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Enterprise Asset Inventory Management (EAIM) is the process of tracking, monitoring, and managing an organization’s physical and digital assets throughout their lifecycle. This includes everything from physical assets like machinery, equipment, and vehicles to digital assets like software licenses, intellectual property, and data.
Enterprise Asset Inventory Management (EAIM) helps organizations optimize asset utilization, reduce operational costs, and enhance overall productivity and competitiveness.
What to consider when choosing a fixed asset inventory management software?
Here’s a list that we use to evaluate most any type of software we consider investing in:
- Ease of use
- Security and privacy
- Integrations and APIs
- Analytics and reporting Automation
- Fixed asset hierarchy management
- Asset lifecycle management
- Asset tags and barcodes
- Supportive business model
- Mobile app
- Fixed asset records management
- Compliance and regulations
- Fixed asset data management
- Asset inventory list
- Support team
The best fixed asset inventory management software for 2024
1. Asset Vue
AssetVue is an asset management company that specializes in providing comprehensive asset tracking solutions to businesses of all sizes. Their software allows companies to keep track of their assets in real-time and make informed decisions based on the data they collect. AssetVue offers a variety of features such as automated inventory management, usage tracking, and data analytics to help businesses optimize their asset management processes. The software is designed to be user-friendly and customizable, allowing businesses to tailor it to their specific needs. AssetVue also offers mobile solutions for on-the-go asset tracking and management. With AssetVue, businesses can save time and money by streamlining their asset management processes and reducing the risk of lost or stolen assets.
2. Infor EAM
Infor EAM appears to be a comprehensive and flexible asset management solution designed for various industries. Its rich feature set and user-friendly interface make it a top choice. The software’s ability to track, organize, and simplify maintenance work can be highly valuable for businesses.
eMaint is another strong contender, offering a cloud-based computerized maintenance management system with a range of features. Its comprehensive nature and real-time data access from mobile devices are significant advantages. It appears to be well-suited for maintenance operations across different sectors.
UpKeep is designed as a mobile-first solution for asset tracking, making it a suitable option for organizations in various industries. It offers features like asset check-in/check-out, preventive maintenance, and barcode scanning. The free plan and reasonable pricing contribute to its appeal.
5. PowerPlan Fixed Asset Suite:
PowerPlan Fixed Asset Suite is positioned as a solution to optimize ERP and EAM systems. Its ability to automate specialized accounting processes and support various depreciation methods can be valuable for financial management.
AssetCloud is a versatile asset tracking solution suitable for various organizations, including businesses, education, and government facilities. Its ease of use, scalability, and comprehensive reporting features contribute to its appeal.
CHEQROOM appears to be a user-friendly cloud-based solution that simplifies equipment asset management. It is designed for businesses looking to track and manage valuable assets, with a focus on AV and IT equipment.
8. Fixed Assets CS
Fixed Assets CS stands out for its high customization capabilities and user-friendliness. It’s designed for efficient fixed asset management and can be used as a standalone system or integrated with other applications in the CS Professional Suite.
9. AgileAssets Software Platform
AgileAssets offers a comprehensive solution for managing infrastructure assets throughout their lifecycle. It is positioned as a systematic process for asset management, which can be particularly valuable for organizations with infrastructure assets.
Tenna is designed for industries such as construction, oil and gas, and waste management. Its asset tracking capabilities, including QR code inventory tracking tags, GPS asset trackers, and RFID tracking, make it suitable for asset-intensive industries.
11. AsseTrack FAMS
AsseTrack FAMS is designed for effective fixed asset tracking and record-keeping. It offers features like real-time tracking and customizable reporting, contributing to its appeal for businesses.
WiseTrack is tailored for law enforcement, corporate, education, and government organizations. Its features include asset tracking, check-in/check-out, maintenance management, and reporting, catering to the specific needs of these sectors.
13. IBM Maximo
No list would be complete without this tool. IBM Maximo leverages AI for asset management, predictive maintenance, and operational monitoring. While it offers advanced capabilities, it may be more complex and expensive, potentially limiting its popularity among smaller organizations.
While we can’t claim to be the best, we encourage you to check out AssetVue.
Asset accounting is the process of tracking all assets owned by a company, including both fixed and non-fixed assets, for financial and tax purposes. Fixed asset management, on the other hand, is a subset of asset accounting that specifically focuses on tracking and maintaining tangible and intangible fixed assets, such as buildings, vehicles, and patents, for financial, tax, and physical location purposes. The key difference between the two is that while asset accounting covers all assets, fixed asset management focuses exclusively on fixed assets with a useful life greater than one year.
Barcode scanning and asset lifecycle management are essential features of fixed asset inventory management software. Barcode scanning allows for efficient and accurate tracking of assets by quickly scanning barcodes, QR codes, or RFID tags. This eliminates the need for manual data entry and minimizes errors. Asset lifecycle management, on the other hand, helps organizations optimize their asset utilization by tracking and monitoring assets from procurement to disposal. This ensures that assets are properly maintained, serviced, and replaced when necessary, reducing unnecessary expenses. By using fixed asset inventory management software with barcode scanning and asset lifecycle management features, organizations can easily manage their assets, schedule maintenance, carry out audits and compliance, and track the full life cycle of each asset. This leads to enhanced accountability, forecasting, and cost savings.
When selecting fixed asset management software, it is important to consider key features that can help businesses manage their assets efficiently. These features include end-to-end visibility into the management process, asset movement tracking, frequent audits for compliance verification, central document management repository, asset status reports and rule-based alerts. Other important features include barcode labels, asset check-in/check-out, mobile apps, customization, secure access and cloud storage, multilocation support, asset lifecycle management, reporting and analytics tools, hardware management, access to a reporting dashboard and third-party software integrations. These features can help businesses save time and money while ensuring that their assets are secure and maintained properly.
To conduct a fixed asset inventory using the best fixed asset inventory management software of 2023, follow these steps:
- Start by tagging each applicable asset in every room of every building with a unique barcode.
- Next, scan each item and assign it to the appropriate room, building, or campus where the asset is located and grouped with the other assets in each location.
- Acquisition or replacement cost data is appended to your scanned data and captured in the industry-leading FAMP 11.1 asset management software, which is provided free as a part of your fixed asset inventory project.
- Use the software tool to run reports about your assets to meet compliance, tracking, and reporting needs.
- The software has a built-in tax code, accounting rules, and validation to guarantee accuracy in up-to-date calculations and compliance with the latest federal and state law tax changes.
By using this software, you can save much of employees’ time by doing the asset tracking tasks, informing about required maintenance, calculating the present and future value of your assets, and by providing many more beneficial features.
Having a reliable fixed asset management software is crucial for businesses to effectively manage their assets, prevent theft, and save time. After researching and reviewing various options, the top-rated fixed asset management software solutions are eMaint, UpKeep, Sage FAS, AssetCloud, Asset Panda, and Infor EAM. These platforms offer features such as cloud-based access, mobile inventory solutions, and automated processes to streamline asset management. However, AssetWorks is the overall best software for scalable asset management solutions. We recommend exploring these options to find the one that best suits your business needs.