8 Best IT Asset Management Software

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As a business owner, you know the importance of effective IT asset management. Optimizing your business operations and financial goals can be challenging without properly maintaining and monitoring your IT assets.

Fortunately, the IT landscape has evolved significantly, offering advanced software solutions to help you gain complete control over your IT assets.

Previously, IT asset management was done using traditional methods. More often, it required manual efforts from IT, finance, and other teams. Now, with advanced technical solutions, those days are no longer relevant.

However, navigating the available IT asset management software options can be overwhelming. You may find numerous challenges, especially when unfamiliar with their comparisons.

To save you time, we researched and listed the eight best IT asset management software in this article to help you manage your IT assets efficiently.

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What is IT asset management?

IT asset management, commonly termed ITAM, is the process of systemically tracking, managing, and optimizing all your IT assets.

This will help your business ensure that all the assets (tangible or intangible) are accounted for, well-tracked, and used efficiently.

An IT asset can be hardware, information or documentation, software licenses, SaaS applications, and any other tools and data utilized by your internal teams.

All these assets have a specific, limited time of usage. To extract maximum usage from an IT asset, you must ensure all these assets are proactively accounted for, maintained, and managed by the organization.

IT asset management has different stages, including planning, procurement, deployment, management, and retirement. You can implement efficient asset management within your organization when you follow them efficiently.

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Why do you need IT asset management software?

Visibility and Control

IT asset management software can help your business gain comprehensive visibility into your IT infrastructure and software inventory. This will allow you to accurately track and manage all assets across various locations and departments. This visibility also focuses on software licenses, software assets, and cloud services.

Your IT team will have real-time insights into asset utilization. Hence, they can make informed decisions regarding asset allocation, maintenance schedules, and upgrades.

Cost Optimization

This is another crucial reason to invest in IT asset management software. Identifying underutilized assets, reclaiming unused licenses, and negotiating favorable vendor contracts based on accurate utilization data are essential.

With IT asset management software, your business can optimize IT spending and minimize unnecessary expenditures. Proactive asset management practices, like lifecycle tracking and warranty management, can lead to long-term cost savings.

Enhanced Security & Compliance

IT asset management software can strengthen your company’s security. It identifies vulnerabilities, tracks software updates, enforces security protocols, and ensures compliance with regulatory requirements. IT assets can pose compliance challenges and security risks if they remain unmanaged, and IAM tools will help you mitigate them.

Streamlined Operations

Streamlining operations is achieved through several key features. Automating inventory management will reduce the need for manual effort. Integration with other IT management systems ensures seamless data exchange and collaboration between different functions.

Additionally, self-service portals can help your business manage assets independently. On the other hand, dashboards will provide real-time insights for better decision-making.

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Best IT asset management software for 2024

1. CloudEagle
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CloudEagle is undoubtedly the best IT asset management software. This SaaS management and procurement platform is a game-changer specifically designed for the complexities of managing SaaS applications.

CloudEagle can provide your business unparalleled visibility, control, and cost optimization capabilities. As a result, you can make informed decisions and achieve strategic business objectives.

It acts as a centralized platform, consolidating all your SaaS applications, licenses, and usage data into a single, easily accessible source. This way, you don’t need to worry about scattered spreadsheets and fragmented information.

Workflows are available to streamline procurement, prevent auto-renewals, reclaim unused licenses, and auto-provision users based on roles and departments. CloudEagle aims to save time for your team and help optimize your spend through effective IT asset management.

Features

Gain Complete Visibility into Your SaaS Landscape

Ditch spreadsheets and fragmented data. CloudEagle provides a single source of truth for all your SaaS licenses, including purchase details, usage data, and assigned users.

You can eliminate manual data entry with automated discovery of your SaaS applications and real-time updates on license inventory. Additionally, gain granular insights into individual and team-level usage patterns for informed decision-making and cost optimization.

