Did you know that nearly 80% of employees across industries spend thirty minutes daily trying to retrieve information about their assets? Whether you’re a small business owner, a financial expert, or an industry tycoon, keeping track of your assets is super crucial for the success of any organization in today’s fast-paced business world. This is where the need for the best IT asset management software comes into the picture. From tracking hardware and software to optimizing resource allocation and minimizing risks, IT asset management software plays a pivotal role in enabling efficient operations and maximizing returns on technology investments.

Significance of Best IT Asset Management Software

The significance of the best IT Asset Management (ITAM) software lies in its ability to help organizations effectively manage and optimize their IT assets throughout their lifecycle. Here are some key reasons why ITAM software is significant:

Asset tracking and inventory management

ITAM software enables organizations to maintain a comprehensive and up-to-date inventory of their IT assets, including hardware, software, and network devices. It tracks asset details such as purchase dates, warranties, licenses, configurations, and locations, providing a centralized view of the entire IT infrastructure.

Cost savings and budget optimization

By providing accurate information about IT assets, including their utilization, maintenance requirements, and lifecycles, ITAM software allows organizations to optimize their IT spending. It helps identify underutilized or redundant assets, avoid unnecessary purchases, negotiate better vendor contracts, and plan for asset replacements and upgrades.

Compliance and license management

ITAM software assists organizations in managing software licenses and ensuring compliance with legal and contractual obligations. It helps track software deployments, licenses owned, license terms, and usage data to prevent non-compliance penalties and minimize the risk of audits.

Risk mitigation and security

ITAM software enhances security by ensuring that all IT assets are properly accounted for and regularly updated with the latest security patches. It enables organizations to identify vulnerabilities, assess risks, and implement necessary security measures to protect sensitive data and systems from potential breaches.

Efficient support and maintenance

With ITAM software, organizations can streamline support and maintenance processes. It helps schedule and track maintenance tasks, record service history, and automated ticketing systems, ensuring timely repairs, updates, and replacements. This leads to improved system availability, reduced downtime, and enhanced user productivity.

Asset lifecycle management

ITAM software facilitates effective management of the entire asset lifecycle, from procurement to retirement. It assists in planning and budgeting for asset replacements, optimizing asset usage, and ensuring proper disposal or recycling of retired assets in compliance with environmental regulations.

Decision-making and reporting

ITAM software provides real-time visibility and actionable insights into IT assets, enabling informed decision-making. It generates detailed reports and analytics on asset utilization, costs, compliance, and performance, empowering organizations to make data-driven decisions to optimize their IT operations and investments.

Overall, the best IT Asset Management software helps organizations streamline their IT operations, reduce costs, mitigate risks, and maximize the value of their IT assets. It provides a centralized and comprehensive view of the IT infrastructure, enabling efficient management, improved security, and better decision-making.

Why is IT Asset Management Software Extremely Important?

ITAM is crucial for businesses today for several reasons, such as:

• Cost savings: ITAM helps businesses save costs by tracking and managing their IT assets, optimizing usage, and avoiding unnecessary purchases. This allows businesses to better allocate their resources and reduce waste.

• Compliance: ITAM helps businesses comply with licensing agreements, regulatory requirements, and security policies. Failure to comply can result in legal and financial penalties, reputation damage, and business loss.

• Risk management: ITAM helps businesses manage the risks associated with their IT assets, such as security breaches, data loss, and system failures. Businesses can minimize their impact and prevent downtime by identifying and addressing potential risks.

• Efficiency: ITAM helps businesses improve efficiency by streamlining processes, reducing downtime, and enhancing productivity. This allows businesses to focus on their core operations and achieve their goals more effectively.

• Strategic planning: ITAM helps businesses make informed decisions about their IT investments and align their IT strategy with their overall business strategy. This enables businesses to stay competitive, adapt to changing market conditions, and achieve long-term goals.

The 10 Best IT Asset Management Software in 2023

IT Asset Management (ITAM) is a critical function for any organization, and choosing the right software to manage your IT assets can make all the difference. Many ITAM software options are available, but here we will discuss the top five that stand out in terms of features, capabilities, and ease of use.

1) SolarWinds Service Desk

SolarWinds Service Desk is a comprehensive ITSM and ITAM software that offers a wide range of capabilities, including asset discovery and inventory, software and hardware tracking, license management, and reporting. It offers a user-friendly interface and easy customization options to suit different organizational needs. SolarWinds Service Desk’s integrated platform allows seamless collaboration between IT and other departments, providing better visibility and control over assets and costs.

2) ManageEngine AssetExplorer

ManageEngine AssetExplorer is another popular ITAM software with comprehensive asset management, inventory tracking, and software license management capabilities. It offers automated discovery and asset tracking features, enabling organizations to identify and manage hardware and software assets across their IT infrastructure. It also provides real-time visibility into asset usage and costs, helping organizations to optimize asset utilization and reduce costs.

