TABLE OF CONTENTS
Edited & Reviewed
Spreadsheets to track your assets can work when you’re starting out. But, things can get messy as your workforce and assets expand—leading to manual errors, poor visibility, ghost assets, and added costs. One Reddit user summed it up perfectly:
Source: Reddit
However, an IT Asset Management (ITAM) software can help address the above problems, provided you select the right one.
Below we have discussed what asset management software is, why it’s required, it’s benefits, and the must-have features of an ideal solution. This will help you compare the top software for asset management and choose the right one.
What is IT Asset Management Software?
ITAM, or IT Asset Management, is the process of managing and tracking IT assets (laptops, servers, computers, monitors, or even furniture) to ensure all assets are accounted for, deployed, maintained, retrieved, and disposed of as needed.
An ITAM (IT Asset Management) software is a tool that helps you achieve the above. It provides visibility into all assets across your IT environment, allowing you to track, manage, and control them through a single interface.
Who Needs Software for Asset Management?
Have you ever failed to retrieve a laptop from a remote employee? Or struggled to locate a laptop before an employee’s first day? Or did you just notice you’re paying for unused software licenses or for assets that don’t exist?
If you nodded yes, even once, you need software for asset management.
However, generally speaking, organizations managing or trying to manage multiple assets facing these challenges need software for asset management instantly:
- Fragmented asset data across spreadsheets and disconnected tools
- Incomplete discovery and visibility of hardware or software
- Manual audits and inefficient lifecycle workflows
- Inability to integrate with ITSM, ERP, finance, or procurement systems
- Risk of compliance failure, software licensing overspend, or audit penalties
Now that you understand what software for asset management is, let’s explore the benefits it offers.
Why Do You Need Software for Asset Management: Top Benefits
Here’s why:
Minimizes Manual Errors
When locations expand and the number of assets multiply, manual tracking gives in. This leads to challenges such as lost assets and monetary losses.
Here’s a Redditor talking about the primary challenges of using spreadsheets and the reasons behind opting for software for asset management:
Source: Reddit
Helps Avoid Asset Sprawl
Without software for asset management, you’re likely to lose track of your assets. And when you don’t have a clear view of your assets, you might end up buying new equipment or software licenses. Result? Wasted resources.
Here’s a Redditor sharing his experience about how he discovered 100+ laptops were missing over four years:
Source: Reddit
The reason was the use of spreadsheets and the inability to upgrade to software for asset management.
Reduces Compliance and Security Risk
A software for asset management helps you stay compliant by updating your records and notifying you about expired licenses or warranties.
Enhances IT Efficiency and Decision-Making
Software for asset management provides IT teams with access to asset data, including repair or maintenance status, age, and assignment. This enables IT teams to troubleshoot issues faster and make more informed decisions.
Let’s now discuss the core features every software for asset management must offer. This is crucial for comparing multiple options and making the right decision.
Core Capabilities Every IT Asset Management Platform Should Provide
Here are the primary features every software for asset management must offer, along with their significance:
|
Feature |
Definition |
Why It Matters |
|
Asset Normalization |
Standardizes IT asset names, formats, and metadata across systems. |
Ensures consistency and reduces confusion across platforms. |
|
Asset Lifecycle Mgmt |
Tracks each IT asset from procurement to retirement. |
Improves visibility and supports compliance & budgeting. |
|
Automated Asset Discovery |
Automatically detects IT assets on-prem, cloud, and off-network. |
Saves time and avoids manual errors. |
|
Integrated CMDB |
Maps IT assets and their interdependencies in a central repository. |
Enables better incident response and change management. |
|
SaaS Management |
Tracks usage, cost, and renewals for cloud software tools. |
Reduces spend and prevents shadow IT. |
|
Contract Management |
Maintains a record of vendor agreements and alerts on expiry. |
Avoids renewal surprises and ensures license compliance. |
|
Relationship Mapping |
Visualizes connections between assets, users, policies, and risks. |
Aids troubleshooting and security analysis. |
|
Tagging Automation |
Applies consistent, rule-based tags to assets (e.g., owner, cost center). |
Improves searchability and chargeback accuracy. |
|
Compliance Monitoring |
Enforces standards like HIPAA, SOC2, or custom policies. |
Prevents violations and automates audit readiness. |
|
Drift Detection |
Alerts when assets deviate from their expected state. |
Detects issues before they cause outages. |
|
Deep Cloud Visibility |
Scans AWS, Azure, GCP, Kubernetes, etc., for all asset types. |
Offers full control over dynamic cloud environments. |
|
FinOps Views |
Shows real-time cost data tied to assets, apps, or teams. |
Enables budgeting and cost optimization. |
|
Tool Integrations |
Connects ITAM with Jira, ServiceNow, Slack, Okta, etc. |
Streamlines workflows and enhances team collaboration. |
Top 5 Software for Asset Management
1. Workwize
Source: Workwize
Workwize is a modern, end-to-end IT asset management platform that goes beyond tracking. It combines global procurement, logistics, lifecycle automation, and MDM integration into a single system.
