Best Asset Tracking Software

As a business owner, the task of tracking various assets like laptops, machines, trucks, and furniture can be demanding. Accurately maintaining records for all these assets becomes crucial but challenging. Improving the asset tracking process becomes a priority to ensure efficiency and better management of the business's diverse range of valuable resources.

Fortunately, asset tracking software provides a solution by streamlining operations and ensuring accurate records, which is crucial for companies of all industries, including manufacturing, healthcare, construction, education, and retail.

With asset tracking software, you can centralize data, improve inventory management, optimize maintenance, and enhance resource allocation. Invest in the right asset management solution to boost efficiency, reduce costs, and increase productivity.

We'll take a deep dive into asset tracking software in this thorough guide, analyzing its unique features and benefits, the issues you may face, the newest trends, pricing information, and check out the best 5 asset tracking software solutions on the market.

By the end of this guide, you'll have all the knowledge you need to make an educated decision and select the finest asset tracking software for your company.

So, let's get started!

What does Asset Tracking Software mean?

Asset tracking software program is a technological solution that assists corporations in monitoring and managing their assets. This software often uses barcode or QR code scanning, GPS tracking, and other means to track the location, status, and condition of business assets. It provides businesses real-time data on their assets, allowing them to make informed asset management decisions.

Who Uses Asset Tracking Software?

Manufacturing, logistics, construction, healthcare, education, information technology, and retail all employ better asset tracking and monitoring software. The following sectors benefit from asset-tracking software:

1. Manufacturing

In manufacturing, asset tracking software is critical for effective inventory tracking of raw materials and completed commodities. Real-time visibility streamlines operations and ensures optimum resource utilization by optimizing production and distribution processes. It aids in avoiding stock outs, reducing production delays, and increasing overall productivity.

2. Logistics

In Logistics, asset tracking software allows for efficient inventory tracking by giving real-time information on quantity, location, and movement. It improves inventory management by lowering stockouts and surplus. Tracking shipments precisely boosts customer happiness by providing correct information. This program assures proper product choosing and packing while also reducing costs associated with wrong delivery.

3. Construction

Asset tracking software is extremely useful in the construction industry for tracking equipment, tools, and materials and minimizing loss or theft. It allows for resource allocation, reduces asset loss, and saves downtime. The program facilitates maintenance scheduling while also eliminating unforeseen breakdowns and increasing project efficiency.

4. Healthcare

In healthcare, asset tracking software is critical for tracking medical equipment, supplies, and prescriptions. It assures patient care availability and maintains expiration dates to prevent waste. The program reduces theft and loss while increasing asset utilization for expensive medical equipment.

5. IT and Technology

Asset tracking software is critical for managing hardware and software assets in IT and technology firms. It offers centralized tracking throughout their lives, including inventory and allocation management. The software maintains the warranty and license, lowering the chance of infringement. IT organizations properly track assets to allocate resources wisely and schedule maintenance and upgrades.

6. Education

Asset tracking software aids educational institutions by tracking equipment, furniture, and books, thereby preventing loss or misplacement. It ensures resource availability and aids in maintenance scheduling, hence lowering expenses.

7. Retail

In retail, asset monitoring software is critical for tracking inventory, displays, and fixtures. It keeps correct inventory records, ensuring customer availability. Real-time tracking avoids theft, minimizes losses, and aids with inventory management. Inventory management that is optimized promotes customer satisfaction, operational efficiency, and profitability.

Features of Asset Tracking App

Asset tracking apps offer several features that make asset tracking more efficient and effective. Here are some of the features to look for in an asset tracking app:

1. Barcode/QR code scanning

Barcode/QR code scanning is crucial for asset tracking apps, enabling users to scan and identify objects quickly. By eliminating manual data entry, this feature minimizes errors and saves time.Some apps even support numerous barcode formats, making it simple to track assets with several types of labels.

2. GPS tracking

GPS tracking is another crucial feature that allows users to track the location of assets in real time, making it easier to find them and ensuring that they are not forgotten or lost.It is greatly beneficial for tracking assets that are always in motion, such as automobiles or construction equipment.

