Choosing the IT Inventory Management software that suits your organization's needs requires much investigation. And with so many options in the market, it's easy to get overwhelmed.
But things don't have to be that complicated. Since we know a thing or two about the subject, we thought we'd give you our rundown of the best Inventory Management software in the market and the key features to look out for, so you can make an informed choice.
So, keep reading to find all you need to know to get your ideal management tool!
- What is IT Inventory Management software?
- Is free Inventory Management software worth it?
- Top IT Inventory Management Software options
- Why is inventory tracking important?
- 8 must-have features of IT Inventory Management systems
- Selection criteria for inventory systems
IT Inventory Management software, also known as Inventory Management systems or inventory software, consists of tools that enable you to track, manage, and monitor all hardware and software assets within your organization throughout their lifecycle.
It assists IT teams in overseeing application performance, managing licenses, and ensuring compliance with security policies.
Tracking your IT infrastructure within your Inventory Management software allows you to gain valuable insights into asset depreciation and overall usage. This allows you to make informed decisions, for instance, about which ones to retain and which to discard.
When do you need an IT Inventory Management tool?
The easiest – but less effective – way to create an IT asset inventory is to use an Excel spreadsheet. Yes, it will provide you with a list of your company assets, but you'll have to do it by hand, and, let's be honest, it will be outdated as soon as you finish populating it.
In fact, a study conducted by Gartner offers some interesting data to understand why organizations transition from manual methods to specialized software. According to the study results, switching from manual methods to Inventory Management software is driven by inefficiency (51%), limited functionality (31%), and unreliability (7%) in current methods and software.
So, one thing is clear: you need a IT Asset Management software by your side. This way you'll have visibility on the assets connected to your network and also their status, location, and relationships.
How to Get a Unified IT Asset Inventory in 24 Hours
What should an IT asset inventory include?
What exactly does an IT asset inventory encompass? Well, first you have to define what "assets" and inventory data you should include in the list. Generally speaking, most stocks account for:
- Hardware assets - such as computers and mobile devices.
- Software licenses.
- Related services or accessories - such as printers, scanners, cables, monitors, routers, and other peripherals.
- Users and locations - imported through inventories such as Active Directory.
- Physical assets - chairs and workstations easily trackable with QR codes.
Once you have all these mapped, you can quickly build a CMDB to detail their relations and how they might be affected in case of downtime.
Finally, ensure that the inventory software also allows you to create custom CI categories and custom fields. Each organization will have specific inventory needs; your management software must contemplate that.
4 Types of IT Assets Your IT Inventory Should Include
Is free Inventory Management software worth it?
While free Inventory Management software can be beneficial for small organizations by providing basic tools for inventory tracking and improving business processes, it often lacks the key features needed for comprehensive Inventory Management.
A paid management software, on the other hand, offers advanced functionalities, better support, and more robust integration options, which are crucial for scaling operations and enhancing overall efficiency.
Ultimately, the cost of a paid solution can be justified by the improvements in productivity and the potential for reducing operational errors, but it's important to balance costs with the necessary functions to ensure the best fit for your business's specific needs.
Top 9 IT Inventory Management software options
Now that we've provided an overview of what these types of tools can do for your business performance, it's time to search for the best Inventory Management software out there.
Of course, this will depend on your specific requirements and goals, but here are some of the top available options in the market:
1. InvGate Asset Management
InvGate Asset Management enables you to have a unified asset inventory quickly and easily. You can upload your IT (and non-it) assets in various ways, like a CSV, the Network Discovery functionality, Insight's Agent, or manually.
Some of its benefits include:
- Automatic data normalization.
- Real-time information.
- Automation.
- Native integrations (with InvGate Service Management, remote desktop tools, and more).
- Customization.
Key features
- Remote monitoring.
- Discovery Network functionality.
- Reports and dashboards.
- CMDB.
- Software Metering.
- QR codes.
- Contract Lifecycle Management.
- Asset Lifecycle Management.
InvGate Asset Management reviews ratings
According to G2, the platform is reviewed with 4.7 stars out of 5. Within Gartner, with 4.5.
Pricing
You can access the tools different pricing models within the website, here.
As you can see, InvGate Asset Management is not only an Inventory Management tool but a complete ITAM platform with an intuitive UX to increase its adoption.
If you want to try it out, you can either explore the live demo, request our 30-day free trial, or book a quick meeting with our experts that are eager to help you out. You can easily later turn the trial instance into your definitive workspace!
2. BMC Track-It!
BMC Track-It!, as Larry David would say, is "Pretty, pretty, pretty good." While this software is mostly about simplicity and ease of use, it doesn't mean it's short on features, either.
Key features
- Inventory Management for software audits.
- Budget creation.
- License Management.
- Making dependable financial decisions.
- Software discovery tools.
- Monitoring tools.