CloudEagle can integrate with your internal SSO, HRIS, finance systems, and 300+ applications to provide a bird’s eye view of your SaaS portfolio. Apps, spend, licenses, renewals, and other IT asset's lifecycle can be tracked from one dashboard.

Read Rec Room's inspiring success story. With CloudEagle, they addressed an increase in unregulated SaaS apps. By integrating with SSO systems, they obtained app details and spending insights, leveraging this data to streamline their SaaS stack.

Optimize License Utilization and Avoid Wastage

You can identify underutilized licenses and automatically reclaim them to reallocate them to users who need them, maximizing your return on investment.

CloudEagle’s centralized license management will give you more transparency over your SaaS licenses. Your IT teams can also configure the workflows and closely monitor their usage.

With CloudEagle, you can configure license reclamation workflows to deprovision users from licenses due to low usage. Consequently, you can harvest these licenses and assign them to the next users.

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Its automated license reclamation workflows identify underused licenses and automatically deprovision users. This can result in up to 30% savings on your SaaS spend.

Beyond cost savings, optimizing licenses will ensure compliance. Moreover, it improves user satisfaction by guaranteeing everyone has the necessary licenses and streamlining IT operations.

CloudEagle's license management module will help you manage and optimize these IT assets effectively, ensuring a significant increase in ROI.

Simplify Contract Management and Renewals

Managing multiple SaaS contracts can be time-consuming and error-prone. CloudEagle offers a centralized repository for storing all your vendor contracts to tackle this challenge.

This secure and easily accessible location streamlines contract retrieval and reference, ensuring all stakeholders have immediate access to critical information.

You don’t need to worry about missing renewals. The automated contract tracking and proactive renewal management of CloudEagle will greatly benefit you.

The platform monitors contract expiration dates meticulously and triggers reminders well before renewal deadlines. This eliminates the risk of unexpected service disruptions.

CloudEagle can automatically extract critical information like renewal dates, pricing terms, and service level agreements. This way, you can have a clear understanding of your commitments.

CloudEagle goes beyond just license optimization and offers a comprehensive asset management solution for your SaaS applications.

You can clearly view all your SaaS applications, users, and licenses across your organization. No more scattered spreadsheets or siloed information.

Thanks to CloudEagle, you can manage complex license agreements with ease. This will ensure you're using your licenses correctly and efficiently.

Oyster HR faced challenges managing SaaS contracts and missed renewals, finding spreadsheets inefficient. Transitioning to CloudEagle centralized contract management organized contracts, and provided renewal reminders.

Read how they achieved this success.

Pros

• CloudEagle provides a centralized platform for managing all your IT assets, including, software and licenses.
• It can help ensure your IT assets comply with relevant regulations and standards.
• The platform comes with comprehensive reporting and analytics. It can help you gain insights into your IT assets and make well-informed decisions.
• Workflows are available for renewals, procurement, license reclamation, user provisioning, etc.
• 300+ integrations will ensure that all your IT assets are accounted for, enabling you to manage them efficiently.

Sophie Wang from Wefunder credits CloudEagle for saving on SaaS costs through effective negotiations. She uses it daily to manage spending, leveraging its dashboard for insights and assisted buying services for expert negotiation support.

Listen to the full story to understand if it can help you, too.

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Pricing

CloudEagle comes with three pricing plans. Unlike other IT asset management software, the pricing plans are transparent. You also don’t need to worry about any hidden costs.

• Starter: $2000/month
• Growth: $3000/month
• Enterprise: $4000/month

2. Spiceworks
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Next on our list is Spiceworks, the top-notch cloud-based IT asset management software known for its advanced solutions to streamline business operations. With its excellent automated object detection capabilities, asset management becomes more accurate.

This software has exceptional data collection features. It will help your business to categorize and monitor the organization's inventories quickly. The digital and physical assets can be easily maintained and monitored with Spiceworks.

Spiceworks can deliver automated risk assessments of your business, through which you can dispose of unnecessary assets. When you integrate this software, you will witness a noticeable organizational optimization. This will lead to better asset management in real-time.