3. Maintenance tracking

 Asset tracking apps benefit from maintenance tracking since it helps users to schedule and manage asset upkeep. Users can use this tool to schedule reminders for impending maintenance chores and track the status of completed activities.This can help to ensure that assets are well-maintained and can help to extend their lives.

4. Customizable fields

Customization fields are an important feature since they enable users to tailor the app to their individual company needs. Users can utilize this functionality to add fields to track extra data points vital to their business, such as purchase dates or maintenance history. It can also aid in ensuring that the app gives the appropriate information for the user's individual requirements.

5. Reporting

Reporting is an important feature for asset tracking apps since it enables users to generate reports on asset data and performance. Users may instantly view statistics such as asset use, maintenance history, and inventory levels with this functionality. This data can be utilized to spot trends, make data-driven decisions, and improve asset management operations.

6. User permissions

User permissions are an important feature for asset tracking apps since they allow users to limit access to certain asset data. Users can manage who gets access to sensitive information such as purchase prices or maintenance histories with this feature.This can contribute to data privacy and security.

7. Integration with other systems

Another crucial aspect to look for in an asset tracking tool is integration with other systems. Users can connect the app to their existing applications, such as accounting or help desk platforms, using this capability. This can improve accuracy and save time by streamlining operations and reducing data entry errors.

Key Benefits of Asset Tracking Tool

Asset tracking tools offer several benefits to businesses, including improved asset management, increased efficiency, cost saving, enhanced productivity, accurate inventory management, improved compliance and better decision making:

1. Improved asset management

Asset tracking tools give businesses real-time data about their assets, allowing them to make informed asset management decisions. This involves tracking asset location, asset usage history, and maintenance requirements, allowing firms to optimize asset utilization and avoid asset loss.

2. Increased efficiency

Asset tracking software automates asset tracking, eliminating human labor and saving time. Businesses may focus on more vital duties such as asset maintenance and optimization by automating the asset tracking process.

3. Cost savings

Asset tracking tools reduce the risk of asset loss, theft, and damage, lowering corporate costs. Businesses can promptly locate and recover lost assets, decrease asset replacement costs, and avoid costly downtime caused by asset damage or theft by giving better visibility into asset location and condition.

4. Enhanced productivity

Asset tracking solutions give firms greater visibility into asset performance, allowing them to optimize operations and boost efficiency. Businesses using asset tags can detect underutilized assets, optimize asset allocation, and reduce downtime caused by asset malfunction or maintenance needs by measuring asset utilization and performance.

5. Accurate inventory management

Asset tracking software allows organizations to accurately track inventory levels, decreasing the risk of stockouts and overstocking. Businesses may ensure that they have the proper quantity of inventory on hand to satisfy demand, reduce inventory carrying costs, and avoid lost sales due to stockouts by managing inventory levels in real-time.

6. Improved compliance

Asset tracking software can assist firms in meeting a variety of industry rules and norms. Businesses may verify that they are satisfying regulatory requirements and avoiding penalties or fines by providing correct and up-to-date information about asset location, usage, and maintenance history.

7. Better decision-making

Asset tracking software can help firms make better asset management decisions by delivering real-time data and insights about asset performance and utilization. Identifying opportunities for improvement, improving asset use, and projecting future demands are all examples of this. Businesses may make more educated decisions that benefit their bottom line with better data at their fingertips.

How To Choose the Right Asset Tracking App?

When considering your cloud based asset management and tracking app choices, it is critical to select the best solution for your organization's goals and objectives.

Below listed are some important things to bear in mind:

1. Holistic asset tracking capabilities

When selecting the right asset tracking software for your business, consider features such as barcode/QR code scanning, GPS tracking, maintenance tracking, customizable fields, reporting functionality, and user permissions for comprehensive asset management.

2. Stick to proven products

Select asset tracking software with a demonstrated track record of success by considering its successful implementation and utilization by similar businesses, as well as the feedback and ratings from other users to ensure its performance, reliability, and suitability for your specific needs.

3. Understand the lifecycle of assets

When selecting asset tracking software, assess its ability to support the entire lifecycle of your assets, including procurement, assignment, maintenance, retirement, and disposal, while also considering its capability to handle asset depreciation and provide accurate asset valuation.