- Asset Lifecycle Management.
BMC Track-IT reviews ratings
According to G2, the platform is reviewed with 3.7 stars out of 5. Within Gartner, with 4.0.
Pricing
The pricing models are non disclosed. The tool offers a free trial, but not a free version.
Pros and cons
This software can also be combined with its own help desk for a more comprehensive management system. However, it may not be as intuitive or user-friendly as some other Inventory Management solutions, which can lead to a steeper learning curve for new users.
3. SolarWinds Service Desk
Solar Winds Service Desk was also designed to be a complete management platform that combines ITAM and Service Management.
Key features
- Ease of use.
- Asset Lifecycle Management.
- Licenses and Contracts Management.
- Automation.
- Help desk.
Solar Winds reviews ratings
According to G2, the platform is reviewed with 4.3 stars out of 5. Within Gartner, with 4.3.
Pricing
The tool offers a free trial, but not a free version. Although the service desk pricing is available in its website, asset pricing available upon request
Pros and cons
It aims to maximize and streamline the ease of use for support service providers and to have a centralized ticket system and Inventory Management system. But remember that its user interface can be cluttered and overwhelming, making it more challenging to navigate and use effectively.
4. ManageEngine Asset Explorer
ManageEngine Asset Explorer is also worth an honorable mention. It is among the most popular plug-and-play asset explorers out there.
Key features
- Data on the asset ownership, current status, and license.
- Contract tracking.
- Purchasing orders.
- License compliance view.
ManageEngine reviews ratings
According to G2, the platform is reviewed with 4.3 stars out of 5. Within Gartner, with 4.
Pricing
The platform offers a free 30 day trial and different subscription models that are calculated per asset, starting at 250 assets for $955. You can also request a personalized quote.
Pros and cons
The tool offers an intuitive interface for asset inventory and tracking, but may not be as feature-rich or customizable as other ITAM solutions.
5. Lansweeper
Lansweeper is also a great and popular option, being an Inventory Management solution that can provide more than just basic inventory details.
Key features
- Hardware information tracking.
- Help desk integration.
- Asset monitoring.
- Asset discovery.
- Integrations.
Lansweeper reviews ratings
According to G2, the platform is reviewed with 4.4 stars out of 5. Within Gartner, with 4.2.
Pricing
Lansweeper doesn't offer a free version but does offer a free trial.
The platform offers three pricing plans (starter, pro, and enterprise), starting at $219 per month.
Pros and cons
Lansweeper is an excellent option for comprehensive Inventory Management. However, it can be slow or resource-intensive, especially when scanning large networks or systems with much data.
6. Snipe-IT
Snipe-IT is an open-source system for Inventory Management that can help you keep track of licenses, accessories, consumables, and more.
Key features
- A robust asset database.
- Reporting capabilities.
- Third-party application integrations.
- Easy-to-use interface.
- Customization.
Snipe-IT reviews ratings
According to G2, the platform is reviewed with 4.6 stars out of 5.
Pricing
Snipe-IT offers a free version. If you wish to have access further support and more robust features, they also offer different plans that start at $39 per month.
Pros and cons
Although it is a free tool, they charge for their support services, so that's something to consider as part of your total cost of ownership.
7. Asset Panda
Asset Panda is a cloud-based Inventory Management software that allows you to keep track of all kinds of assets – from computers and furniture to tools and equipment.
Key features
- Asset check-in/check-out.
- Customization
- Asset location.
- Integrations.
Asset Panda reviews ratings
According to G2, the platform is reviewed with 3.9 stars out of 5. Within Gartner, with 4.3.
Pricing
Asset Panda does not have a free version but does offer a free trial. The pricing is not disclosed by the company.
Pros and cons
Asset Panda is a good option for small businesses and enterprises alike. Nevertheless, remember that the customization process can be complex and time-consuming, making it less appealing for organizations with limited resources or expertise.
8. ServiceNow Asset Management
ServiceNow Asset Management is a remarkable solution for those seeking an enterprise-level Inventory Management system.
Key features
- Asset tracking.
- Relationships between assets.
- Custom fields.
- Reporting capabilities.
- Licenses, warranties, and PO numbers tracking.
ServiceNow Asset Management reviews ratings
According to G2, the platform is reviewed with 4.5 stars out of 5. Within Gartner, with 4.2.
Pricing
The platform doesn't offer a free option and the pricing is not disclosed by the company. You can watch a free demo in their website.
Pros and cons
It is one of the most popular solutions in the market, but since it aims at large enterprises, it can be a more expensive option than other ITAM solutions on this list.
9. SysAid Asset Management
SysAid Asset Management is a comprehensive solution that can help you track and manage your organization's IT assets.
Key features
- Asset tracking.
- License Management.
- Network inventory.
- Service requests.
- Custom reports.