Pros

• Spiceworks offers a free version with a generous feature set, making it an attractive option for small businesses.
• The interface is user-friendly and intuitive. IT professionals of all skill levels can set up easily.
• The free version includes essential features like asset discovery, inventory management, software license tracking, etc.
• The platform allows for some customization with plugins and integrations, enabling users to tailor it to their specific needs.

Cons

• The free version may not be suitable for large organizations with complex IT environments.
• While the free version offers basic reporting, it may lack depth and customization options.
• As an open-source platform, SpiceWorks may be considered less secure compared to other platforms.

Pricing

Spiceworks has four pricing plans: Individual, Team, Enterprise, and Custom. These four packages are completely free. However, you have to watch ads.

If you want to go ad-free, choose the My Plan, which costs $45/month or $495/year.

3. AssetSonar

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AssetSonar is another software that can help your business manage IT assets. It's as if the tool is stored in the cloud to keep track of computers and software.

It has unique characteristics such as barcodes, QR codes, and intelligent solutions. These can identify the location of assets, no matter how many different places or departments they are in.

The robust software license management of AssetsSonar is another feature that makes it an attractive tool. It can trace if your business is using any specific software or if it’s installed in the first place.

Through this, you don’t need to pay for the software your business isn’t using. Besides that, it helps you comply with the software regulations, ensuring smooth running.

Moreover, AssetSonar has a mobile app that handles assets in a functional place. It combines with other business functions like service desks and hardware management tools. Moreover, it has multiple methods for creating reports and perusing data.

Pros

• AssetSonar can automate asset discovery and inventory management to discover and track all your company’s IT assets.
• AssetSonar can help you track the entire lifecycle of your assets, from procurement to disposal.
• Thanks to compliance management, AssetSonat ensures your assets comply with relevant regulations and standards.
• AssetSonar helps you gain complete visibility into your IT assets. This will lead to improved control and decision-making.

Cons

• AssetSonar is a paid solution, and the pricing can be higher compared to some other options
• While user-friendly, setting up and configuring the platform may require some technical expertise
• Integrating AssetSonar with existing IT systems might require additional effort and customization.

Pricing

AssetSonar has only one pricing plan, starting at $69.99/month. You can also try AssetDSonar for free without giving any credit card information.

However, the pricing structure will change depending on the number of devices, software licenses, and admins.

4. Flexera

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Flexera is another robust and popular SaaS management software. This platform is especially helpful for large enterprises.

If your business depends on many tasks and has many assets to manage and maintain, Flexera can prove to be a suitable option. Flexera is one of the most recommended platforms for promoting higher security and data privacy.

With Flexera, you can integrate cloud-based and on-premise software solutions for the organization. With customized configuration, you can reduce your business’s operational costs.

Additionally, Flexera will also help your business enhance regulatory compliance and overall productivity. Flexera has an extraordinary entitlement library that automates effective licensing positions.

Pros

• Discovers and tracks all your IT assets across various environments, including cloud, on-premises, and containers.
• Flexera ensures your assets comply with relevant regulations and standards, like SAM and GDPR.
• It provides detailed reports and insights to help you make informed decisions about your IT assets.
• With cloud cost management, Flexera optimizes cloud resource utilization and identifies potential cost savings.

Cons

• Setting up and using the platform can be complex, requiring technical expertise.
• The user interface and functionalities might require training and familiarization for users.
• Flexera can be expensive, especially for smaller organizations.

Pricing

Flexera only has custom pricing plans, and they are non-transparent. Contact the sales to get a pricing quote.

5. ServiceNow

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ServiceNow allows your business to manage digital workflows across different departments. It provides ITSM (IT service management), CSM (customer service management), HR service delivery, security, compliance, workflow automation, and reporting tools.

ServiceNow is packed with many features. It can help your organization reduce costs and improve efficiency and client satisfaction.