4. Objectives and expectations

To choose the right asset tracking software, clearly define your objectives, identify challenges or goals, and evaluate software options based on how well they meet your specific needs and desired outcomes.

5. Scalability

When selecting asset tracking software, consider future growth and scalability by choosing software that can handle expanding assets and users, maintain performance, and easily adapt to changing organizational needs.

6. Ensure data security and maintenance

When selecting asset tracking software, prioritize both data security and vendor support by choosing a solution that implements robust security measures, demonstrates commitment to data privacy and compliance, and provides reliable maintenance, updates, and responsive customer support. 

7. Compatibility with the technology used in your organization

Choose asset tracking software that seamlessly integrates with your organization's technology infrastructure, including essential systems like ERP, barcode scanners, and mobile devices, to streamline workflows, boost productivity, and eliminate manual data entry.

Apart from the above-listed pointers, it's also important to consider users' feedback, ratings, and reviews before selecting an asset-tracking software. These will help you learn more about the solution's functionality and usability better.

Top 5 Asset Tracking Software

Name	Free Trial	Demo	Starting Price
Asset Panda	14 Days	Yes	$1495/year
EZOfficeInventory	14 Days	Yes	$40/month
UpKeep	14 Days	Yes	$45/user/month
Sortly	7 Days	Yes	$29/user/month
Snipe-IT	7 Days	Yes	$39.99/month

Discover the top 5 asset tracking software systems that empower businesses to efficiently manage and monitor their assets. Explore their features, pricing options, and pros and cons to make an informed decision.

1. Asset Panda

Asset Panda is a cloud-based asset tracking and management software that assists businesses in tracking, managing, and organizing their assets efficiently. It offers a comprehensive range of tools and features aimed at streamlining asset management operations and increasing overall efficiency.

Pricing

• Basic plan starts at $1,495 per year for up to 500 assets
• Advanced and Enterprise plans require a custom quote

2. EZOfficeInventory

EZOfficeInventory is a cloud-based asset tracking and management software designed to assist businesses manage their physical assets, equipment, and inventories more efficiently. It offers an extensive set of features and tools for streamlining asset management operations, increasing asset visibility, and improving operational efficiency.

Pricing

• The Essential plan starts at $40 per month for up to 250 items. 
• The Advanced plan starts at $55 per month for up to 250 items
• Premium plan starts at $65 per month for up to 250 items
• Enterprise plans require a custom quote

3. UpKeep

UpKeep is computerized maintenance management system (CMMS) software that assists organizations in streamlining their maintenance operations. Its primary goal is to help maintenance teams organize work orders, track assets, and schedule preventive maintenance chores more efficiently.

Pricing

• The "Starter" plan at $45/user/month 
• The "Professional" plan at $75/user/month 
• The Business Plus plans start at $120/user per month 

4. Sortly

Sortly is an all-in-one inventory management and asset monitoring software that is designed to make organization and tracking easier. It offers businesses straightforward capabilities such as barcode scanning, customisable fields, and cloud-based storage, allowing users to manage and identify their inventory and assets more efficiently.

Pricing

• Advanced Monthly plan is $29/month for 2 users
• Ultra Monthly plan is $59/month for 5 users. 
• Contact Sortly for pricing on the "Enterprise" plan supporting up to 10 users. 

5. Snipe-IT

Snipe-IT is another open-source asset management software that helps businesses track and manage their assets. It has features such as barcode scanning, customizable asset fields, a friendly user-interface, and thorough reporting. Businesses can use Snipe-IT to streamline asset monitoring operations, increase visibility, and give seamless asset management experience.

Pricing

Snipe-IT offers various pricing options to cater to different needs. The "Self-Hosted" option is free, allowing users to host the software on their infrastructure. The "Monthly Hosted" plan is priced at $39.99/month, while the "Annual Hosted" plan costs $399.99/year, providing cost savings. The "Support-Only" plan is available for $449.99/year, and the "Enterprise Support" plan, tailored for larger organizations, is priced at $4,999.99/year. For more details, visit Snipe-IT's website.