SysAid reviews ratings
According to G2, the platform is reviewed with 4.5 stars out of 5. Within Gartner, with 4.4.
Pricing
The tool doesn't offer a free version, but does provide a free trial. The pricing model is per user and starts at $79 per month.
Pros and cons
Even though it offers a lot of functionalities, the user interface can be difficult to navigate.
Why is inventory tracking important?
Now, why should you care about Inventory Management and investing in a solution to streamline the practice? Regardless of the size or complexity of your IT infrastructure, inventory tracking is critical to any IT team.
The first thing it can help you with is controlling spending by feeding you information on all your available assets, their status, value, contracts, and depreciation. With it, you can have a detailed follow-up of your organization's IT financials and maximize the value of your assets. Plus, it helps you to administrate IT resources in general.
On the other hand, it can be your best ally in managing your IT assets' security. IT asset monitoring alerts will help you discover whenever there's a thread or risk and better plan security strategies. And on top of that, it facilitates automation so that your asset managers and IT support agents can work efficiently.
Asset Inventory Management Tips & Best Practices
Inventory Management main benefits
Here are the most important benefits of inventory tracking:
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Enhances accuracy: Real-time tracking and management ensures your entire IT environment and its status is correctly supervised.
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Cuts costs: By reducing errors and the resources needed to fix them, it lowers holding costs and notifies managers to replenish stock, improving cash flow and funding other business activities.
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Saves time: Automating inventory tasks like forecasting and picking frees up employees to focus on more strategic growth initiatives.
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Boosts business planning: Finally, in-house inventory strategies provide insights for scaling and operational improvements.
To leverage these benefits, manually tracking is insufficient due to the high likelihood of errors and the time-consuming nature of the process, leading to inefficiencies and potential discrepancies.
As we have already mentioned, investing in inventory software automates tracking, enhances accuracy, and frees up valuable resources for more strategic business activities.
Let's explore how to make the right choice.
8 must-have features of IT Inventory Management Software
Now that you know what it takes to manage your entire inventory properly and how to choose the right ITAM software, here is a list of features your Inventory Management system should have:
- Asset tracking - It allows you to trace all your assets and their location. Real-time tracking capabilities allow for for precise overview of inventory levels.
- IT asset monitoring - With the asset tracking feature plus an alert system, you can know in real-time what is happening with any of your assets.
- Analytics & reports - You must be able to quickly generate reports and analytics about your IT inventory to optimize usage.
- Software Asset Management - This feature helps you manage all the software licenses and ensure their compliance with the applicable rules.
- Monitoring alerts and health rules - Health rules allow you to define when and how alerts should be triggered for you to be on top of your assets. This includes customizable health tags to match your company's compliance.
- Software metering - It allows you to track the software usage in your organization, helping you optimize costs.
- Software normalization - To standardize software and make creating reports and analyzing your inventory easier.
- Integrations - Inventory Management software offer various integrations with popular service desks and other management systems, allowing you to create a single source of truth for all your IT assets. Some of the most used are help desk and remote desktop integrations.
Selection criteria for Inventory systems
Apart from the key features listed above, when selecting an Inventory Management system, you have to consider certain criteria to ensure the tool meets your particular needs effectively.
First, assess the scalability of the tool to ensure it can grow accordingly with your future business plans and processes. In this sense, you should also look for reliable customer support to assist with any issues that may arise during the process.
Ensure the tool offers strong security measures to protect sensitive data and your compliance or regulatory requirements. Plus, when analyzing its integration options, it's important you analyze your current stack of tools to guarantee they align.
Finally, evaluate the cost of the tool, including any possible future hidden fees, to ensure it fits within your budget, while at the same time providing the necessary features and benefits.
In conclusion
All the solutions listed above offer a great way to manage and track your IT assets. Ultimately, the choice will depend on your organization's size and specific needs.
Whether you go with an open-source or paid solution, these IT Inventory Management systems can help you keep better track of the hardware and software in your environment and save time and money in the process.
When searching for new IT Inventory Management software, just keep in mind the must-have features to avoid future headaches:
- Asset tracking and monitoring.
- Analytics and reports.
- Software Asset Management.
- Software Metering.
- Automation and integrations.
Not sure about what you need? You can always contact our experts and ask for more information!
Frequently Asked Questions
1. What is an IT Asset Management system?
An IT Asset Management system is a tool that helps organizations manage hardware and software assets in their environment. It lets them easily track assets and store important information, such as serial and model numbers, license keys, installed programs, and more.
2. How do I choose the right IT Asset Management system for my organization?
Choosing the right IT Asset Management system will depend on your organization's size and specific needs. Consider features such as tracking, reporting, and integrations with other applications, as well as whether it meets industry standards.
You should also look into how easy it is to use, the cost, and if it offers a free trial version and a free trial so you can test the system first. Finding the right solution will ultimately determine what works best for your organization.
