Asset management software or Enterprise asset management software (EAM) is the most sought after tool of most businesses to streamline operations and bring down costs related to asset management. EAM provides businesses with an edge in comparison with traditional asset management techniques. The EAM system optimizes asset utilization and reduces the cost associated with the maintenance of assets.
Tips to select the right asset management software for your business
Most often EAM software providers will offer you with options such as asset tracking software, work order software, and Inventory management software. You would be surprised to know that maintenance costs of building assets can reach up-to 60% of overall operational expenditure!
Below are 6 tips that you cannot miss when selecting your ideal software:
-Recognize the asset lifecycle that you wish to manage.
- Goals and expectations.
- Examine ratings and reviews.
- Cost and discounts.
- Stick to tried-and-tested products.
- Compatibility with the technological infrastructure of your company.
1. Recognize the asset lifecycle that you wish to manage:
Understanding the lifecycle of your assets means to know how your assets are being bought, used, maintained, and disposed off. By knowing these things, one can ascertain what functionalities they need in EAM systems that will suit the asset lifecycle of their business.
2. Goals and expectations:
This step requires you to ascertain the objectives you wish to achieve by deploying an EAM software. You also need to specify what features are required in the software to achieve those goals.
For example, if you want to reduce the breakdowns and improve maintenance efficiency, then going with a software that has predictive maintenance features is better.
3. Examine ratings and reviews:
Now that the goals and expectations are set, it is crucial to look into the ratings and reviews given for different software available on the market. Reviews and ratings can offer important information about how effectively various solutions for asset management software function in practical situations and how well they satisfy user expectations.
4. Cost and discounts:
Price is one of the most crucial factors when selecting any product, including enterprise asset management software. But make sure not to make price as the priority element. Instead, look into the value the software is providing for its price points. This may involve features, ease of use, scalability and customer support.
5. Stick to tried-and-tested products:
It is better to stick with the products which have a proven track record of successfully managing assets. Look in to account factors such as longevity of the product, number of customers it has served, and how well it performs in real-world scenarios.
6. Compatibility with the technological infrastructure of your company: Finally, when finalizing the software, look whether it is compatible with the systems used in your organization or not. It should integrate well with the devices used by your staff for it to perform effectively.
By following these tips and recommendations, you can find the best enterprise asset management software for your company that fits your budget and meets your goals and expectations.
Top 10 Asset Management Software for Your Business in 2024
Asset management software handling the quality control on asset performance
An enterprise asset management software can help you do any of the things such as tracking your assets, auditing their performance, date of maintenance, or a lot more. So let's look at some of the best EAM software that are claimed to be handy for many businesses worldwide.
1. Asset Panda
Asset Panda is a cloud-based EAM solution that enables you to access your business assets over the internet. It is meant for businesses looking for affordable solution to manage their building assets. It brings effectiveness to your maintenance management and reporting to streamline the asset management processes. Its intuitive design makes the job a lot easier for the staff to operate the building assets.
Main features:
- Comprehensive asset management for IT and fixed assets
- Barcode scanning
- Mobile app
- Reports & dashboards
- Custom field
- Integrations with popular tools
Price: 500 assets for $1500 per year
2. ManageEngine AssetExplorer
ManageEngine AssetExplorer uses automated discovery and real-time tracking of IT assets to reduce manual efforts, fix issues before escalation, and save time. It provides you with reports on aspects such as the location of the assets within the property along with their working status and other insights. If your business has limited budgets and is looking for a cost-effective solution, this software is for you.
Main features:
- IT asset discovery
- Lifecycle management
- Software license tracking
- Reporting & auditing
- Mobile app
- Integrations with service desk and ITIL processes.
Price: Plans start at $955 per year for up to 250 IT assets
3. InvGate Insight
InvGate Insight is a comprehensive suite of EAM provides businesses with insights on asset utilization and helps them identify potential issues. It is an-easy-to-use software for all skill levels, which cuts down on efforts involved in training the staff. Its comprehensive asset tracking ability gives businesses flexibility to managing IT and other assets.
Main features:
- Comprehensive IT asset management with CMDB capabilities,
- Software license tracking,
- SAM & ITAM compliance,
- Advanced reporting & analytics,
- Mobile app
Price: Starts from $17/agent per month, $999 billed annually for starter pack, $40/agent for pro pack and can be customized based on enterprise's needs as well.
