In 2024, asset management software will be a valuable asset for companies that are struggling to obtain optimal productivity and increased performance. This guide looks into the 10 top solutions that provide robust functionalities of assets management of tracking, managing and optimising of the assets. Get to know the best solutions that can improve performance and growth in the conditions of the contemporary business environment.
What Is an Asset Management Software?
Enterprise Asset Management Software refers to a program that is used in tracking, monitoring and managing the assets of a given company or organisation. Assets management software allows you to track the performance of each asset from the time that it is being obtained to the moment that it is being disposed of. Other advantages that can be obtained include procurement details, maintenance records, the location of the item, and responsible personnel assignments.
What has been noted is that for a firm, fixed asset tracking software provides a sort of order to the chaos. It assists you in avoiding such mayhem of damaged or compromised assets as well as helping in compliance and budgeting. It shows you how to acquire the assets right, operate them optimally, and maintain them effectively. Not to mention the icing on the cake: reduction of costs and prolongation of assets’ useful life is an important job done by asset management software.
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10 Major Asset Management Software Solutions
Mentioned below are the 10 Major Asset Management Software solutions to fit your needs for 2024 that you should consider. Using these, anyone could improve the productivity of their businesses or firms:
- Cohesion:
Kohezion is an online database system for companies that seek an easily programmable and easily established asset-tracking system. Kohezion distinguishes itself from the rest in developing custom applications without a single line of code.
Top 5 Features:
- Application development tool that allows the application to be built through a drag-and-drop method to track specific assets.
- options to sub-categories and quick search methods to speed up quick and easy data retrieval on the assets are available in Kohezion.
- Includes capabilities that leverage the schedule for maintenance and other asset-related activities.
- Sufficient analytical reporting features that enable a user to create comprehensive reports in the shortest time possible.
- A tangible and secure cloud-based environment. Can secure any given data while allowing for instant access 24/7.
- Asset Panda:
Asset Panda provides flexibility and mobility making it possible for the end user to take data with him or her wherever he or she goes. All in all, this equipment maintenance log software is a perfect option for those willing to be as selective as possible regarding the kind of asset tracking available.
Top 5 Features:
- Fully customizable interfaces, fields, and reports according to companies’ specific business methods.
- Mobile App Compatibility–the ability to access the asset data from anywhere.
- Using bar/QR code scanning technology for the fast reconciliation of assets in and out.
- Compatibility with other solutions with the ability to integrate existing processes.
- Cloud tracking enables all the information of the assets to be updated and stored safely.
- IBM Maximo
IBM Maximo is aligned for large businesses and organisations having specific requirements as it provides a cloud solution. It centres on getting the most out of all its assets’ life and achieving the highest levels of functionality.
Top 5 Features:
- Improved predictive maintenance by incorporating AI for the avoidance of any problem that may occur in the future.
- End-to-end asset management solution right from the acquisition phase till the disposal phase is over.
- The assessment of full health and performance data of assets in real-time or over operational locations.
- Orderly and strict work order that facilitates the efficient manner of going about the maintenance processes.
- Very positive integration with other enterprise systems and IoT devices.
- Manage Engine Asset Explorer
Another thing that makes ManageEngine AssetExplorer remarkable is that Asset Management in this program involves work order management software for small business during each stage of the life cycle. Being easy to install and possessing great detail for tracking inventories, AssetExplorer is a universal solution for the management of assets.
Top 5 Features:
- Full tracking of assets within the IT field ranges from the company hardware and software applications.
- A basic concept of automated asset identification so that you can easily update your inventory without much work.
- A program in helping organisations to avoid any compliance and audit non-compliance in software licence.
- Flexible reporting and revolutionary analytical tools provide valuable information on the IT asset’s performance.
- Contract management that would provide appreciation on the vendor and reminder of the expirations of the contracts.
- Oracle Asset Management
Oracle Enterprise Asset Management Software comprises powerful and integrated functionalities for those organisations that have the objective to manage their asset for receipt and performance. By being integrated with other Oracle products and flexible in customising structures of asset management, some organisations may go for this when in dire need of an all-rounded and strong product.
Top 5 Features:
- Soft/Integrative solutions for an effective and efficient tracking of assets and optimum management of total cost of ownership.
- Conversely, they are flexible and relatively easy to adapt to the requirements of different organisations.
- Prioritising schemes in maintenance include provisions that assist in avoiding equipment breakdown and increase the asset’s useful life.
- A well-integrated system of work orders that would enable proper scheduling of repair and maintenance operations.
- Lifecycle management that includes acquisition, maintenance, repair, and disposal.
- WorkTrek
WorkTrek brings a very realistic and effective asset management software program. It is easy to grasp and how it is designed also makes it possible to implement in different organisations.
Top 5 Features:
- The tracking of assets to be lean and quick to reduce the amount of time spent on tracking the inventory.
- An internet-based platform that provides optimal and convenient control of assets at any time.
- Maintenance deployment characteristics are used to have assets in the optimum state in advance.
- Analytics-based reporting tools are used for further reporting that enhances the decision-making process.
- To ensure that your business prospers and expands in the future, options for scalability are made available.
- MMSOFT Pulseway:
MMSOFT Pulseway is also quite effective for businesses that have to have more control over it asset management solution through their mobile devices. Established for its functionality with a mobile management Plug, Pulseway is for IT administrators who must control and observe.
Top 5 Features:
- Alerts that allow you to know the state of your systems from time to time.
- A rich functional mobility solution that permits total command from your strong telephone.
