There are many ways to approach Asset Management. It all depends on your personal goals, your team's capabilities, and your company's needs.
In fact, according to a study published by Gartner in 2024, most businesses rely on manual methods (41%) and spreadsheets (26%) for their day-to-day Inventory Management operations. So, there's a good chance you’re looking to use Excel for Asset Management.
In this blog post, we’ll explore how to make the most of Excel for Asset Management. You’ll also be able to download an Excel template with all the necessary elements to get you started (or perhaps to compare it with the one you’re currently using).
Finally, we’ll introduce you to InvGate Asset Management, our dedicated software for Asset Management, and explain why it’s a great idea to start considering implementing a solution like this.
Table of contents
- TL;DR
- What is included in Asset Management?
- How can Excel be used for Asset Management?
- Download Excel template for Asset Management
- 10 reasons why using Excel for ITAM isn't enough
- Replacing ITAM Excel template with ITAM software
- Final thoughts
- Frequently asked questions
TL;DR
- Excel as a starting point: Useful for basic asset tracking but limited in scalability, accuracy, and automation.
- Key limitations of Excel: No real-time monitoring, manual updates prone to errors, and lack of integrations or automation.
- Why switch to ITAM software: InvGate Asset Management offers centralized inventory, automated processes, proactive monitoring, and robust reporting.
- Seamless transition: Start with our free Excel template and upload it to InvGate for an efficient, scalable ITAM solution.
- Enhanced capabilities: Features like license management, cybersecurity risk mitigation, and cost optimization exceed Excel's possibilities.
What is included in Asset Management?
Since we're going to explore how to make the most of Excel for Asset Management, it's essential first to define what falls under the broad umbrella of Asset Management and what your spreadsheet should enable. Not all organizations are the same, and this will influence the scope and possibilities of your strategy.
If you’re reading this, it’s likely that you’re using Excel to create, update, and track asset inventories. Technically, this is called Inventory Management, and it’s a crucial part of any effective Asset Management strategy. However, Asset Management and specifically IT Asset Management (ITAM) covers the following practices:
- Software Asset Management - which includes Software License Monitoring, Software Metering, Patch Management, and more.
- Hardware Asset Management - which includes hardware inventory, Asset Monitoring, and more.
- Financial Management.
- IT Contract Management - which includes software contracts (like stand-alone, suite, Operative System), SaaS contracts, and hardware contracts (such as lease, maintenance, rent, support, and warranty agreements).
- CMDB - which includes the database that stores and manages information about the various components of your IT infrastructure and a visual map that helps simplify the process of managing and maintaining an IT environment.
- Reporting - Reports offer comprehensive understanding of your organization's IT infrastructure and related expenses, ultimately allowing you to optimize both IT budget and performance.
What is Inventory Management?
Inventory Management in particular involves systematically tracking and managing all physical and digital assets within an organization. This includes ensuring that data about each asset—such as its type, location, status, and ownership—is accurate and up-to-date.
However, Asset Management goes beyond just inventory. This practice has evolved significantly over time. Today, when we talk about Asset Management, we’re referring to scalability, automation, and, most importantly, integration with other systems. This way organization's are leveraging the practice to significantly optimize costs and drive efficiency related to their assets functioning.
By now, you can sense that using an asset spreadsheet probably falls short to do the job, but we’re about to take a closer look at where and why this happens.
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How can Excel be used for Asset Management?
In episode 17 of Ticket Volume, Brian Skramstad shared his experience using Excel. He mentioned, among other things, that it is a great tool to get started—a good "starting point." So, Excel can be a great tool if you're just starting to build your asset inventory.
In fact, it might be a good idea to begin with a spreadsheet, as it a tool that most people are familiar with, and later use it as a foundation once you’re ready to implement a dedicated tool for managing your assets.
“I still find that Excel is very effective for getting going [...] There's always a starting point.”
Brian Skramstad,
ITSM Principal at Allianz TechnologyEssentially, Excel allows you to create a series of columns for each attribute of your assets. As we mentioned earlier, these typically include name, type, manufacturer, model, status, owner, location, inventory ID, and so on. The list can go on indefinitely depending on the characteristics you want to document in your Excel file.
Then, you can create rows for each of your assets, whether they are hardware (like computers, laptops, headsets, phones, etc.) or software (program licenses, operating systems, applications, etc.).
Download an Excel template for Asset Management
To help you get started the right way and with a template that ensures results, we’ve designed one with the basic fields every asset inventory should include. The fields we’ve added are as follows:
- Name.
