Tired of managing your company’s physical assets with spreadsheets? We don’t blame you. While spreadsheets are great for many, many things, asset management isn’t one of them. The data is just too varied, and the processes are just too complex. That’s why physical asset management software solutions are so important.
So, in this article, BlueTally will be helping you ditch your spreadsheets by introducing the best physical asset management software for 2023. We’ll look at what it is, how to evaluate your options, and our top picks for the upcoming year.
Ready? Let’s go.
What is Physical Asset Management Software?
Physical asset management (PAM) software helps you track and manage your company’s physical assets—no surprises there.
It’s essentially a highly structured database that stores key information about every asset you have, including:
- Age
- Location
- Condition
- Value
- Supplier
- Depreciation
This allows you to pull up specific pieces of information about any given asset as needed.
PAM software also helps you create maintenance schedules for each asset and log any repairs or replacements when they occur—saving everyone time and effort in the long run. Studies show that a good PAM tool can save you up to 30% over the lifetime of an asset.
Why Physical Asset Management Software is Important?
There are several reasons why physical asset management software is important. Some of the main advantages include:
Centralize Asset Information
There’s nothing worse than having to go on a wild goose chase to find this asset information you need. Okay, maybe it’s not the worst thing—but it still eats up valuable time, makes mistakes more likely, and creates needless stress that could be avoided with a centralized PAM tool.
Proactively Monitor Equipment Condition
Another significant benefit of using physical asset management software is that it makes it possible to monitor your equipment’s condition proactively. This means that you can identify potential issues before they become major problems, allowing you to take action to prevent downtime and reduce maintenance costs.
Forecast Spending & Budgets
When you use physical asset management software, you can forecast spending and budget with accuracy. By gaining a clear view of your assets and their condition, you are better equipped to make informed decisions about when to repair or replace equipment. This helps you optimize your spending and improve your bottom line!
Criteria When Choosing a Physical Asset Management Software
Choosing software is always tough—there are so many options, and it’s hard to know where to start. To simplify things, we’ve put together a few criteria to help you narrow your options and pick the best physical asset management software for your needs.
- Compatibility: Ensure software works with existing systems and integrates with any relevant third-party tools.
- Features: Look for asset tracking, maintenance history, report generation, and analytics.
- Usability: Look for user-friendly software with a clean interface for quick adoption.
- Security: Ensure software has robust security features, including data encryption, user authentication, and access controls, to protect sensitive asset information.
5 Best Physical Asset Management Software
If you’re in a rush, here’s the TLDR version:
- BlueTally: Best Overall Physical Asset Management Software
- Asset Panda: Best for Customization Options
- EZOfficeInventory: Best for Inventory Management
- UpKeep: Best for Maintenance & Reliability Teams
- Fishbowl: Best for Warehousing & Manufacturing
Now, onto the tools!
1. BlueTally
Best Overall Physical Asset Register Software
BlueTally is a cloud-based software that makes it managing your physical assets easy, intuitive, and rewarding.
With BlueTally, you keep track of everything from buildings and equipment to furniture and computers thanks to fully customizable data fields. We also offer a number of other features, like powerful asset tracking capabilities, automated audit schedules, and customizable reporting so you can quickly understand the status of your physical assets.
And don’t worry, your data is safe with our top-notch security features.
Key Features
- Checkout History & Detailed Changelog: This feature allows you to view the history of asset checkouts and changes made to asset information over time.
- Asset Barcodes: This feature allows you to assign unique barcodes to your assets, making it easier to track and manage them.
- Audits & Maintenances: This feature allows you to track maintenance schedules and audits for your assets, ensuring that they are properly maintained and in good condition.
- Automatic Depreciation: This feature allows you to track the depreciation of your assets over time, helping you to accurately forecast their remaining useful life and replacement costs
Pricing
BlueTally offers four pricing plans—Free ($0/month). Unlimited ($29/month), Pro ($69/month), and Business ($99/month).
The Free plan is a great way to test the program out, with a 50-asset limit and unlimited users. All other plans allow unlimited users to track unlimited assets. Business is the most comprehensive plan, with features like SSO and custom permissions.
And the best part? All plans offer a 14-day free trial.
BlueTally Pros & Cons
Pros
- User-friendly interface with customizable workflows.
- Easy to pick up.
- Unlimited users on all plans.