- Use of automated methods to make as many IT processes and responses as possible more efficient.
- Remote desktop feature that you can take control of user’s computers and provide support for them without having physical access.
- Tunable reports that give you information about the state of your IT environment.
- Fix:
Fix by Rockwell Automation system has gained its reputation as the software aimed at making maintenance work in real-time. It helps give a clear picture of the assets and equipment.
Top 5 Features:
- Ease to use the product by users in viewing and analysing information of the assets on the platform.
- Maintenance order tracking to guarantee that tasks are well arranged in the right work order and performed in a very efficient manner.
- Inventory management for status awareness on the condition and status of assets present within the organisation.
- Scheduling for preventive maintenance can assist the company in reducing costly downtimes and overhauls.
- Subsystems ensure that a replenishment level of parts and supplies that allows for effective use is available.
- GoCodes
This is how GoCodes brings the comfort of using QR codes into the process of managing physical assets disregarding their type. However, being easy to work with and easy to implement, it is a cheap system that provides convenient work with powerful tools.
Top 5 Features:
- A patented bar code that can be scanned by mobile phone.
- Real-time GPS tracking where the location is captured every time an asset scan is completed.
- This can be done if the inventory is stored in the cloud thus allowing users to access it from any device that fits an internet browser.
- Sign-in/out functions allow for streamlined control of assets’ circulation.
- Inventory quantity notification and automated reminders for consumables usage tracking and assets’ return.
- eMaint
eMaint, which is a product of Fluke company, is a highly functional Computerised Maintenance Management System (CMMS). This is intended to assist any organisation, regardless of size, to tackle its maintenance function, to extend the life of its assets and to optimise reliability.
Top 5 Features:
- Maintenance Request Management to improve the choreographed processing of work orders.
- The ability to manage predictive maintenance, which involves condition monitoring for possible action.
- Asset organisation for viewing all assets and their dependencies, mainly the equipment.
- Additional guides for scheduling tools that would help in carrying out preventive maintenance for a longer asset life and efficiency.
- Effective stock control that would guarantee stock out of components and other material/essentials.
Benefits of Asset Management Software
There are various benefits that can be derived from using the Enterprise Asset Management Software which would enhance more efficiency and orderliness. Below highlighted are some of the major advantages.
- Improved Asset Tracking
Better asset management gives a detailed picture of every tool available in the field, between the hands of various employees or within the company’s four walls. This feature is commonly bundled with barcode or QR code that enables the check in and out of assets to be seamless usually.
Better control of assets means that one is aware where they are, who is using them and their history of maintenance and service. This can greatly minimise the time spent on a search or an audit for the assets. Solutions to rid the error causing methods of the past such as manual logs, or having spread across spreadsheets helps to save time, reduce losses from theft or loss, and enhance asset and resource use.
- Real Time Tracker
Asset management systems leverage sensors and the Internet to give real-time updates of location, status, and usage. This assists in the tracking of the performance of the assets and makes immediate remedial action whenever needed.
With these capabilities, you can also monitor its resources, schedule maintenance and track inventories accurately. Real-time monitoring can be really beneficial for companies depending on flawless functioning of the machinery, automobile or any equipment they use.
- Simplified Asset Location
Simplified asset location refers to the ability of determining an asset’s real-time location hence not having to guess its location. Cabinet digging or running from site to site in search of a particular equipment is no longer a thing of the past. Now, you do not need to flip through a map or the list you prepared on paper and in your head. Reducing time wastage and addressing the best usage and rotation of certain assets are made possible by this functionality.
- Removal of Ghost Assets
Ghost assets are the assets that appear on your balance sheet but are nonexistent or can’t be traced. Asset management software conscientiously maintains a record of the existence and status of every single asset. Hence these reports can quickly point towards such figures and eradicate them. It can also assist in avoiding mistakes in reporting the value of certain assets or balances that will cost you a lot of money since it will make sure you are not overtaxed.
These are assets which can either be lost, stolen or disposed of without adequate records hence a nuisance to the business. It also provides assurance that your assets register is accurate, and up to date on account of the asset management software.
Unlock the Benefits of Asset Management Software With LLumin
For industrial and manufacturing plants looking for a single source solution that will help achieve significant improvements in uptime and reduce the MTTR, turn to Llumin’s CMMS+ enterprise asset management software. Thanks to the Enterprise Asset Management software by LLumin, you can achieve maximum efficiency in maintenance management and enhance your company’s assets’ performance.
Let us look at some of the notable benefits of assets management software with LLumin:
- Maximise Uptime
Through adopting LLumin’s CMMS+ software, machine uptime can be improved through facilitating the exchange of communication between maintenance and production. Viewing real-time machine health information, and setting up notices for machines that need fixing before they develop major problems is made easier.
- Reduce MTTR
Our web-based CMMS+ application can potentially lower the first year’s unwanted downtime by 40% and the Mean Time To Repair by 20% within the second year of operation.
- Manage Risk
Our CMMS+ software offers plant managers the knowledge and tools they need as well as the authority in order to provide safety and manage risks more effectively. This is done with special Regulatory compliance options that can immediately implement and track regulatory compliance procedures.
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Conclusion
With the right Enterprise Asset Management Software, what seemed complicated becomes easy, what was time-consuming becomes efficient and what was once information becomes knowledge. Every solution here provides its specific advantages and features as well as approaches to solve your business’s issues. The selection of the debugging tool always depends upon the features it offers, ease of use, capability to scale up, and, of course, the price. Hence, choose wisely!
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