- Type.
- Manufacturer.
- Model.
- Status.
- Owner.
- Location.
- Inventory ID.
- Serial number.
- Acquisition date.
- Acquisition type.
- Invoice Purchase order.
- Supplier.
- Acquisition price.
- Current price.
- Depreciation percentage.
- Cost center.
- Warranty expiration.
All you need to do is populate the Excel sheet with the corresponding data for your assets. And that's it! Once you complete the template, you'll have your entire inventory consolidated.
However, as we have been hinting at, this inventory is static. You will have to update it manually, meaning it will probably quickly become obsolete.
But no worries! That is exactly what ITAM tools are built for. You can upload this same template as a CSV to the demo version of InvGate Asset Management and try out its functions (no strings attached!). Now, let´s take a closer look at why this is your most convenient option.
10 reasons why using Excel for Asset Management is not enough
Asset Management can be significantly enhanced with the use of dedicated IT Asset Management software. While managing assets with Excel may seem straightforward at first, achieving proper IT Asset Management requires more than just spreadsheets—it demands specialized tools like ITAM software and, ideally, an IT asset manager to oversee the process effectively.
1. Asset Management is not just maintaining a list of assets
Asset Management is a lot more than keeping a list of assets owned or used by the organization. Its power is not only provided by the inventory in itself but by what it can do once that’s done.
If you use Asset Management spreadsheets on Excel, what you have is a snapshot of your company’s asset stock on a specific date. But in order to have that picture, you need to create the spreadsheet manually and then populate it with all the assets you need to monitor.
This leaves room for a lot of error. Mistakes in numbers, typos, lack of data normalization, and omissions are just a few of the things that make asset-tracking spreadsheets unreliable. On top of that, since you don’t have traceability and the assets are in no way connected to the spreadsheet, you can’t trust that the inventory is up to date or that it reflects the asset’s current status. So, making decisions based on that is risky, to say the least.
With ITAM software, what you get is a dynamic and trustable inventory. Even though you can start by uploading your current spreadsheet to InvGate Asset Management, by installing an Agent on your company’s devices (which can be done remotely) you can use the Network Discovery tool to spot all the assets connected to your network and automatically populate your IT asset inventory.
Moreover, once the Agent is installed, you can map all installed software —both authorized and non-authorized— and have it report periodically. So, you'll be tracking assets and always have an up-to-date inventory to decide the best move for your company based on current needs.
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2. Excel cannot monitor assets and provide real-time status updates
We’ve said that using a spreadsheet to track assets is limited, and this is another reason why. Your IT assets and their inventory go in parallel but separate ways. What happens in one of them isn’t reflected in the other.
So, on the one hand, your asset inventory can be quickly outdated. And on the other hand, manually monitoring the assets will take a lot of resources and is simply not feasible. This means that you’ll probably learn something’s wrong after the problem explodes.
With IT Asset Management software, your assets and the inventory are connected. InvGate’s Agent is periodically reporting what’s going on inside all your organization’s devices, and you can automate your network scanning to spot new devices (which is extremely useful to avoid shadow IT).
Furthermore, if you configure the Health Rules, your ITAM team can constantly monitor the assets’ status, and receive alerts when they are malfunctioning, require maintenance, or are not performing accurately. By monitoring the assets, you can offer a smooth experience to the end-users, act before problems arise, and mitigate the risk (and costs) of downtime. It will also ensure that the assets will have a long lifespan.
3. Lack of traceability and data normalization
Another disadvantage of using Excel spreadsheets for Asset Management is the lack of traceability and data normalization. In short, Excel doesn’t provide you with enough user roles and permissions to ensure the traceability of document editions. Not only you can't select what sections of the spreadsheet a user can edit but also you’re unable to track the changes made by each user.
In addition, Excel can’t detect similarities between data inputs. So, you might have the same asset registered by different names (for instance, an Adobe Photoshop license can be under Adobe Photoshop, Adobe PS, APS, and so on).
Both issues disappear with InvGate Asset Management. The solution provides you with user profiles to assign the right amount of permissions to your Asset Management team, and you can access the historical data at any time to review their activity. And as for the data inputs, it automatically normalizes them, so you don’t have to worry.
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4. You’ll need extensive workarounds to manage licenses with Excel
License Management is another major aspect of ITAM. Different solutions have different types of licenses; some require a license per user, some charge per workstation, and some have floating licenses.
