IT Asset Management Software For Business in 2021

Features of IT Asset Management Software

The primary purpose of IT asset management software is to track, manage, and maintain IT assets. But some modern-day solutions also offer additional functionalities, such as mobile access and integration. Here are some of the salient features of best IT asset management software.

 

1. Real-time Information

Real-time asset-related information is one of the essential features of an IT asset management solution. This feature helps you get real-time insights into the current assets

possessed by your organization. This includes the number of assets in different locations, the assets currently being utilized, the employees using the assets, and more.

Therefore, you can seamlessly manage your assets and improve your scheduling and task planning operations.

 

2. Asset Tracking

The fundamental feature of IT asset management software is asset tracking. This feature lets you know the intricate details of your assets. It also assists you with their scheduling and maintenance.

When different employees and departments use different assets, the risk of your assets going out of radar is high. With the asset tracking feature, you can keep an eye on your assets, along with tracking maintenance records to analyze its disposal value.

 

3. Cloud Support

Cloud technology erupted from the IT industry. So, it’s no surprise that an IT asset management solution includes powerful cloud-based capabilities. It stores all your asset-related information on the cloud so that you can access it anytime and anywhere. Cloud capabilities further help your organization save money and resources.

 

4. Integration

Efficient IT asset management requires the centralization of all assets. The integration feature of this software enables you to integrate with other systems and software solutions. Thus, your employees can skip the hurdle of switching between platforms.

Integration also offers superior functionality to your IT department. For example, it allows them to gather all software and hardware-related information from a single tool.

 

5. Mobile Support

Mobility is an essential aspect of IT asset management solutions. Though most IT assets can be managed from one place, some heavy machinery and devices require remote inspection. In such scenarios, mobile support can be very handy.

Most of the modern-day IT asset management systems come with a mobile app. Therefore, you can easily access, track, and manage your assets from anywhere.

 

Top IT Asset Management Software Vendor Comparison By Company Size

The IT asset management market was valued at $1.09 billion in 2019 and was expected to reach $2.08 billion by 2025, with an 11.4% CAGR.

The increasing implementation of technology is the biggest driver of this growth. Organizations across all industries are prioritizing IT expansion, which has led to the demand for robust IT asset management solutions.

The top 5 IT asset management software by market share are:

  • Genesis
  • ABB (Ellipse)
  • Assetworks
  • IBM
  • Oracle

Top IT Asset Management Software Vendors for Enterprises

Large enterprises are continually expanding their IT inventory. Therefore, they should look for a solution that offers flexible accommodation of assets. In addition, enterprises should find a solution that provides robust security and integrates with other enterprise systems.

The best IT asset management software vendors for enterprises are:

  • ManageEngine AssetExplorer
  • InvGate Assets
  • Ivanti IT Asset Management

Challenges to IT Asset Management System Implementation

IT asset management systems can help IT admins and desk managers through the process of procurement, assignment, and disposal of IT assets. However, using IT asset management software can be challenging, especially during the initial phase of its implementation.

 

1. Management Chaos

Having a cutting-edge asset management solution is good, but what if you don’t have an adequate asset inventory? Most businesses lack an efficient asset inventory, which reduces the effectiveness of best asset management software. Companies mostly rely on Excel sheets and homegrown tools that don’t provide a comprehensive look into asset information.

 

2. The Nature of Change

All pieces of IT equipment, be it hardware or software, have an expiry date. Someday, a part of hardware will go dysfunctional, or a new upgrade to a software solution will be available. To manage these dates and changes, your team will need to manually add information into the IT asset management software. And even after updating this data, the risk of sudden changes in IT assets remains high.

 

3. Procurement and Budgetary Blindness

The primary objective of an IT asset management system is to improve your IT asset buying and disposal decisions. But to make those decisions correctly, you’ll first need to upload all information about your existing IT infrastructure in the new system.

And since most IT asset management solutions lack efficient migration features, your team might spend extra hours moving the necessary information.

 

4. Adaptability

We often talk about adaptability and training issues with new software implementation. And although it may sound ironic, IT managers and admins will need time and necessary training to get used to a new IT platform. No matter how technically proficient your IT is, a new system brings some changes that they’ll need to adapt to.

 

5. Cost

IT asset management systems are some of the expensive software solutions out there. They bring transparency to an organization and play a pivotal role in making the lives of the IT department easier.

But they’re also costly and come with significant management and maintenance costs. Thus, make sure to devise a clear strategy before implementing IT asset management software.

 

Latest Market Trends in IT Asset Management Software

Organizations nowadays aren’t only recognized by the number of employees they have but also from the assets they own. The importance of procuring and managing assets has increased over the past years. This, in turn, has catalyzed new trends in the IT asset management software market.

Here are some latest IT asset management software trends to look out for in 2021 and beyond.

 

1. Cloud-Based Systems:

Most companies still rely on an on-premise IT asset management system. This practice can soon witness a shift as the relevance of mobility is rising in asset management. IT managers and admins want to access their assets remotely for better functionality. Besides, the additional benefits the cloud technology offers are why IT asset management systems are adopting cloud technology.

 

2. Mobile Use:

One of the applications of the cloud is mobile usage. The use of a smartphone is increasing, not only for personal use but also in business settings. Therefore, asset software vendors are prioritizing the inclusion of mobile capabilities.

 

3. Universal Barcode:

Recording all the assets one by one is tedious. The use of barcodes resolves this hurdle. With barcodes, companies can easily track an asset’s details without spending hours looking into complex databases.

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