Asset management software has become increasingly important in recent years as businesses seek to optimize their operations and improve efficiency. It can provide a range of benefits to businesses, including improved asset tracking, reduced downtime, and enhanced visibility into operations.

In this age of growing technology and automation, it is not enough to do specific tasks manually, especially with jobs including asset management. Maybe your business is doing it using spreadsheets that help in asset tracking, and it is a good start, but it may not be the most efficient method to do these things.

What is an Asset Management Software?

Asset management is the process of managing assets throughout their lifecycle, from acquisition and deployment to maintenance and disposal. This can involve a range of activities, such as scheduling maintenance tasks, tracking usage and performance metrics, and monitoring asset health and safety compliance.

On the other hand, asset tracking is the process of monitoring and recording the location and condition of assets, such as equipment, vehicles, and inventory, as they move through a business or supply chain. This can involve the use of physical tracking devices, such as GPS trackers or RFID tags, as well as software-based tracking tools that monitor asset usage and maintenance history.

Should You Opt for Asset Tracking Software?

One cannot stress the importance of asset management software, especially in this age where a lot may be lost in the sea of data that flows in and out of the company. Also, businesses now are mostly centering on digital operations where it might not be hard to track assets, but may tend to forget or misplace a particular record.

It can help businesses optimize their use of assets, reduce downtime, and improve overall efficiency. By providing real-time visibility into asset usage and maintenance data, asset management software can help businesses make more informed decisions about asset allocation, usage, and maintenance.

Top 5 Best Asset Tracking Software in 2023

1. Timly

Timly features a holistic and intuitive asset management software that helps automatically manage and track company assets and inventory easily. One of the most notable features of its software is that it is cloud-based and helps improve the portability of the tracking service, bringing better accessibility from remote settings.

What Timly Offers

• Helps Reduce Material Losses and Search Costs - with its asset tracking software, Timly helps avoid further costs when misplacing materials or looking for them, with its optimized software that keeps track of the inventory.

• Ensuring Operability of Devices, Machines, and Systems - tracking one's asset is one part of the job, but the software and its team help determine if one's asset remains usable with its tool tracking feature available on the system.

• Conduct Quality Controls With Compliance to Regulations and Safety Codes - Timly's maintenance management is not only checking if an asset is broken or still operable, as the software takes the extra mile and ensures quality that adheres to specific regulations and safety codes across different industries.

IT asset management is a massive factor for starting companies and even those already established in their respective industries. Timly offers a holistic approach for different-sized corporations focusing on industries like offices, construction, medical facilities, and more.

The company also assigns a unique QR code for each asset that owners, executives, or employees may track with its inventory app, available on smartphones and computers. The digital representations of each asset would help ensure that these are still available for use and would not get misplaced via Timly's tracking features in the cloud.

Moreover, Timly offers a modular approach to their software to help different clients fit their needs for stock management software. It focuses on its featured 360° approach that ensures all assets and tech remain in check, from the smallest things to the largest equipment in one's inventory.

Pricing

• Essential - $180 monthly (GBP 145); features the most basic or entry-level SME needs, including assigning assets, integrated barcode scanner, categorization, and deadline monitoring & reminders.

• Professional - $466.58 monthly (GBP 375); all the Essential features and more.

• Premium - $906 (GBP 725); all the Professional features and more.

• Enterprise - Contact the company for more information, customization, and allocation of all SME Needs

2. AssetTiger

AssetTiger is a close contender on this list, as the company also offers a cloud-based asset management tool that tracks and keeps tabs on one's equipment or devices. It came from the company called MyAssetTag, with over 25,000 accounts globally.

The cloud-based software offers flexible management for small companies up to massive corporations for all asset management needs, with a diverse pricing plan for its services.

Features

• Unlimited Users

• Unlimited Custom Reports

• Configurable Email Alerts

• Barcode Scanning

• Maintenance Scheduling

• Complete Check-in & Check-out Features

• Cloud-based platform

Pricing

• 250 Assets - Free

• 500 Asssets - $120

• 2,500 Assets - $230

• 10,000 Assets - $400

• 50,000 Assets - $800

• 250,000 Assets - $1600

3. Asset Panda

Another reliable asset tracking software in the industry is Asset Panda which is among the top-rated in the different lists and rankings available online. As one of the highly-regarded companies, Asset Panda offers management and asset tracking software that helps deliver all the needs in one platform.

The company promises that its cloud-based management platform can adapt to how a client works, providing helpful tools and features to complete the experience.

Features

• Asset Assignment

• Asset Kitting

• Barcode Generation

• Check-out and Returns

• Compliance Tracking

• Full Lifecycle History

• Maintenance Tracking

• Software License Tracking

These are some of the notable features available on Asset Panda. The company brings many more that would adhere to one's needs and requirements for the software, leveraging a cloud-based platform for easier accessibility.

Pricing

• $1,500 per year for 500 assets

• For other plans and inclusions, contact Asset Panda for more quotations

4. UpKeep

UpKeep is an asset operation management solution present in the business, which leverages its AOM technology for its clients. The team works closely with clients and Maintenance & Reliability teams to ensure that the company's assets remain in check, allowing other teams to get the needed data for their review.

The UpKeep software boasts features that help avoid downtime repairs and, in production, to prevent further loss in revenue. This keeps the company "well-oiled" in terms of its day-to-day operations.

Features

• Asset Operations Management (AOM)

• Computerized Maintenance Management System (CMMS)

• Enterprise Asset Management (EAM)

• Asset Performance Management (APM)

• DataHub (Data Asset Platform)

Pricing

• Starter - $45 per user

• Professional - $75 per user

• Business - contact the company for more information.

5. ManageEngine Asset Explorer

ManageEngine is a company also known for providing services for IT Asset Management with its Asset Explorer product. It is a web-based platform that delivers tracking and inventory for one's needs. The software is available for Windows, Linux, and macOS.

It helps manage software and hardware assets, ensure software license compliance needs, and help track purchase orders and contracts immediately after installing its tech.

Features

• IT Asset Management

• Configuration Management Database (CMDB)

• Software Asset Management and License Compliance

• Purchase Orders and Contracts

• End-to-end ITAM mobile application

Pricing

• 30 days free trial

• Starts at $995 per year for up to 250 IT assets

Wrapping It All Up

Asset management software can provide a range of benefits to businesses, from improved asset tracking and reduced downtime to enhanced visibility into operations and improved efficiency. By investing in asset management software, companies can optimize their use of assets, reduce costs, and improve overall productivity, making it an essential tool for modern businesses.

Inventories should not be a hassle and should not play hide-and-seek or guessing games whenever a company plans to audit or evaluate its devices or technology available in its lists. This procedure should be easy and have readily-available reports to check them at any time and place. It will ease worries about misplaced or broken machinery and systems that clients own.

The companies mentioned above provide a start for your asset management journey, to give you a hand in the many needs and requirements with operations, making that one less worry when running a business.

It is important to note that when utilizing industry-proven and leading names like Timly, Asset Tiger, Asset Panda, UpKeep, and ManageEngine Asset Explorer, they have different features or perks provided to users. So, find one that will fit your needs to maximize and holistically utilize what makes your business work.