Best Asset Management Software

What is Asset Management Software?

Asset management software refers to a system that is used to manage all assets of an organization like shares, bonds, real estate, copyrights, software licenses, etc., is called asset tracking software. Any organization whose business is mainly around dealing with assets will definitely need to make use of asset management solutions as they play a major role in the progress of any industry. Many industries nowadays have both tangible as well as intangible assets that need to be managed in an efficient way.

With the change in the market, most of the assets are now available on digital platforms. Thus Asset management is also coined for ownership of digital property, transfer of digital assets, digital value, software inventory, etc.

Asset Management can be classified as follows:

• Asset management of hardware assets

• Asset management of software assets

The 5 Best Asset Management Software Comparision in India

How Does an Asset Management System Work?

The asset management software starts with taking stock of all IT assets of the company, right from machinery equipment to electronic items to furniture. The best asset management software assists in speeding up the management process of IT assets. An organization can keep records of its assets with the help of this system by preparing specific schedules and records of the replacements. The asset management solutions also calculate depreciation and can be programmed to give a reminder as and when there needs to be a replacement or repair of any of the assets.

The management of intangible assets like computer software, patents, copyrights, business policies, license terms, etc., is far more difficult than tangible assets. Even items like computers, printers, and typewriters are also considered assets and are taken care of by this software. Asset management tools play a major role in tracking all computers, printers, etc. placed in the organization. The asset management system also keeps records regarding maintenance or services provided to the equipment. ITAM tools also show which assets are most useful for the organization and which are less useful.

What are the Benefits of Asset Management Software?

• You don't have to entrust someone to manage your assets. Even if you hire a company to manage them for you, it is a good choice to know what is going on by following along with your own software. If you don't trust anyone else, an asset management system will give you the best and safer option.

• An asset management system is more affordable than an asset management company or an asset manager. Start with the asset management solution and see if you can efficiently manage your assets or not. You can always hand it over to an expert later if you feel you can no longer manage everything effectively on your own.

• The features of good asset tracking software will show you exactly what needs to be accomplished in order to effectively manage the assets you hold today and the ones that you will pick up in the future.

• The risk of missing something important is reduced significantly when the asset software is used effectively. The biggest risk when managing your IT assets is missing out or losing track of small details. This happens when you are disorganized, but an effective asset management app holds it all together so you are always organized.

Asset Tracking System helps you focus on other areas of your organization by aiding you in the process of management. It is a clear choice for organizations that would like to emerge successfully.

What are the Key Features of Asset Management Software?

There must be several functions offered by the asset tracking software. It depends on the needs and requirements of a particular organization. But if we look in general, the following are the functions that an IT asset inventory tool can perform:

1. Asset inventory streamlining:

Take advantage of proven, flexible, or customized inventory processes. Asset management software should be ready to take the time and hassle-free asset inventories with:

• An integrated agent-push utility

• Customized inventory processes that support network inventory and standalone device inventories and multiple scheduling choices

• Scan-on-demand of specific devices for real-time computer inventory information

• Automatic product updates

2. Software usage:

 Asset Management Software should leverage its collection of frequently updated software inventory and license data to offer visibility into desktop and server-side software usage trends.

• Create detailed and extensive reports, including usage reports with the best license management software.

• Get detailed tracking for application runtimes

• Identify major applications and target unused applications for the reduction

• Track the software usage of specific users and devices

• Track the usage of software even if the devices are disconnected from the network

3. Automatic identification of assets:

The software asset management system automates and accelerates the process of identification of all the hardware and software assets. Asset identification features must include:

• Automatic recognition of the products and devices

• Auto-discovery that checks software against a knowledge base

• Recognition of software suites

• A fast and convenient mechanism for adding devices and products

4. Usage and compliance reporting:

Compliance reporting is enriched by a reporting engine from Business Objects, which is included with the Asset Management System. Its reporting capabilities must include:

• ^{An integrated reporting across all the Configuration Management products performed by the asset management software}
• ^{Comprehensive web reporting with multiple charts and display options}
• ^{Asset history and trend analysis}
• ^{Custom reports and alerts}

5. License management and reconciliation:

License management and license reconciliation features in an asset tracking system make it possible to keep your software licenses in perfect sync with the software you actually use.