- Customizable groups.
- Real-time analytics and reporting.
- Robust security features to protect data.
Cons
- Limited free tier.
- Limited integrations compared to some competitors.
2. Asset Panda
Best for Customization Options
Asset Panda is cloud software you can customize to fit your organization’s needs.
It tracks assets, helps with maintenance, and can be used on mobile devices. You can integrate it with tools like QuickBooks and Salesforce. It has flexible pricing plans and a user-friendly UI.
Key Features
- Asset Tracking: Track every asset’s location, status, and owner.
- Maintenance Management: Schedule maintenance and get reminders when assets need attention.
- Custom Data Fields: Record any data or information you need with custom data fields.
Pricing
You’ll need to contact sales for a quote to see Asset Panda’s pricing.
Pros & Cons
Pros
- Highly flexible option.
- Supports mobile devices.
- Integrates with popular tools.
Con
- No free tier.
- No publicly available pricing.
3. EZOfficeInventory
Best for Inventory Management
EZOfficeInventory is a cloud-based software that allows users to easily create purchase orders, schedule services, and manage vendors. The software provides mobile apps that support scanning for RFID tags, barcodes, and QR code scanning, along with real-time location tracking.
All data is highly visible through custom reports and forecasts—great for informing business decisions.
Key Features
- Actionable Reports: Gain insights that boost productivity with various reports—from utilization to availability.
- Mobile Support: Keep data up-to-date with mobile apps that support scanning for RFID tags, barcodes, and QR codes.
- Vendor Management: Create purchase orders and manage vendors in one place.
Pricing
EZOfficeInventory does not disclose pricing information on its website—users need to contact sales for a quote.
Pros & Cons
Pros
- Powerful reports & analytics.
- Mobile compatible.
- Great tag scanning options.
- Solid vendor management capabilities.
Cons
- No free tier.
- No publicly available pricing.
- Outdated, confusing UI.
4. UpKeep
Best for Maintenance & Reliability Teams
UpKeep is a modern CMMS tool suitable for maintenance and reliability teams. The system helps to plan preventive maintenance, track assets, simplify inventory management, and ultimately, reduce asset downtime.
Users can access the platform from any device at any time using the web-based app or mobile app.
Key Features
- Asset Information and History: Track assets and ensure precise documentation.
- Advanced Asset Analytics: Achieve max lifespan with analytics.
- Parts Management and Notifications: Avoid downtime with parts management and gain visibility through business intelligence dashboards.
Pricing
UpKeep offers three plans—Starter ($45/mo), Professional ($75/mo), and Business Plus (custom).
For access to key features like advanced analytics (rather than monthly analytics), you’ll need to go with Professional or higher. Business Plus also offers a range of must-haves—like customizable dashboards and workflow automation.
Pros & Cons
Pros
- Amazing maintenance features.
- Solid automation capabilities.
- Excellent customer support.
Cons
- No free tier.
- Business Plus is more expensive than the alternatives.
5. Fishbowl
Best for Warehousing & Manufacturing
Fishbowl is a great manufacturing and warehouse management solution that’s perfect for small- to medium-sized businesses. It has all kinds of features like inventory management, material requirements planning (MRP), job shop floor control, work order management, manufacturer orders, bills of materials, and barcoding.
Best of all, you can either have it installed on your computer or access it through the cloud.
Key Features
- Job Management: Track jobs, production costs, customer invoices, purchase orders, and more.
- Automatic Reorder Points: Set a minimum and maximum stock level for each item to automatically reorder when needed.
- Integration Capabilities: Integrate Fishbowl with other software like QuickBooks and Xero.
Pricing
You’ll need to contact sales if you’re interested in getting a quote or testing the product.
Pros & Cons
Pros
- Capable of managing complex supply chains.
- Integrates with other software solutions.
- Comprehensive mobile capabilities.
Cons
- No free tier.
- No publicly available pricing.
- Very outdated UI.
Get Serious About Physical Asset Management With BlueTally
Physical asset management is a must for businesses looking to cut costs, increase asset longevity… and improve the quality of life of everyone involved in the physical asset management process.
BlueTally is a comprehensive asset management software solution with all the features you need to track, manage, and optimize your physical assets. So, if you’re ready to get serious about physical asset management, BlueTally can help.
Sign up for a free trial and start tracking assets today!