Managing fixed assets can be a complex and time-consuming task, especially for businesses that own a large number of assets. Keeping track of each asset’s location, maintenance history, and depreciation can quickly become overwhelming without the right tools in place. This is where fixed asset management software comes in. Fixed assets are long-term tangible or intangible assets that a business acquires to use in its operations and generate income. Examples of fixed assets include:
- Property, plant, and equipment: This includes land, buildings, vehicles, machinery, and equipment.
- Computer hardware and software: This includes servers, desktops, laptops, and software licenses.
- Furniture and fixtures: This includes desks, chairs, shelves, and other office furnishings.
Related article: Fixed Assets Inventory and its Importance
As you may know, fixed assets are critical components of an organization’s operations, and their proper management is essential for the success and sustainability of the business. Here are some reasons why fixed assets are important:
- Capital investment: Fixed assets typically represent a significant capital investment for a business. Effective management of these assets can ensure that they are used efficiently, maintained properly, and ultimately generate the expected returns.
- Operational efficiency: Fixed assets, such as equipment or machinery, are often necessary to perform essential business operations. Effective management of these assets can ensure that they are available and functioning properly, minimizing downtime and maximizing productivity.
- Compliance: Fixed assets may be subject to regulatory compliance requirements, such as safety or environmental regulations. Proper management of these assets can ensure that the organization is in compliance and avoid any fines or legal liabilities.
- Financial reporting: Fixed assets must be accurately recorded and reported in financial statements, as they can significantly impact a company’s financial position and performance. Proper asset management can ensure accurate reporting and compliance with accounting standards.
By using the right fixed asset management software, businesses can automate many of the tasks associated with managing their assets, from recording new purchases to calculating depreciation and generating reports. This not only saves time and reduces errors but also provides greater visibility into a company’s asset base, allowing for better decision-making and increased profitability.
However, asset tracking can be time-consuming, error-prone, and inefficient without the right software. So, let’s look at the best asset tracking software in 2023.
Best fixed asset management software in 2023
IBM Maximo is a leading enterprise-level asset management software that provides a comprehensive suite of tools and features to streamline asset management, maintenance, and inventory processes. It is widely used across manufacturing, energy, transportation, and utilities to optimize asset performance, reduce downtime, and ensure regulatory compliance. Let’s delve deeper into the key features of IBM Maximo:
- Preventive and Predictive Maintenance: Maximo offers advanced preventive and predictive maintenance capabilities, allowing organizations to manage their assets and minimize unplanned downtime proactively. It enables users to create maintenance schedules based on time, usage, or condition, ensuring timely inspections, calibrations, and repairs.
- Asset Management: IBM Maximo allows businesses to track and manage assets throughout their lifecycle. It operates as a centralized store for asset information, such as equipment specifications, maintenance history, warranties, and service contracts. Users can use the program to keep track of asset locations, transfers, and modifications, ensuring accurate inventory management and better asset utilization.
- Inventory Management: IBM Maximo helps the organization streamline procurement procedures successfully. It monitors stock levels, reorders points, and supplier information to ensure that the proper components and supplies are accessible when they are required. It also supports automated buy requisitions, purchase order administration, and receipt monitoring, which improves the procurement workflow and lowers inventory holding costs.
- Work Order Management: Maximo provides robust work order management tools to enable effective maintenance execution and the ability to create, allocate, and prioritize work orders. It allows technicians to access work order details, paperwork, and instructions, increasing productivity and decreasing mistakes.
- Integration: Maximo capitalizes on the Internet of Things (IoT) capabilities to facilitate real-time asset monitoring and condition-based maintenance. By harnessing the power of IoT, Maximo empowers organizations to transition from reactive maintenance approaches to proactive and predictive maintenance strategies, ensuring enhanced asset management practices and operational efficiency.
A robust fixed asset management tool, EZOfficeInventory offers a user-friendly interface and a wealth of functionality to simplify asset tracking, upkeep, and reporting. The tools required to track and maximize your priceless assets effectively are provided by EZOfficeInventory, regardless of whether you need to manage assets in a small firm or a large corporation. Let’s look at some of EZOfficeInventory’s main features:
- Real-Time Asset Tracking: EZOfficeInventory allows businesses to track assets in real-time, delivering accurate and up-to-date information on asset locations and status. The software scans barcodes and QR codes, allowing users to identify and track assets quickly. Real-time tracking promotes visibility and responsibility, lowering the risk of asset misplacement or loss.
