Functional silos, manual tracking of equipment, and lost inventory are a recipe for disaster for modern O&M teams. Legacy CMMS, initially built for the manufacturing industry, has limitations in the commercial real estate sector. Designed primarily for managing preventive maintenance schedules, work orders, and asset tracking, these traditional systems often fall short.
Despite advancements in computing power, data remains trapped in silos. Most work happens outside the CMMS software, hindering its ability to provide valuable insights. This lack of centralized data makes it difficult for portfolio managers to optimize asset maintenance schedules or energy performance.
What you need is a purpose-built, cloud-enabled, IoT-driven CMMS software that enables remote tracking, condition-based alerts and notifications, workflow automation, and stakeholder management to provide a holistic view of your fixed assets.
In this article, we’ll list the 5 best fixed asset management software that provides real-time asset tracking, improves compliance, and maximizes asset lifespans.
What is fixed asset management?
Fixed asset management is the process of tracking, monitoring, and maintaining an organization’s physical assets, such as vehicles, heavy machinery, buildings, container ships, or aircraft, throughout their lifecycle.
This holistic approach maximizes their utilization, preventing unnecessary purchases or rentals. Also, you can implement measures to deter theft and track asset location, schedule preventive maintenance to avoid costly downtime and maintain a centralized record of all your assets.
In the next section, we’ll explore the top software solutions dominating the market today.
What is fixed asset management software?
Fixed asset management software is a comprehensive digital solution designed to optimize and streamline the lifecycle of an organization’s tangible assets, from procurement and deployment to maintenance, depreciation, and disposal.
It provides a centralized platform for tracking asset information, automating workflows, and generating insightful reports, enabling facilities management leaders to make informed decisions regarding asset utilization, maintenance strategies, and financial planning.
Top 5 fixed asset management software: quick comparison
To ensure we provide the most accurate and insightful information, we conducted a comprehensive research study. This involved analyzing customer testimonials and ratings across various aggregation platforms and gathering in-depth feedback directly from our customers.
5 Best fixed asset management software in 2024
Here are the 5 best fixed asset management software in 2024 based on their features and customer reviews:
- Facilio
- AssetTiger
- GoCodes
- AssetPanda
- EZOfficeInventory
1. Facilio
Facilio's fixed asset management solution is a powerful tool designed to empower facilities management (FM) leaders like yourself to gain full control and visibility over your entire asset portfolio.
It goes beyond traditional asset tracking by providing a comprehensive platform that streamlines workflows, optimizes maintenance, and enables data-driven decision-making.
How Facilio does the job better than the rest:
Real-time data and IoT integration
Unlike traditional solutions that rely on manual data entry and periodic updates, Facilio leverages IoT sensors and real-time data streams to provide a continuous, accurate picture of asset health and performance. This enables proactive maintenance, faster issue resolution, and data-driven decision-making.
Seamless integrations
Facilio seamlessly integrates with CMMS, whether its own or your existing one. This unified platform streamlines workflows, automates maintenance tasks, and provides a holistic view of asset performance and maintenance history.
AI-powered analytics
The platform utilizes artificial intelligence (AI) and machine learning (ML) algorithms to analyze asset data, identify patterns, and predict potential failures. This enables proactive maintenance, optimizes resource allocation, and extends asset lifecycles.
Focus on sustainability
It prioritizes energy efficiency, resource optimization, and waste reduction. The platform helps organizations track and improve their environmental performance, aligning with their ESG goals.
User-friendly interface
The intuitive interface and customizable dashboards make it easy for facilities managers and stakeholders to access, analyze, and act on asset-related data. This empowers teams to make informed decisions quickly and efficiently.
Rating - 4.0 ⭐️⭐️⭐️⭐(Based on Capterra reviews )
2. AssetTiger
AssetTiger offers a free asset management solution designed to streamline the overseeing of your company’s fixed assets. You can monitor all your assets on a user-friendly platform that’s accessible from any device, be it a computer, smartphone, or tablet.
Key features
- Provides an enterprise-level asset management solution with real-time updates and detailed reports.
- Manage your assets on-the-go, using any device.
Limitations
- Free plan allows tracking up to 250 assets.
- Unreliable customer service.
- Doesn’t offer GPS asset tracking.
Reviews
3. GoCodes
This cloud-based solution, accessible via a web app and mobile app (iOS, Android), provides a 360-degree view of your entire asset lifecycle.
GoCodes is suitable for the field service and the construction industry. Its mobile app allows technicians to easily scan asset tags, even in offline environments. This eliminates paper-based tracking systems.
In addition, GoCodes manages warranty and service records, calculates depreciation using the most common IRS schedules, and generates automated notifications.
Key features
- Prioritizes mobile functionality with a rugged app for iOS and Android.
- Gain an overview of asset lifecycle
Limitations
- Does not have a barcode scanner built in for editing asset details
- Lack of user-friendly interface, especially during searching assets and exporting reports
Reviews
4. AssetPanda
AssetPanda’s fixed asset management software is a cloud-based solution to organize your physical assets. It is customizable, readily adapting to your specific needs. Users can tailor asset fields and onboard an unlimited crew with varying access levels based on their roles.
Moreover, its built-in barcode scanner removes the need for additional hardware/software installation, making AssetPanda a cost-effective option.
Key features
- Built-in barcode scanner for efficient asset tracking
- Locates ghost assets
- Tracks asset’s history and schedules maintenance dates
Limitations
- High cost for small companies
- Technical to customize
- Confusing login/sign-up process
- Lack of offline usability
Reviews
- Software Advice: 4.6/5 (1379 Reviews)
- G2: 3.9/5 (27 Reviews)
5. EZOfficeInventory
The core strength of EZOfficeInventory lies in tracking asset stocks and consumable items, providing low stock alerts and facilitating easy transfer of assets across locations. This software also integrates with popular accounting tools and offers a mobile app for convenient asset tracking on the move.
