption, access controls, and backups. You must ensure that all your assets and data are in safe hands.

6. Integrations

Integrations are also critical. Suppose your company uses multiple-pointed solutions, such as accounting or procurement software. In that case, you need to go with a solution that integrates with these systems to streamline processes and reduce duplication of effort.

7. Support and training

Check the software support and training the solution offers. You need a solution offering training, documentation, and help to ensure your team can effectively use the software.

Also, Read: A Guide to Corporate Travel Management

Conclusion

Asset management software is crucial for organizations to optimize their asset management processes. 

With real-time tracking, streamlined inventory management, and robust reporting capabilities, asset management software transforms how businesses manage their assets. 

Choosing the right software can be confusing due to the many available solutions. However, you can find the perfect fit if you consider your organization’s needs, features, user-friendliness, customization options, security, and more. 

FAQs