3) Ivanti IT Asset Management Suite

Ivanti IT Asset Management Suite is a powerful ITAM software that provides robust asset discovery and inventory capabilities, software and hardware tracking, license management, and reporting. Its intuitive interface and user-friendly dashboards make it easy for IT teams to manage their assets, while its automation features help organizations to reduce the time and effort required for manual asset management. It also integrates with other Ivanti solutions, such as endpoint management and security, for a more comprehensive IT management experience.

4) Freshservice

Freshservice is an ITSM and ITAM software that provides asset discovery and inventory, software and hardware tracking, and license management capabilities. Its cloud-based platform is easy to use and offers real-time visibility into asset usage and costs. Freshservice also offers automation features, including automated asset discovery and tracking, to help organizations reduce manual effort and improve efficiency. It also offers customizable workflows and a mobile app for on-the-go asset management.

5) ServiceNow IT Asset Management

ServiceNow IT Asset Management is a comprehensive ITAM software that offers automated asset discovery and inventory, software and hardware tracking, license management, and reporting. Its integration with other ServiceNow solutions, such as ITSM and CMDB, provides a more holistic IT management experience. It also offers a user-friendly interface and easy customization options, allowing organizations to tailor the software to their specific needs. ServiceNow IT Asset Management also provides real-time insights into asset usage and costs, helping organizations optimize their asset utilization and reduce costs.

6) Snipe-IT

Snipe-IT is an open-source ITAM software that provides asset tracking, inventory management, and reporting capabilities. It offers automated asset discovery, hardware and software tracking, and depreciation management, making it easy for organizations to manage their assets and track their value over time. Snipe-IT’s user-friendly interface and customizable dashboards make it easy for IT teams to gain real-time insights into asset usage and costs.

7) IBM Maximo Asset Management

IBM Maximo Asset Management is a comprehensive ITAM software that offers asset discovery and inventory, hardware and software tracking, and license management capabilities. Its advanced analytics and reporting features enable organizations to gain deeper insights into asset utilization and costs. At the same time, its integration with other IBM solutions, such as IBM Watson, provides a more powerful and holistic IT management experience. IBM Maximo Asset Management also offers mobile access and customizable dashboards for on-the-go asset management.

8) Device42

Device42 is a cloud-based ITAM software that provides a complete view of IT infrastructure, including hardware and software assets, network components, and applications. It offers automated discovery and inventory, real-time asset tracking, and configuration management capabilities. In addition, Device42’s customizable dashboards and reports provide insights into asset usage, costs, and dependencies. The software also offers integration with other IT management tools and services, such as ITSM and CMDB, for more comprehensive asset management.

9) SysAid

SysAid is an ITSM and ITAM software that offers asset discovery and inventory, hardware and software tracking, and license management capabilities. Its user-friendly interface and customizable workflows make it easy for IT teams to manage their assets and automate manual tasks. SysAid’s asset management features integrate with other SysAid solutions, such as ITSM and CMDB, for a more comprehensive IT management experience. The software also offers mobile access and customizable dashboards for on-the-go asset management.

10) BMC Helix Discovery

BMC Helix Discovery is a cloud-based ITAM software that offers comprehensive asset discovery and inventory, hardware and software tracking, and license management capabilities. Its automated discovery capabilities enable organizations to quickly and easily discover all devices and applications on their network, while its advanced analytics and reporting features provide insights into asset usage, costs, and dependencies. BMC Helix Discovery also offers integration with other BMC solutions, such as ITSM and CMDB, for a more comprehensive IT management experience.

Infraon’s state-of-the-art ITAM solutions to become future-ready

Infraon Assets is a no-code SaaS platform with all the ITAM solutions you need. It empowers your teams to reduce IT asset management expenses by 20%, minimize go-live time by 45%, increase IT team productivity by 60%, and lower the asset visibility gap by 80%+.

Feature highlights

• IT Asset Lifecycle Management 
• Asset Allocation Workflow 
• IT Hardware Asset Management 
• Agent & Agentless Asset Discovery 
• Software Asset Management 
• Network Discovery 
• Vendor Management 
• Access Control (Field-level, Role-based) 
• Location Management 
• Actionable Cost Analysis

Conclusion

Choosing the right ITAM software is an essential decision for organizations that want to manage and optimize their IT assets effectively. With so many software options available, it’s crucial to carefully evaluate your organization’s needs and requirements to find the right fit. The key factors to consider when selecting ITAM software include asset discovery and inventory capabilities, hardware and software tracking features, license management capabilities, customization options, integration with other IT management tools and services, reporting and analytics capabilities, and ease of use.

By choosing the right ITAM software, organizations can gain better visibility into their IT infrastructure, streamline asset management processes, reduce costs, and improve efficiency. It’s worth taking the time to find the right ITAM software to ensure the best possible outcomes for your organization’s IT asset management efforts.