Without proper License Management, your business may end up paying more than it has to. Furthermore, you run the risk of failing to comply with licensing requirements, incurring costly penalties if a software audit knocks on your door.
Though ITAM teams may be able to manage licenses with Microsoft Excel, they’ll probably need a lot of workarounds and it still won’t be as smooth as a dedicated solution.
5. Lack of automation
ITAM is a resource-intensive process. It’s responsible for a large number of tools, solutions, and platforms, and has to constantly be on top of all these assets to ensure that they are performing without a glitch. As you can imagine (or even realize if you’re currently using a spreadsheet), doing it manually is time-consuming and ineffective.
The secret to doing it right – and avoiding constant human monitoring – is automation. With automation, you can reduce your team’s workload to a large extent by avoiding repetitive tasks. For instance, if they have to update employee laptops, they won’t have to go from cubicle to cubicle and manually install the updates.
Obviously, MS Excel doesn’t provide the level of automation Asset Management requires, but ITAM software will. InvGate Asset Management allows you to automate alerts, network scanning, inventory updates, reports, and more.
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6. Lack of performance reports
And since we mentioned reports, let’s take a moment to understand why lacking this automation is crucial. Reporting capabilities are key in IT Asset Management because they allow you to have a comprehensive and updated view of your IT estate so that you can plan the finances and make purchase decisions.
That being said, an Excel file doesn’t provide its users with automated reports. If you need them, you have to create them manually – which leaves a lot of room for error. How many times have you had to deal with a wrong formula? We know it can be exasperating to fix.
But with software, the reporting is covered. With InvGate Asset Management you can customize the dashboards reports based on the metrics you’re interested in. Plus, you can automate them so that they arrive in your inbox periodically, providing you with fresh insights to act upon.
7. Excel can’t maintain nor update assets on its own
To deliver consistent IT services, improve asset lifespan, and avoid cybersecurity risks, your company assets need to be maintained and updated regularly. Manually updating a large number of systems will be resource-intensive, and there’s a strong possibility that some of the devices may miss their updates.
It also becomes difficult to keep track of the software versions of the different assets in a spreadsheet, mostly because end-users accept updates on their company devices without letting the IT team know about. They just click the button on the box.
But inventory software can monitor all these for you. InvGate Asset Management’s Agent periodically reports on software, so you can know in a few clicks which assets need to be updated (and which have been protected by their users), or if their capacity has reached its limit. Furthermore, if you have it connected to InvGate Service Management, you can create tickets to assign the task and solve the problem.
8. Lack of integrations
Another aspect of ITAM where Excel falls short is integrations. When carrying out an Asset Management strategy, you not only have to list and monitor things but also do things on other devices. And even though some of them might be accessible to your team – such as company servers – in modern businesses, assets are rarely kept in one single room; for geographically distributed teams, they may even be continents apart.
Thus, you’ll need to access them remotely. Now, if you’re using Excel, you’ll need to get other solutions for remote access, and can’t link the two to update the file. Meanwhile, you can integrate InvGate Asset Management with software like TeamViewer and take advantage of its remote desktop functionality without leaving the ITAM platform – and with the extra advantage of traceability and automatic update of records.
And let's not forget that, as we mentioned right above, integrating ITAM software with your help desk is a clever way to boost productivity and efficiency.
9. Excel and proactive ITAM are incompatible
To get the most out of your hardware and software solutions, businesses need a proactive ITAM strategy. It’s not wise (or cost-effective) to run around trying to fix things. The right approach is to implement a preventative mindset, where you can foresee the future requirements of the organization, employee and customer expectations, and potential issues, and make decisions based on this.
But to be able to do this, you need granular data regarding your organization’s asset performance, usage, associated expenses, and security vulnerabilities. And yes, you guessed right, MS Excel simply doesn’t have the capabilities to collect this data. You can store information and even visualize it (to an extent), but you’ll need separate solutions to collect and filter this data.
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10. Excel-based Asset Management is not scalable
To conclude this list of reasons why doing Asset Management with an Excel spreadsheet is not advisable is the lack of scalability. Very small businesses that have just a couple of laptops and a printer can make Excel work for Asset Management.
But as the organization grows, it will need more assets to support its needs. At this point, even the simple task of maintaining and updating asset information on Excel sheets will soon take a lot of resources.
And it’s not just a matter of documentation. A large number of assets will also increase the associated risks. The organization will be more susceptible to cyber attacks and may make costly errors in License Management. To avoid this, it's best to start with a dedicated Asset Management solution even when you’ve just started your business.