4. SysAid ITAM
SysAid ITAM is the one you must consider if your business requires you to track and manage large number of assets, affordably. It helps your business comply with software licensing regulations and scale up as the requirement arises. It is equipped to accommodate the needs of businesses of all sizes.
Main features:
- Asset discovery and inventory
- Lifecycle management
- Software license management
- Contract management
- Financial management
- Reporting and analytics
- User-friendly interface
Price:
Essential – $15 per user/ month for 50 users
Standard – $36 per user/month for 50 users
Professional – $45 per user/ month for 50 users
Enterprise – End-to-end IT Asset Management. (Both Agent and Agent-less) upon request
5. Flexera One
Flexera One is a comprehensive ITAM solution for large businesses with complex asset management requirement. It provides you with required insights to track assets, manage licenses, and optimize software costs using its AI. It seamlessly integrates with other IT systems in your building such as CMDBs to enable a streamlined workflow.
Main features:
- IT asset management,
- Software license optimization,
- IT service management integration,
- Cloud asset management,
- Advanced reporting & analytics
Price: Custom quote based on specific needs
6. Snow Software
Snow software provides customized EAM solutions for businesses to help them manage their assets. It enables them to identify risks associated with the assets and mitigate them without adding up the complexity. It brings ease to monitoring IT assets and their licenses, and ensuring that they are compliant with the optimal standards.
Main features:
- IT asset management,
- Software license optimization,
- Cloud asset management,
- SaaS licensing management,
- advanced reporting & analytics
Price: Custom quote based on specific needs
7. ServiceNow
ServiceNow is a cloud-based ITSM platform that provides businesses with integrated IT service management and enables customizing workflows. It comes with EAM module that delivers an centralized view of IT assets to enhance control over the operations. It also gives flexibility to suit the needs of diverse businesses.
Main features:
- IT asset management as part of a comprehensive IT service management platform
- Workflow automation
- Incident management
- Change management
- Mobile app
Price: Custom quote based on specific needs
8. BMC Helix Discover
Automatically track all your assets in real-time and have freedom to add a wide range of inventory with BMC Helix Discover. This software maps IT assets and enables users to detect issues in advance. It is an easy to integrate software that provides a unified view to overlook operations, detect issues, and assess their impact.
Main features:
- IT asset discovery & inventory
- CMDB capabilities
- Software license tracking
- ITAM compliance
- Integration with BMC Helix ITSM suite
Price: Custom quote based on specific needs
9. Ivanti Neurons
Ivanti Neurons is an AI-powered EAM solution to automate your asset management tasks. It delivers predictive insights to help you optimize asset performance. It uses proactive maintenance to predict possible IT asset failures and reduce downtime.
Main features:
- AI-powered asset management
- Real-time visibility
- Integrated service management
- Security & compliance
- Self-service portal
- Mobile app
- Customization and integrations
Price: $76.00 to $1461.00 a license
10. SolarWinds
SolarWinds ITAM solutions comprises of options such as asset tracking, network monitoring, and license management. It is a cost-effective solution to serve the asset management needs of businesses of all sizes. It comes with a user-friendly interface to make the job easier for the staff involved in the implementation.
Main features:
- Agentless & Agent-Based Discovery
- Lifecycle management
- Software License Management
- Hardware & software reporting
- Integration with Service Desk
- Cost modeling and forecasting
- User-Friendly Interface
Price: Priced per technician. For example, for 1-5 users, the cost starts at $339.
Along with these software there are other software like SAP S/4 HANA Cloud for businesses which are using SAP software. IBM Maximo Application Suite, UpKeep, MaintainX, and NEXGEN Asset Management are also used by most businesses for varied requirements.
Sclera VDMS is an EAM system that provides a portable remote asset monitoring system for managing the IT and operational technology (OT) assets of commercial spaces. Asset management software is a powerful EAM system for monitoring building assets and getting powerful insights about their performance. It streamlines operations and delivers considerable savings of their capital.
However, choosing the right software is a critical aspect that will determine how it works for you. Whether you need a work order software, asset tracking software, or something else, consult EAM software providers to find the best EAM software that addresses your requirement.
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