ITSM facilitates quick solutions to IT issues with its tools. On the other hand, the CSM ones allow for excellent customer service through self-service portals and knowledge bases.

Furthermore, ServiceNow's HR service delivery tools automate HR processes. This includes onboarding and offboarding to increase organizational effectiveness.

On top of that, ServiceNow is a safe platform that meets compliance requirements in various industries and includes user workflow automation to automate routine tasks.

Its reporting and analytics can help your company monitor critical metrics and employ data-driven decision-making processes. This can lead to enhanced productivity and quality of decision-making.

The ServiceNow deployment options include cloud-based, on-premises, or hybrid. The prices are based on the per-user, per-month model. It works with many languages and easily connects with various third-party apps.

Pros

• ServiceNow offers integrated IT service management (ITSM) solutions, allowing IT asset management to connect with other functionalities seamlessly.
• ServiceNow caters to organizations of all sizes, offering flexible scalability to accommodate growth and customization options.
• ServiceNow automates various IT asset management tasks, such as asset discovery, provisioning, and SaaS lifecycle management.
• ServiceNow prioritizes security with robust features and adheres to industry compliance standards.

Cons

• ServiceNow can be expensive, pricing based on features, users, and deployment options.
• Implementing ServiceNow creates a certain degree of vendor lock-in, potentially making switching more challenging.
• The platform's functionalities and user interface might require training and familiarization for users.

Pricing

Just like Flexera, ServiceNow also doesn’t showcase the pricing plans on their website. You need to contact the sales, and they will provide a customized quote.

6. Freshservice

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Freshservice is a cloud-based IT service management (ITSM) platform that optimizes your company’s operations. It also provides unparalleled service quality.

Customized with various functionalities, Freshservice enables your business’s IT team to deal with incidents, problems, changes, and assets in line with ITIL's best practices.

The platform, such as the AI virtual agent Freshia, provides strong automation functionality. It can resolve basic requests, enabling agents to focus on complex ones.

Furthermore, Freshservice offers a smart self-service portal for employees, comprehensive asset management, project and portfolio management tools, and SaaS management options.

In addition, Freshservice supports security and compliance through robust security features, extended reporting, and analytics. Freshservice automates workflows, improves employees' experience, and reduces costs. As a result, it enables companies to deliver consistent and high-quality IT services.

Pros

• Compared to some competitors, Freshservice offers a competitive pricing structure, perfect for your business when running on a tight budget.
• Freshservice can scale to accommodate the needs of both small and large organizations.
• Freshservice integrates seamlessly with various third-party tools and services, allowing you to connect it with your existing IT ecosystem.
• Freshservice offers a mobile app for on-the-go asset management, increasing flexibility and accessibility.

Cons

• While offering essential asset management functionalities, Freshservice might lack the depth and advanced features.
• The reporting capabilities might be considered basic compared to more robust solutions.
• Customization options might be limited compared to other platforms. You may also face restrictions on tailoring the solution to your organizational needs.

Pricing

Freshservice has four pricing plans. You will also get a free trial to assess its features. Take a look at these four pricing plans of Freshservice:

• Starter: $19/user/month
• Growth: $49/user/month
• Pro: $95/user/month
• Enterprise: $119/user/month

7. Asset Cloud

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Next on our list of the best IT asset management software is Asset Cloud. This feature-rich and powerful platform can help your organization with full life-cycle asset management.

It streamlines business operations and promotes smooth management. It can also improve asset-based decisions and prevent financial losses.

With RFID, Asset Cloud eliminates the requirement to scan the products individually. You can scan the entire inventory management process in bulk.

You will never face any problems auditing, check-ins, or check-outs smoothly. The features of Asset Cloud are fit for small businesses and large organizations, as they track millions of assets.