However, for businesses seeking a more flexible approach to fixed asset management, EZOfficeInventory might fall short. It may not be suitable for companies with growing asset portfolios. While it offers basic reporting, it lacks in-depth data analysis and advanced features like preventive maintenance scheduling and limits integration to only accounting tools.
Key features
- Provides end-to-end asset management solution
- Speeds up the process of check-in & check-out of IT assets
- Offers RFID tracking and GPS location
Limitations
- Lack of intuitive UI layout
- Difficult and frustrating import process
- No alerts sent to users about booking classes
- Lack of Live resources, such as whitepapers, case studies or webinars
Reviews
Key benefits of fixed asset management software
Implementing fixed asset management software in your network helps you in the following ways:
- Reduced costs and increased ROI: Facilio’s real-time monitoring and automated work orders keep your assets running smoothly, preventing unplanned downtime, reducing costs and increasing ROI.
- Minimized downtime: Proactive maintenance through real-time monitoring and automated work orders prevent costly equipment failures and unplanned downtime.
- Optimized maintenance: Data-driven insights on asset performance and maintenance history enable efficient resource allocation and cost-effective maintenance strategies.
- Extended asset lifespan: Proactive care and timely repairs maximize the lifespan of your valuable assets, delaying costly replacements.
- Streamlined workflows: Automated work order creation, task allocation, and notifications ensure maintenance tasks are handled promptly and efficiently.
- Clear visibility: Real-time dashboards provide a comprehensive view of asset health, maintenance schedules, and compliance status, enabling informed decision-making.
- Mobile accessibility: Empower your team to manage assets on the go, improving response times and overall productivity.
- Automated compliance: Facilio simplifies adherence to industry standards and regulations, reducing the risk of non-compliance and associated penalties.
- Risk mitigation: Comprehensive reports on asset performance, maintenance history, and compliance status empower you to make informed decisions that mitigate risks and optimize operations.
5 features to consider in fixed asset management software
When selecting a fixed asset management software, there are 5 key features that you should look for to effectively manage your physical assets.
Workforce management for effective service delivery
Challenges arise when addressing issues requiring subcontractor intervention, and multiple assignments can lead to confusion regarding who is on the job.
Facilio offers real-time visibility into technician schedules to affirm that work orders are assigned to the most qualified person, in-house or subcontractor, based on availability and skillset.
Facilio also tracks both internal and subcontractor SLAs, providing a clear picture of vendor performance and maintenance efficiency. As an outcome, it ensures accountability and standard compliance.
Integrated vendor management
Juggling multiple contractors, tracking compliance certifications, and assigning work orders can quickly spiral into chaos. Facilio cuts through this complexity with integrated vendor management.
Facilio stores all vendor data in one centralized location, providing instant access to vital information like contact details, certifications, and insurance policies. It also integrates seamlessly with vendor scheduling systems, offering real-time visibility into their availability.
Compliance management
Facilio automatically tracks regulations, insurance expiry dates, and asset maintenance needs. This visibility always keeps you one step ahead. Furthermore, this digital solution requires vendors to upload insurance documents before accessing the system. It eliminates the risk of non-compliance and streamlines the onboarding process. Also, automated alerts notify vendors when their insurance is nearing expiration, preventing any lapse in coverage.
Automated work orders & scheduled maintenance
Facilio's connected CMMS brings order to the chaos. Incoming maintenance requests, whether via email, call, or text, are automatically converted into work orders within the platform.
It eliminates the need for manual data entry and ensures every issue receives immediate attention. With all work orders centralized in one place, you gain complete visibility into task allocation, allowing you to manage staff productivity effectively.
Job quote automation
Legacy CMMS often lack the flexibility to adapt to different client needs, leading to delays in getting repairs underway.
Facilio enables facilities management service providers (FMSPs) to set customized approval workflows for each client. Whether it’s based on permission levels or project value thresholds, Facilio adapts to your specific needs.
Maximize the upkeep of your assets with a connected CMMS
We’ve compiled a list of the top 5 best fixed asset management software that track, manage and monitor assets throughout their lifecycle. Each differs in terms of its features and pricing.
Among all, Facilio, a connected CMMS, stands out as a powerful tool for efficient asset management. It tightens the bolts in the asset management process with fully customizable dashboards, smart asset tracking, timely alerts/notifications, detailed work orders, effortless integration, and streamlined maintenance scheduling.
Smart. Scalable. And a strategic solution.
Frequently asked questions (FAQs)
What does Facilio do?
Faclio is a cloud-based connected CMMS software purpose-built to optimize fixed asset management. It offers an impressive suite of functionalities, including:
- Real-time asset tracking
- Preventive maintenance
- Work order management
- Customization
- Mobile Accessibility
- Barcoding/RFID
- Audit Management
- Compliance management
- Data visualization
- IoT device management
- Portfolio management
- API
- Activity dashboard
- Third-party integrations
What is an asset management system?
An asset management system (AMS) is a software solution to help organizations track, manage, and maintain their physical assets. This includes buildings, equipment, vehicles, furniture, and other valuable, long-lasting items.
What software is used for asset management?
There are many different asset management software options available, each with its own strengths and weaknesses. Facilio is a leading example of a connected CMMS, which focuses not only on asset tracking but also on preventative maintenance, asset depreciation, customization, customer-vendor communication, and data-driven insights.