Replacing the IT Asset Management Excel template with ITAM software
By now, it’s clear that an Excel spreadsheet can be a good starting point for Asset Management, but it’s by no means scalable. The natural next step for asset managers or teams responsible for tracking an organization’s assets is to implement a dedicated Asset Management solution. And this is where we excel.
InvGate Asset Management is a comprehensive solution that not only allows you to easily create and maintain your asset inventory but also enables you to automate the entire asset lifecycle, optimize expenses, and link assets to ticket generation through its integration features. On top of this, with InvGate Asset Management you’ll be able to exceed Excel’s capabilities and achieve:
- A centralized, up-to-date software and hardware inventory.
- Non-IT Inventory Management (which can be done with QR codes).
- Asset monitoring to keep an eye on assets’ performance and tackle issues before they appear.
- Automation to free your team’s time from repetitive tasks and focus their attention on more important tasks.
- Contract and License Management to ensure compliance and avoid fines.
- Software Metering to control license usage and ensure correct distribution of licenses.
- Periodic reports to monitor your team and assets’ performance and adjust in consequence.
- A better employee and customer experience by ensuring a seamless performance from the organization’s tools and assets.
- A secure environment, safe from potential cyber threats, mitigating the risk of asset downtime.
- Clever expenditure and budget planning to invest wisely (and save money on unnecessary assets).
Plus, its intuitive UX, drag-and-drop features, and multiple ways to unify your inventory help reduce switching costs. If we add to this the fact that you don’t need to onboard your whole company to migrate from an Excel template to ITAM software (since just your IT team will need to be aware of this), the decision is a no-brainer.
The best part? You already have a complete inventory thanks to the Excel template we designed for this purpose. To start exploring InvGate Asset Management, all you need to do is upload the file in .csv format. It will automatically import your assets into the system.
The steps to do this are simple and detailed on the second sheet of the template. If you’re already excited, it’s time to take action. Try InvGate Asset Management free for 30 days and upload your inventory in just a few seconds.
Final thoughts
Excel is a useful tool for creating a basic inventory, but it has its limits when it comes to managing the complexities of IT Asset Management. As your organization grows, so do its asset management needs, making a dedicated ITAM solution the logical next step. Tools like InvGate Asset Management streamline processes, reduce manual effort, and ensure your inventory is always accurate and actionable.
If you’re ready to upgrade your ITAM strategy, InvGate Asset Management provides the perfect solution. With features like automated inventory updates, proactive asset monitoring, and seamless integration with your IT ecosystem, it empowers your team to work smarter, not harder. Try it for free and see how it transforms your asset management operations!
Thus, you need a tool that can cover all that, and that accompanies your organization as it grows. Want to see what InvGate Asset Management can do for you? Request our 30-day free trial and take a look! And if you’re still doubtful about it, you can schedule a call with our experts to ask them anything.
Frequently Asked Questions
1. How do I track assets in Excel
Create a spreadsheet with columns for key asset details (e.g., name, type, location, status, serial number). Populate rows with the corresponding data for each asset. However, keep in mind that changes must be updated manually, as Excel cannot automate updates.
2. How do you calculate return on assets in Excel?
Use the formula: Return on Assets (ROA) = Net Income / Total Assets. Input the values in Excel cells and apply the formula to calculate. Note that any changes to the data will need to be updated manually, as Excel doesn’t support automation for dynamic updates.
3. Do asset managers use Excel?
Very small businesses that have a small number of assets to manage may use Excel. Here, the role of MS Excel may be limited to keeping track of the assets, their vendors, support information, and their security patches.
But as the size of the organization grows, it won’t be feasible to use Excel for Asset Management. They’ll be better of with a dedicated Asset Management solution.
4. Is Excel good for tracking inventory?
MS Excel can be used for storing inventory information. But it cannot automatically track assets or collect asset information; users will have to collect the data and enter it manually into the sheets. If the organization has a large number of assets and has to collect and update different types of information, it won’t be easy to use Excel for keeping track of the inventory.
5. What is the best way to monitor assets?
ITAM software would be the best way to monitor assets. To offer continuous service delivery, businesses have to monitor their assets continuously for anomalies. They should have sufficient time to fix issues before they impact the quality of service. Thus, a robust ITAM solution can do the monitoring automatically, and raise alerts if the parameters go outside pre-defined values.