Pros

• Asset Cloud has a simple UI, making learning and navigating easy for users of all skill levels. This can save time and resources on training and adoption.
• Asset Cloud allows you to schedule and track asset maintenance tasks, preventing downtime and ensuring optimal performance.
• AssetCloud allows for some customization through configurations and integrations, enabling you to tailor the platform to your needs.
• AssetCloud prioritizes security with features like role-based access control and data encryption.

Cons

• AssetCloud might lack more comprehensive solutions' advanced reporting and analytics capabilities.
• Managing very large and complex IT environments might require additional considerations.
• While not necessarily the most expensive option, AssetCloud's pricing structure might be higher.

Pricing

Asset Cloud has three different pricing plans. You need to choose the perfect one according to your business’s needs.

• Basic: $2,995/user (one-time billing)
• Complete: $1,295/user/year
• Complete+RFID: $7,990/year (5 users)

8. Asset Panda

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Asset Panda is a powerful all-in-one IT asset management software. This software can track assets properly if you have a large-scale organization.

With advanced inventory management features, this platform has proven to be the perfect choice for companies. However, you need to ensure you’re choosing the right services.

It consists of an asset-kitting system where you can combine all the assets of a similar category. This way, you can better categorize and maintain all your assets.

Besides, Asset Panda also has a custom barcode creator. You can use this feature to add new assets to the inventory quickly and easily.

The best features of Asset Panda are tool tracking, maintenance tracking, and leased equipment tracking. Thanks to versatility and customization, this software can be the perfect choice for various industries like finance, education, healthcare, etc.

Pros

• Asset Panda allows extensive customization through custom fields, workflows, and reports. This enables you to tailor the platform to your specific needs and processes.
• The mobile app features barcode scanning functionality, facilitating efficient asset tracking and data entry.
• The mobile app allows you to manage assets even when offline, syncing data once you regain internet connectivity.
• Asset Panda offers a helpful online community forum and various resources.

Cons

• Customizing the basic reports as per your organization’s specific needs might be limited compared to some competitor.
• The free plan only offers limited API access, potentially restricting integrations with other tools and workflows.
• Migrating to another IT asset management solution from Asset Panda might be challenging due to potential data migration complexities.

Pricing

Asset Panda doesn’t have any specific pricing plans. You need to contact the sales team to get a quote. The pricing will depend on the number of assets.

If you want to learn how to navigate the challenges of acquisitions and renegotiations, listen to Sam Middleton, Head of IT at Bloom & Wild. He discusses these challenges and shares strategies for reducing SaaS costs through effective management platforms.

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Conclusion

Effective software asset management can enhance your business’s efficiency and productivity, ultimately leading to growth. However, remember that continuous improvement is key to maximizing the potential of your chosen software.

CloudEagle doesn't just stop at visibility; it goes further by providing detailed reports on software usage patterns and identifying areas for cost optimization.

By leveraging CloudEagle's capabilities, you can eliminate unnecessary spending, reduce downtimes, and focus valuable time on strategic objectives rather than repetitive tasks.

Moreover, CloudEagle's affordability and cost-effectiveness make it a standout choice for businesses of all sizes. It ensures that even startups and SMEs benefit from enterprise-level IT asset management capabilities.

Ready to take control of your digital assets and unlock the full potential of your cloud investments? Schedule a demo with CloudEagle today and experience the future of IT asset management for the cloud era.

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Frequently Asked Questions

1. What is an IT asset management system?

The process of ensuring an organization's assets are located, utilized, upgraded, maintained, and disposed of when necessary is called IT asset management, or ITAM. To put it simply, it's ensuring that the valuable assets—both actual and intangible—in your company are monitored and utilized

2. What is an IT asset type?

IT assets comprise software (managed in the Licenses application) and hardware (managed in the Assets application). Assets belonging to parents and children are arranged logically in a hierarchy or tree. A kid asset is any asset that has a parent. The ancestor is the highest-level node in the tree.

3. Who is responsible for IT asset management?

While IT asset management specialists are responsible for your business’s IT asset management, it’s best to use top-notch software like CloudEagle.

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