• ^{Automatically reconcile discovered and purchased products and devices}

• ^{Links software inventory to proof of purchase and installations}

• ^{Drill down the compliance reports for underlying purchases and installations}

• ^{Receive an automatic email that notifies you of the licensing problems}

6. Integrated contract management:

Asset Management tools leverage the information in the database to manage IT contracts. An efficient asset lifecycle management software makes it easy to deploy and manage applications throughout their entire lifecycle.

• ^{Manage all the details of a wide range of IT contracts, including maintenance, warranties, and leases}

• ^{Automatically monitor and be notified of key contract milestones}

• ^{Associate contracts with specific licenses, IT assets, and users}

• ^{Upload and attach documents to the contracts}

• ^{Define lease-related schedules}

Things to Consider Before Purchasing an Asset Management Software

As asset management involves monitoring and maintaining your organizational assets, it is vital to deploy the right asset management system. The asset management software list is long with multiple types available in the market, so picking the correct one is quite tricky. So, here are some important factors you must keep in mind before looking into asset management software companies for consideration.

1. Comprehend the lifecycle of the assets

The foremost thing to consider before purchasing asset management tools is determining the lifecycle of tangible and intangible assets in your company. Select asset management solutions that offer real-time access to various departments held responsible for monitoring the resources.

2. Set your expectations

The vision of what you want your asset management system to accomplish must be clear. So, sit with your IT technicians and staff to understand the requirement and create a list of objectives. You can also seek the assistance of market experts if needed.

3. Examine Ratings & Reviews

Though ratings and reviews can be fudged nowadays, you can get some idea about the software or the brand it belongs to. Thus, read the reviews provided by the users of asset tracking software before making the final decision. Proper research can help you make an excellent movie.

4. Check the Price

As there are a lot of asset management system vendors, you will notice a variation in most of their pricing. Firstly, sort the vendors that fulfill your requirement. Then, determine what each of them provides in their package. Also, see what is excluded and if there are any hidden costs. Some of the providers may also be offering discounts. So, don't forget to check that. You can also negotiate for a few features and prices with the representative.

5. Go for Proven Products

Analyze the reputation and experience of the brand/vendor in developing asset management tools. Getting an equipment tracking system from a reputed provider will likely benefit you in the long run. Keep a check on the market and verify with the users before deciding anything.

6. Check its compatibility with the technology used in your company

The asset management solutions you are going to implement must be compatible with the existing asset-tracking technologies in your organization. You can check its compatibility in terms of –

• ^{Operating System: which OS it supports}
• ^{Hardware: if there is any scope for up-gradation}
• ^{Language: in which language is it written}
• ^{Format: can you convert it into different forms like tapes, disks, or more}

7. Web-based or Cloud-based asset management system – Which one should you opt for?

Although you might find hosting asset tracking software on your server convenient, you can avail of many more advantages from a cloud-based version. It frees you from the hassles of relying on IT personnel and updating software timely. Moreover, there will be no issues such as computer crashes or other conflicts with other programs. It also offers access to all the new features as soon as they are developed. Additionally, cloud-based asset discovery tools are beneficial in terms of costs too.

8. Safety & Security

You might not want all your users to access everything. So, look for an asset discovery tool that lets you control which users can access what data. Check if it allows you to restrict asset site locations, and set up data administration tools, reports, and more.

Keep this checklist in mind; it will ease the process of getting top asset management solutions for your organization.

Types of IT Asset Management Software

IT asset management can be categorized under multiple heads depending on the type of organization and its usage. Here, we will discuss some of the most common types of IT asset management tools.

The three broad categories are:

• Software
• Hardware
• Digital

1. Software IT asset management system

Software IT asset management system includes the management of all the software applications that are used within an organization and managed by the company’s ITAM system. If the person wants, he can prevent any particular software being used within the organization from being a part of the software IT asset management solution. The centralized software IT asset management solution raises alerts to maintain the updates and comply with the software licenses all the time.

2. Hardware IT asset management system

A Hardware IT asset management system is also referred to as a physical IT asset management system. It includes the management of all the tangible items that are part of the organization's IT assets. It includes the management of printers, desktops, laptops, central processing units, etc. The centralized IT asset management solution categorizes these IT hardware assets based on disk usage, manufacture, operating system, duration, type, etc. The centralized system raises alerts when new hardware IT asset management tool is identified within the system.