The standout strength is unifying IT, procurement, and finance teams on a single platform, eliminating ghost assets and manual coordination across disparate tools.
Best Use Case: Globally distributed teams needing complete lifecycle visibility and automated workflows—from purchase and delivery to offboarding and certified device disposal.
Capterra Rating: 4.4/5
2. ServiceNow IT Asset Management
Source: ServiceNow
ServiceNow ITAM is a powerful enterprise-grade solution that helps track the lifecycle of hardware and software assets within a unified ITSM environment.
It automates asset discovery, compliance, and reporting while integrating with incident, change, and procurement processes.
Best Use Case: Large enterprises with complex IT environments needing end-to-end visibility, compliance automation, and native integration with broader IT service workflows.
Capterra Rating: 4.5/5
3. Lansweeper
Source: Lansweeper
Lansweeper is a specialized IT asset discovery tool that auto-scans your entire network to build a centralized inventory of all connected devices and applications. It offers detailed hardware/software insights, vulnerability detection, and cloud visibility.
Best Use Case: IT teams managing hybrid or multi-site infrastructure who need automated, agentless discovery and deep asset visibility across on-prem and cloud networks.
Capterra Rating: 4.5/5
4. Asset Panda
Source: Asset Panda
Asset Panda is a cloud-based platform for tracking and managing assets, using custom fields, barcode/QR scanning, and mobile apps with offline mode. It’s user-friendly, supports role-based access, and offers rich reporting.
Best Use Case: Mid-sized organizations or field-service teams that require a mobile-first, customizable solution to manage asset handovers, maintenance, and check-in/out workflows.
Capterra Rating: 4.6/5
5. Snipe‑IT
Source: Snipe-IT
Snipe-IT is a popular open-source, self-hosted IT asset management system. It covers device assignments, license tracking, and depreciation, with strong role-based permissions and audit logs.
Best Use Case: Budget-conscious IT teams, MSPs, or nonprofits needing a lightweight, cost-effective, and self-managed solution that supports core ITAM functions without vendor lock-in.
Capterra Rating: 4.4/5
How Do I Choose the Right Software for Asset Management?
Here are some factors to consider when comparing multiple software solutions for asset management to make the right decision:
- Ease of Use Across Teams
Choose a tool with a clean, intuitive UI that’s easy for both technical and non-technical users. - Automated Discovery & Syncing
Select solutions that automatically discover assets via MDMs, such as Intune or Apple Business Manager, to maintain accurate inventories. - End-to-End Lifecycle Management
Ensure the software covers the full asset journey—from procurement and assignment to retrieval and disposal. - Scalability That Matches Your Growth
Opt for a platform that scales with new locations, users, and supports mobile or field-based tracking. - Seamless Integrations
Look for open API tools that connect smoothly with your helpdesk, ERP, HR, and compliance systems. - Transparent, Value-Based Pricing
Avoid hidden costs; choose pricing models that scale with usage, not just headcount or features. - Reliable Support
Prioritize vendors with responsive, multi-channel support and clear SLAs to resolve issues quickly.
Workwize: Unifying Asset Management Across IT, Procurement, and Finance
Workwize is an end-to-end ITAM solution that combines global asset tracking with procurement, logistics, and lifecycle automation in one platform.
Whether you're onboarding a new hire in Berlin or retrieving hardware from a departing employee in Tokyo, Workwize handles everything—from vendor selection, warehousing, and delivery, to retrieval, and even certified disposal.
HighLevel saves $1.4 million annually by utilizing Workwize to automate asset management processes, including procurement, deployment, retrieval, and disposal.
Book a demo with Workwize to automate asset lifecycle management, eliminate ghost assets, and optimize costs.