- Customizable Asset Fields: EZOfficeInventory users can tailor asset fields and procedures to their asset management needs. Custom attributes and data fields can be defined by organizations to capture asset information relevant to their business processes. This adaptability ensures that the program meets the specific requirements of various sectors and asset kinds.
- Work Order Management: EZOfficeInventory provides a comprehensive work order management system, empowering users to schedule and oversee maintenance tasks efficiently. This software allows users to easily create maintenance schedules, establish reminders, and assign tasks to technicians. EZOfficeInventory’s robust work order management capabilities contribute to streamlined maintenance processes and enhanced asset reliability.
- Integration: EZOfficeInventory seamlessly interfaces with external systems like accounting software and procurement systems to simplify asset management operations. Accounting system integration automatically updates asset valuations, depreciation calculations, and financial reporting.
- Asset Auditing: Auditing tools in EZOfficeInventory allow you to track asset changes, updates, and movements. Organizations can undertake regular audits to ensure data accuracy and compliance by reconciling physical assets with system records.
FMX is a flexible facilities and maintenance management software with robust fixed asset management features. It is intended to improve productivity and communication among facility management teams by streamlining maintenance processes. Let’s look at some of FMX’s important features:
- Asset management: FMX enables businesses to track and manage their fixed assets efficiently. It provides a centralized database, including asset specifics, maintenance records, warranties, and service agreements. Users may trace asset locations, transfers, and modifications to ensure precise inventory management and optimum asset utilization.
- Facility Management Tool: FMX contains facilities management tools to assist organizations in efficiently managing their spaces and resources. Reservation tracking is another FMX capability. Users may streamline space utilization, track resource availability, and schedule and manage room reservations.
- Integration: FMX easily synchronizes work order schedules, events, and reminders with well-known calendar programs like Google Calendar and Outlook. This integration encourages effective collaboration and minimizes scheduling conflicts by ensuring seamless integration of maintenance tasks into the overall organizational schedule.
- Workflow Customization: FMX allows users to tailor workflows and forms to maintenance processes and requirements. Organizations can define custom fields, checklists, and approval processes to gather essential information and streamline operations.
- Analytics and reporting: FMX has robust reporting and analytics tools that allow you to acquire valuable insights into maintenance activities and asset performance. Users can create detailed reports on maintenance history, asset utilization, work order completion rates, etc. These reports assist organizations in identifying trends, tracking key performance indicators (KPIs), and making data-driven process improvement decisions.
Infor EAM (Enterprise Asset Management) is a powerful and all-encompassing software program that optimizes asset management procedures in various industries. It provides multiple functions and features to efficiently manage assets, maximize maintenance procedures, and increase operational effectiveness. Let’s look at some of Infor EAM’s important features:
- Inventory management: Organizations may optimize inventory levels and streamline procurement procedures by using the robust inventory management tools provided by Infor EAM. Businesses can use it to automate restocking, create reorder points, and track spare parts and materials.
- Predictive Maintenance: Infor EAM enables businesses to use preventative and predictive maintenance. It encourages the development of preventive maintenance plans based on consumption, time, or condition tracking. The software integrates with IoT devices and sensors to gather real-time asset data. It allows businesses to anticipate failures, improve maintenance schedules, and lower unscheduled downtime.
- Work Order Management: To enable effective maintenance execution, Infor EAM delivers a full range of work order management tools. Users can generate, allocate, and track work orders for routine upkeep, inspections, repairs, or installations. The platform offers a central location for communication, documentation, and information related to work orders, facilitating technician collaboration and speeding up response times.
- Asset Performance Analytics: Infor EAM’s functionality to track compliance-related data, conduct audits, and provide compliance reports to assist organizations in meeting regulatory compliance requirements. Organizations may learn more about asset performance, maintenance costs, and resource utilization thanks to the software’s extensive analytics and reporting capabilities. Making educated decisions, maximizing asset lifecycles, and raising operational effectiveness are all made possible by these insights.