3. Digital IT asset management system

Apart from hardware and software IT assets, there are pictures, videos, and documents that are categorized under the head digital IT asset management system. So, any digital solution that is managed by and for the enterprise will fall under the category of digital ITAM.

4. Other IT asset management system

Mobile ITAM

Mobile ITAM comprises the management of all the IT assets being used by individual members of the organization. Considering the rise in the remote working and remote assets of the organization, mobile ITAM has also experienced an upsurge.

Cloud ITAM

Cloud ITAM comprises all those servers and software that operate on cloud technology.

Tasks Performed By Asset Management Software

1. Determining Strategies for all Equipment:

The entire ITAM software system costs are calculated with analysis, so as to determine the investment and operating costs for a particular time period.

2. Contract Management:

Asset Tracking Software manages your contracts efficiently and safely. It helps you upload and attach documents to contracts. Helps you with managing leases, warranties, and contracts. Automatically monitors important contracts.

3. Reporting:

With this feature, the software alerts you with custom and also detailed web reporting tools. These reports are enabled with animations and display options.

4. Software License Management:

Software asset management system links software to proof of purchase, selling, and installations. It also alerts and updates the users with licensing problems.

Impact of Asset Management Software

It is certainly undeniable that the asset management tool is the key to the door to success. It hugely impacts the company. It helps the company find stability with asset management. Many companies have started using this software irrespective of their asset size. Its impact of it has been widespread.

• One doesn't need to worry about entrusting the software. It provides safe and effective management to handle and improve your IT assets.
• Asset inventory management software keeps a track of investments for future endeavors and also keeps a track of the older ones. Also, provides an insight into which to discard and how to discard.
• One need not worry about hiring someone to manage and look after the assets. Be rest assured that they are in safe hands and well monitored.
• IT hardware asset management solution certainly improves the work environment, increase efficiency, and create a proactive atmosphere. It sets everything in place and organizes it effectively.

IT asset tracking system takes all your responsibilities for managing IT assets and it facilitates you to focus on other major activities of your organization. Go ahead and select the best IT asset management software that satisfies all your requirements.

Best Practices of Asset Management Software

An organization can do several things to enhance its asset management system. We have listed here some of the best practices you must take into consideration while managing your assets.

1. Discover the assets in an organization

At first, create a full IT inventory so that you can determine all the IT assets present in the organization. This includes data centers, networks, remote sites, user workstations, and more. Also, prepare a list of the areas of asset management. Some of them are hardware and software, cloud assets, mobile devices, servers, applications, and network & communications infrastructure.

2. Prioritize the assets

All IT assets do not hold equal importance. Some are critical, whereas others are less significant. It may be specific hardware or software. Moreover, you will require put extra effort into a few asset management tools. All this information must be stated clearly and reflected in your endeavors.

3. Manage Software License

Though it is a time-consuming process, it is a must for any company. If the software is under-compliant, you may be at the risk of substantial penalties. In case if the software is over-compliant, you might require paying unnecessary hefty amounts. Therefore, see to it that your organization runs regular software audits.

4. Determine Asset Depreciation

If asset depreciation is not done precisely, your company will end up paying extra taxes, insurance, and maintenance of assets. Thus, your asset management system must be proficient at calculating the depreciation of assets accurately. Having done it the right way helps you in making informed business decisions. You can thus determine when to decommission an asset and when to invest in something new.

5. Keep track of your assets continuously

Asset management is not a one-and-done task. It is an ongoing process. So, establish a robust baseline. If you start with the wrong numbers, you will always be in a mess. Ensure that the inventory of the items is up to date, and the items are cataloged correctly.

Remove the ghost assets i.e., those items that are on your list but no longer exist in your organization. This also includes broken, stolen, or sold products that aren't updated correctly. Why is this necessary? That's because you may be paying taxes for assets that you don't even possess.

Sometimes you will discover zombie assets i.e., items that are not on your list but exist in your company. It may be the result of a lack of proper asset management practices. Deploying RFID asset tracking software can be of immense help.

6. Automate your asset management solutions or processes

Employing an asset management system with asset tags and asset management tools like barcode scanners and barcode labels assist in automating your asset management process. With these tags and labels, you can avail of accurate information about the assets. Further, the scanners and readers eliminate the errors caused due to manual data entry processes.

IT is an ever-changing industry. Therefore, ensure that the asset management solutions you implement are agile.

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