10 Best IT Asset Management Tools For 2020

Do you track your IT assets on a daily basis?

IT asset management can help you manage your IT assets better, maximize their value, and save on excessive IT costs.

But tracking your IT assets manually might be a tedious and time-consuming task (especially if you’re using Excel sheets to get this done).

This is where IT asset management tools (ITAM tools) come in!

In this article, you’ll learn how an ITAM tool can help you get better at managing your IT assets.

Here’s what we’re going to cover:

  • What Is an IT Asset Management Tool?
  • 10 Best IT Asset Management Tools
  • 5 Essential ITAM Tool Features

Let’s dive in!

What is an IT Asset Management Tool?

An IT asset management (ITAM) tool is software that helps you manage all of your company’s IT assets.

These assets include software, hardware, networks, and other types of business technology.

The ITAM tool helps you store IT asset data such as:

  • Financial data which includes purchase prices, maintenance and repair costs, and other supplier information.
  • Inventory data including the assets’ location, ownership, and condition.
  • Contractual data like warranties, licenses, support contracts, and Terms and Conditions.

When you have all this data in one place, you can easily understand how efficiently you’re using your IT assets and how you can optimize their value and save on extra costs.

Using an ITAM tool will enable you to:

  • Have a top-down view of your IT assets
  • Have better control over the assets’ usage
  • Ensure software license and SOC2 compliance
  • Easily prepare for an audit
  • See overused and underused IT assets

But to achieve these results, you need the right ITAM tool.

Read on to discover 10 best ITAM tools in 2020.

10 Best IT Asset Management Tools

#1. Blissfully

ITAM Tools - Blissfully

Blissfully is a cloud-based IT asset management tool that will help you manage, control, and organize all your IT assets. With it, you can automatically discover new assets, track your compliance, and easily prepare for an audit.

Blissfully also supports employee onboarding, offboarding, and vendor workflows allowing you to streamline these processes.

Notable Features:

  • Track and optimize your IT asset costs
  • Easily manage all your software licenses and subscriptions
  • Advanced reports and analytics on your SaaS and IT usage

Pricing Plans: Ask for a quote.

#2. ManageEngine Asset Explorer

ITAM Tools - ManageEngine Asset Explorer

Asset Explorer is a web-based IT asset management tool that supports your IT assets throughout their lifecycle.

You can easily track your software usage in real-time and ensure you’re compliant at all times which will help you to pass any upcoming license audits successfully.

Notable Features:

  • View and manage all of your IT assets from a single dashboard
  • Have a detailed audit history record
  • Ensure tour software license compliance at all times

Pricing Plans:

  • Free – up to 25 nodes, all features included
  • Trial – up to 250 assets, expires in 30 days
  • Professional – includes all features and 24/5 tech support

Contact the vendor for further details on pricing.

#3. Snipe-IT

ITAM Tools - Snipe-IT

Snipe-IT is an open-source ITAM tool that helps you track your inventory and all asset-related activities. The tool also has audit and supplier management features which enable you to prepare easily for an audit.

Notable Features:

  • Effective cost tracking system
  • Asset maintenance and inventory management
  • Email alerts when a license is about to expire

Pricing Plans:

  • Self-hosted – free
  • Hosted – $39.99 per month

#4. Cherwell IT Asset Management

ITAM Tools - Cherwell IT Asset Management

Cherwell ITAM is a tool that will help you optimize your software license spending and minimize audit compliance risks. You can easily track your assets’ lifecycle from procurement to retirement and get a top-down view on all assets’ usage.

Notable Features:

  • Easy integration with third-party software
  • Customizable interface which allows you to add different functions
  • Incident alerts and incident management system

Pricing Plans: The pricing starts at $150 per month and there is a free version available too.

#5. AssetCloud

ITAM Tools - AssetCloud

With AssetCloud you can manage both physical and digital assets. Its diverse features allow you to generate reports, get notifications for scheduled maintenance, warranty and license expirations.

You can get access to AssetCloud on the web, install it on Windows, and on Android and iOS devices.

Notable Features:

  • Plan and schedule equipment maintenance
  • Track and manage IT orders
  • Track IT assets’ depreciation

Pricing Plans: Ask the vendor for a quote.

#6. InvGate Assets

ITAM Tools - InvGate Assets

InvGate Assets is an ITAM tool that will help you organize, control, and manage all IT asset information from one place.

You can easily track your financial data as license purchases and maintenance costs so you can optimize your IT spending.

Notable Features:

  • Powerful software asset management
  • Automated discovery of new IT assets
  • Monitor and control any changes.

Pricing Plans: Ask the vendor for a quote.