- Integration: Infor EAM readily interfaces with other business systems, including finance management software and ERP (Enterprise Resource Planning). Through this integration, operations are streamlined, data silos are eliminated, and data synchronization is possible. For instance, accurate tracking of asset values, depreciation, and financial reporting is made possible via connectivity with financial systems.
The Infraon Assets software is a potent tool created to help firms track their physical assets and manage their lifecycles effectively. The platform allows companies to track asset location, condition, and history effortlessly. The software precisely tracks the movement of assets using barcodes and QR code scanners, giving a thorough picture of the assets’ whereabouts.
Businesses that utilize Infraon Assets obtain a comprehensive view of their asset inventory, allowing them to make educated decisions about equipment utilization, replacement, and maintenance planning. The complete capabilities of the program enable firms to optimize asset performance, increase asset lifespan, and minimize downtime. Infraon Assets is a feature-rich software solution that provides a wide range of features for managing physical assets effectively. Let’s have a look at some of Infraon Assets’ essential features:
- Real-time Asset Tracking: Infraon Assets offers real-time asset tracking, allowing organizations to keep track of their assets’ location and status. The software employs barcode and QR code scanning technologies, allowing users to track asset movement conveniently. Real-time tracking promotes visibility and responsibility, lowering the risk of asset misplacement or loss.
- IT Asset Lifecycle Management: To maximize the use of your IT assets, Infraon IT Asset Lifecycle Management provides a centralized, low-code platform. Tracking financial, compliance, and legal issues while monitoring the total asset ROI will help you make wise purchasing selections. Organizations can manage IT assets through acquisition, upkeep, depreciation, and disposal. Businesses may create PO requisitions, workflow, and approvals using the configurable workflow.
- Software Asset Management: With integrated software asset management features, Infraon software asset management systems enable organizations to manage different asset journeys. Using automated software discovery, you may scan software assets automatically and find any hindrances to effective governance and software asset management. Using a software whitelisting and blacklisting system, organizations can also avoid future risks and mitigate the harm caused by existing breaches.
- Asset Inventory: Utilize barcoding, RFID, and GPS technology to identify fixed assets using Infraon inventory. Organizations can significantly reduce manual inventory & reconciliation operations while saving time and money. Additionally, businesses can maintain up-to-date knowledge of the most recent rules and standards for fixed asset accounting and will promote enterprise-wide compliance.
- Integration: Infraon Assets offers seamless integration with barcode and QR code scanners, streamlining the asset tracking process. Infraon integration eliminates the risk of manual data entry errors and significantly saves time during asset management activities. With Infraon Assets’ integration with barcode and QR code scanners, businesses can enjoy a streamlined, error-free asset-tracking experience.
Fiix is a cloud-based software that offers a comprehensive fixed asset management solution. It enables businesses to track and manage their fixed assets, such as equipment, machinery, and buildings, throughout their entire lifecycle, from acquisition to disposal.
- Asset tracking and history: Fiix provides real-time tracking and complete history of each asset, including maintenance records, service history, and repair costs.
- Asset depreciation and valuation: Fiix tracks and calculates asset depreciation and provides accurate valuation of assets.
- Preventive maintenance scheduling: Fiix automates preventive maintenance scheduling and ensures equipment is serviced at the right time to minimize downtime.
- Work order management: Fiix streamlines work order management and helps to prioritize work orders based on asset criticality and maintenance needs.
- Analytics and reporting: Fiix provides comprehensive analytics and reporting, allowing businesses to monitor asset performance, identify trends, and make data-driven decisions.
Fishbowl’s fixed asset management module provides businesses with an efficient and accurate way to track their fixed assets and manage their depreciation over time. By automating these processes, businesses can save time and reduce errors, while gaining greater visibility into their asset base and its value.
- Asset tracking and depreciation: Fishbowl allows businesses to track and manage their fixed assets and calculate asset depreciation using various methods, such as straight-line or declining balance.
- Maintenance scheduling: Fishbowl helps businesses schedule preventive maintenance and track repairs and services for their fixed assets.
- Reporting and analytics: Fishbowl provides comprehensive reporting and analytics, enabling businesses to track asset history, maintenance costs, and other important metrics.
- Barcode scanning: Fishbowl supports barcode scanning, making it easy to track and manage assets in real-time.