Challenges of Asset Tracking Tool

While asset tracking tools provide numerous benefits, users may encounter some difficulties. Among these difficulties are:

1. Data accuracy

For proper asset tracking systems, accurate data entry is critical. To avoid errors and ensure accuracy, clear protocols, user training, and an emphasis on exact data input are required.

2. Integration with existing systems

Asset tracking software frequently requires integration with other systems such as inventory management or ERP software. To ensure a successful integration, compatibility tests and close engagement with the software vendor are required.

3. User adoption

Encouraging personnel to adopt a new asset tracking system can be challenging. Organizations should emphasize the benefits, give extensive training and assistance, and establish a positive change management atmosphere.

4. Cost

Implementing asset tracking tools can involve significant costs, especially for small organizations with limited budgets. It is crucial to carefully evaluate the total cost of ownership, which includes not only the software but also any required hardware, ongoing maintenance, and support services. Conducting a cost-benefit analysis and exploring flexible pricing options is recommended.

5. Security

Security is of utmost importance because asset tracking tools store sensitive data. There should be strong security safeguards in place, such as data encryption and user access controls. Data safety is ensured by regular security audits and adherence to industry best practices.

Latest Trends in Asset Tracking App

To stay ahead of the competition, organizations must keep up with the latest advancements in the asset-tracking market. Here are some of the top asset-tracking app trends:

1. IoT-enabled asset tracking

The Internet of Things (IoT) is revolutionizing asset tracking. Businesses may monitor the location, status, and other vital data of assets in real time by embedding sensors and other devices in them. This makes asset tracking more accurate and efficient, as well as predictive maintenance possible.

2. Predictive maintenance

Asset-tracking apps can now forecast when fixed assets will require maintenance or repairs using machine learning and data analytics. This enables firms to schedule maintenance proactively rather than reactively, decreasing downtime and increasing asset life.

3. Mobile-first design

As more firms use mobile devices to manage their assets, asset-tracking apps are evolving to suit this need. Many apps now feature mobile-first design, with user interfaces optimized for smartphones and tablets.

4. Augmented Reality (AR)

Augmented reality (AR) elements are also being added to asset tracking apps, allowing users to see virtual representations of items overlaid in the actual environment. This is especially important for maintenance and repair operations since it allows technicians to easily identify and locate assets.

5. Cloud-based solutions

Cloud-based asset tracking solutions are gaining popularity because they provide flexibility, scalability, and cost-effectiveness. Businesses can access their asset data from anywhere and simply scale up or down as their needs change with cloud-based solutions.

Businesses that keep up with these developments can take advantage of the most recent advances in asset tracking apps and can manage assets in their operations for optimal efficiency and profitability. Whether you're just getting started with asset tracking or want to replace your current system, these patterns should be considered when selecting an asset tracking app.

Average Asset Tracking Software Cost

Deciding the right asset tracking software might be a challenge, when considering their costs it can be varied based on features, scalability, and provider pricing.

Below are few asset tracking software price options to consider:

• Basic Plan: The costs start from $20 to $50 per month which are suitable options for small businesses.
• Professional Plan:This plan has more features than the basic plan and ranges from $50 to $200 per month.
• Enterprise Plan: Suitable for larger organizations and this ranges from several hundred dollars to several thousand dollars per month.
• Additional fees: Many providers charge additional fees for extra users or assets beyond the limit in the plan.
• One-Time Purchase Options: Software available for a single upfront fee, typically ranging from a few hundred to several thousand dollars.

To find the best asset tracking software within your organization's budget, it is advisable to thoroughly evaluate the features, scalability options, and cost considerations of each solution.

Compare the pricing structures of different providers, keeping in mind the level of functionality required and any potential additional expenses and choose the suitable asset tracking software solutions.

Conclusion

Asset tracking software is a strong tool that may assist firms of all sizes in improving asset management, increasing efficiency, and saving money. Consider your organization's specific objectives and goals when considering software alternatives, and search for software that provides a comprehensive approach to asset tracking. Organizations may optimize their asset management procedures and drive long-term success by implementing the correct asset management software.