#7. Freshservice

ITAM Tools - Freshservice

Freshservice is an ITAM tool that will help you keep track of and manage your hardware, software, networks, and other assets.

You can see the asset lifecycle timeline and track the different phases like procurement and maintenance. Or you can sort the assets by their creation date or location.

Notable Features:

  • Generate customizable reports
  • Manage your assets, licenses, and contracts with ease
  • Track your compliance

Pricing Plans:

  • Small teams – $29/user per month
  • Growing teams – $59/user per month
  • Large teams – $99/user per month
  • Enterprise – $99/ user per month billed yearly (annual commitment only)

#8. Lansweeper

ITAM Tools - Lansweeper

Lansweeper is an ITAM tool that can easily scan all your company’s networks. It also gives you a complete inventory of your hardware, network devices, and workstations.

The tool also tracks your compliance and helps you manage all audit-related documentation.

Notable Features:

  • Get a top-down view on your IT asset expenditure
  • An advanced report editor through which you can generate reports
  • Reliable tech support

Pricing Plans:

  • Free – up to 100 assets
  • Paid – $1/asset per year

#9. EZOfficeInventory

ITAM Tools - EZOfficeInventory

EZOfficeInventory is a cloud-based tool that helps you track all of your IT assets. The software has a barcode asset tracking feature that helps you easily discover physical IT assets.

You can also manage your license compliance and contracts, as well as find all audit information in the system.

Notable Features:

  • Auto-discovery of IT assets
  • Management of software and hardware assets
  • Tracking of purchase orders

Pricing Plans:

  • Essential – $40 a month
  • Advanced – $52 a month
  • Premium – $60 a month
  • Enterprise – Custom pricing. Contact the vendor for a quote.

These plans are based on a minimum of 250 assets and unlimited users.

#10. ServiceNow Asset Management

ITAM Tools - ServiceNow Asset Management

ServiceNow is an ITAM tool that helps you optimize your IT asset usage, costs, and lifecycle.

The tool provides information on licenses and lifecycle phases which help you minimize costs and security risks, and optimize the usage of the assets.

Notable Features:

  • Compliance and cost tracking
  • SaaS license management
  • Maintenance management and planning

Pricing Plans: Contact the vendor for a quote.

5 Essential ITAM Tool Features

Still not sure how to choose the ITAM tool that will fit your company’s needs?

Look out for these features:

#1. Ease-of-Use

IT asset management tools should be easy to use and navigate through.

After all, the tool will be used across the entire organization by pretty much everyone, from employees to senior management. That’s why you don’t want overly complicated ITAM software that only your IT department will understand.

If the ITAM tool is hard to use, it will cause extra delays, mistakes, and inefficiencies (which will contradict the purpose of getting an ITAM tool in the first place!).

Before settling down on an ITAM tool, request a free demo and see if you or your staff experience any difficulties working with the solution.

Remember, you want a tool that has an intuitive interface that won’t take long to explore and learn.

#2. Feature-Rich

If you’re getting an ITAM tool, you want it to have all features needed to support all your IT asset-related processes. These include:

  • Automated asset discovery
  • Asset usage tracking
  • Compliance management
  • Cost tracking
  • Generation of reports, insights, and alerts
  • Warranty, contract, and license management

At the same time, keep in mind the nature of your business, and what YOU need from your ITAM initiatives. Make sure that the ITAM tool you’re getting has all the must-have features.

#3. End-to-End Lifecycle Management

You need a tool that will support all IT assets throughout their whole lifecycle. This includes stages like procurement, maintenance, support, repairs, and retirement.

Otherwise, only part of the lifecycle will be in the system and you might miss important updates and data.

#4. Integration with Other Systems

Ensure that the ITAM tool you choose can integrate with the software you’re already using.

This will allow for all systems to sync in and you’ll have immediate access to all important information instead of having to search for and transfer it manually from one system to another.

#5. After Sales Support

Do your research on the after sales support services provided by the ITAM tool providers.

You have to know how you can reach the ITAM support team, as well as how long it’s going to take them to get back to you. That’s crucial especially if you’re dealing with an emergency.

So, ask them whether you can reach out to them via email, phone, or a live chat and what are their working hours. This way, you’ll know whether you can count on them when you need tech support, have a question, or for troubleshooting.

Key Takeaways

Now, let’s do a quick recap:

  • IT asset management is the process of actively managing a company’s IT assets (both software and hardware).
  • IT asset management tools help you manage all your IT assets so you can optimize their value and reduce the company’s IT costs.
  • When choosing an ITAM tool look for a tool that’s feature-rich, easy to use, and has good after sales support.

This way, you will be able to manage your IT assets effectively.

Now, all you have to do is choose the right ITAM tool and start using it!