Best Asset Management Software
In the modern world, businesses need a lot of fixed equipment and inventory in day-to-day operations. The more the company expands, the more equipment or assets it needs to utilize.
Keeping track of these assets can become problematic over time. You need to know where they are, if they need maintenance or replacement, and who uses them.
Relying on managers to keep track of equipment through paperwork or through making a series of phone calls to where they think the equipment might be wastes time and may result in equipment loss.
Asset management software (AMS) is a system that tracks your business’s fixed assets and provides valuable information about their status.
Recommended Firms
GigaTrak
GigaTrak specializes in asset tracking solutions that utilize barcode scanning technology to streamline inventory management processes. Their software is designed for various industries, allowing businesses to maintain accurate records of their assets and improve accountability. GigaTrak’s user-friendly interface makes it easy for teams to adopt and implement effectively.
UpKeep
UpKeep is a mobile-first maintenance management software that allows businesses to manage their assets and maintenance tasks efficiently. With its intuitive interface and mobile capabilities, teams can easily report issues and track work orders in real time. UpKeep is ideal for organizations looking to streamline their maintenance processes and improve productivity.
IBM Maximo
IBM Maximo is an enterprise-level asset management solution that helps organizations optimize their asset lifecycle through advanced analytics and IoT integration. It provides features for maintenance management and compliance tracking across various industries. Maximo’s flexibility allows for customization to meet specific organizational needs effectively.
Sage Fixed Assets
Sage Fixed Assets offers comprehensive asset management solutions that focus on tracking fixed assets and managing depreciation. Their software helps businesses comply with financial regulations while providing insights into asset performance and lifecycle. With robust reporting tools, Sage enables informed decision-making regarding asset investments.
Asset Panda
Asset Panda provides a cloud-based asset management platform designed to help businesses track and manage their assets efficiently. With features like barcode scanning and customizable reports, it allows organizations to gain real-time visibility into their asset inventory. Their user-friendly interface makes it accessible for teams of all sizes.
How asset management software helps businesses?
AMS can benefit all businesses, from minor to large-scale operations, in the following ways:
Small
Using this software in a startup or small business is an excellent starting point. It will track valuable assets you cannot afford to lose and provide maintenance reminders to keep the equipment running, saving you money in the long run.
Manual record keeping is a meticulous and time-consuming process that AMS can drastically reduce, giving you and your employees more time to focus on your core competencies.
Medium
What applies to small businesses also applies to medium-sized ones. However, in a medium-sized enterprise, you’ll be dealing with more assets. The capability of AMS is that it provides you with data that you can use to review your asset performance to determine if the investment in this equipment is sound or not.
The developers factor in continuous growth, so these systems allow you to scale up and add more assets and users as you grow.
Large
Besides the benefits for small and medium-sized businesses, a massive advantage for large-scale operations is the centralized system.
Thousands of assets across multiple locations nationally or globally can be accessed and managed from one platform, making risk management, regulatory compliance, and employee accountability for their equipment much easier to handle. They can also optimize processes and integrate with other company systems, saving time and money.
Industries
AMS will benefit any industry that needs to track its assets, such as IT equipment, inventory, vehicles, or other high-value items.
Industries that benefit the most from this software are ones that, without these assets, cannot function, such as:
- Mining
- Manufacturing
- Pharmaceuticals
- Oil and gas
- Telecommunications
- Education
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How do you choose the best asset management software?
- Determine your needs – Your first step must be to evaluate what features the system needs, what assets it will need to manage, how easy or difficult it is to use for your users, and what training is available.
- Conduct research – With your needs’ assessment in mind, you can research to determine what solutions fit that assessment and your budgetary requirements. You can also assess customer satisfaction by checking Google business listings or third-party review sites.
- Do trial runs – Software solutions often offer demo versions or free trials that allow you to access the program’s full capabilities. Use these to test the companies on your shortlist.
- Make a final decision – To help you make a final decision, it’s an excellent idea to contact the company, speak to customer service representatives, and ask questions about training resources, the extent of their support, and cancellation and refund policies.
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Five things to consider when partnering with asset management software companies
To ensure you choose the right AMS company for your needs, you must consider the following unique things:
Features and customization
Ask yourself if the software has all the required features and to what extent you can customize it. For example, can you deactivate unneeded features, so employees can’t accidentally activate them?
Scalability
As your business grows, your AMS will need to grow with it, so ensure you have room to grow. A company usually offers this scalability in a tiered system, so purchase the system that fits your needs and has room for growth.
Integration capabilities
Although integration is crucial for larger companies with multiple systems, it is a feature to include, as you will need it when introducing new systems.
Vendor experience
If a vendor is well-known, has good reviews, and has been in operation for many years, it’s an excellent indicator that they’re doing something right.
Level of difficulty
You need to assess the system’s complexity and how user-friendly it is. It may have all the features and customization you need, but if the interface is crammed full of complicated-looking buttons, many employees might need help to use it or make mistakes when record keeping. Check what training materials are available from the vendor.