- Integration: Fishbowl integrates with other software, such as QuickBooks and Salesforce, making it easy to manage assets alongside other business processes.
ManageEngine AssetExplorer provides robust fixed asset management capabilities that help organizations effectively manage their assets throughout their lifecycle. With AssetExplorer, organizations can track fixed assets’ purchase history, maintenance schedules, depreciation, and disposal.
- Asset tracking: AssetExplorer allows businesses to track and manage their fixed assets, including tracking asset location, ownership, and other important details.
- Depreciation tracking: AssetExplorer helps businesses calculate and track asset depreciation using various depreciation methods, including straight-line and declining balance.
- Maintenance tracking: AssetExplorer enables businesses to schedule and track maintenance and repairs for their fixed assets.
- Integration: AssetExplorer integrates with other software, such as Active Directory and ServiceDesk Plus, making it easy to manage fixed assets alongside other IT asset management processes.
AssetWorks offers a suite of software solutions, including fixed asset management, to help organizations manage their assets throughout their lifecycle. These capabilities enable organizations to track their assets’ usage, value, and maintenance history, improve compliance, and reduce the risk of loss or theft.
- Asset tracking: AssetWorks allows businesses to track and manage their fixed assets, including tracking asset location, ownership, and other important details.
- Depreciation tracking: AssetWorks helps businesses calculate and track asset depreciation using various depreciation methods, including straight-line and declining balance.
- Barcode and RFID tracking: AssetWorks provides barcode and RFID tracking capabilities, allowing businesses to quickly and accurately track their fixed assets.
- Compliance management: AssetWorks helps businesses comply with financial reporting regulations and standards, including GASB and IFRS.
- Integration: AssetWorks integrates with other software, such as ERP and accounting systems, making it easy to manage fixed assets alongside other financial processes.
With UpKeep’s fixed asset management capabilities, businesses can easily manage and track their fixed assets, including equipment, machinery, buildings, and more. It helps them gain greater visibility into their assets, streamline operations, and maximize the value of their investments.
- Asset categorization: UpKeep allows businesses to categorize their fixed assets by type, location, department, or any other relevant criteria, making it easy to group and manage similar assets.
- Warranty tracking: UpKeep enables businesses to track warranty information for their fixed assets, including warranty expiration dates, coverage details, and repair history.
- Asset history: UpKeep provides a complete history of each fixed asset, including purchase date, maintenance records, and any upgrades or repairs.
- Asset disposal: UpKeep allows businesses to track the disposal of fixed assets, including sale, donation, or disposal.
- Audit trails: UpKeep maintains a comprehensive audit trail of all changes made to fixed asset records, providing transparency and accountability.
Tap into the power of Infraon’s Fixed Asset Management Capabilities
Infraon’s GDPR-compliant Fixed Asset Management solution helps manage the lifecycles of fixed assets like PCs, laptops, furniture, storage devices, etc., with a 360-degree view into their overall performance. You can easily monitor and manage mission-critical fixed assets to avoid loss, failures, or other factors that affect their lifetime value.
- Fixed Asset Lifecycle Management: Digitalize all the records of your fixed assets and effortlessly monitor them
- Acquisition and Commissioning: Automate the creation of asset registry and other prerequisites.
- Fixed Asset Visibility: Enhance decision-making abilities with a single source of truth
- Fixed Asset Inventory and Reconciliation: Tag fixed assets by using barcoding, RFID & GPS technologies and eliminate manual inventory/reconciliation workflows
- Fixed Asset Compliance: Drive enterprise-wide compliance by staying updated as per the latest fixed asset accounting standards and regulations.
- Fixed Asset Reporting: Unearth valuable inputs about fixed assets through usage data.
Related article: Why Fixed Asset Management is Important and How to Automate It?
Using the right fixed asset management software is essential for any business that wants to accurately track and manage its assets over time. With the right software, businesses can efficiently record all of their fixed assets, calculate depreciation, and generate reports to help with maintenance, tax compliance, and other critical tasks. By automating these processes, businesses can save time, reduce errors, and gain greater visibility into their asset base, which can lead to improved decision-making and increased profitability. In some cases, choosing the right fixed asset management software can be a significant investment, but the benefits it can provide make it well worth the cost for most businesses.