From spreadsheets and pen and paper to hybrid solutions and custom asset management software, there are many ways that IT teams can manage both software and physical assets.
Asset management solutions help you not only track your business assets, monitor asset efficiency, control costs, but also make it easy to manage software licenses (and renewal process) and provide deeper insights and reporting capabilities.
In this post, we’ll discuss 5 of the best asset management solutions available for businesses of all sizes. We’ll share how they work, the pros and cons of each, and the average cost for the solution.
Analog Approach
Most businesses start out with an informal approach to asset management. When it is just you and maybe one or two employees, it is fine to keep track of your limited assets in a notebook or whiteboard.
Tracking inventory by hand gives you the freedom and flexibility to build your systems and organize your notes the way that works best for you. You can also take notes quickly without the need to input tedious data into a spreadsheet or app. Another plus is that there’s little to no learning curve with an analog asset management system.
As your business scales and you acquire more assets, you’ll find that you outgrow the capabilities of this method quickly.
With pen and paper, you can’t rely on the same digital features that come with software or web-based systems. For instance, you won’t have the ability to run reports automatically. You won’t have real-time oversight of your inventory at multiple locations, a search function, or maintenance reminder notifications. You also won’t have a digital backup of your records.
Not to mention, the biggest drawback to analog record-keeping is the possibility of human error and time wasted with tedious, manual tracking.
Cost
In terms of pricing, you probably have everything you need already for this manual asset management solution. If not, paper and pens are pretty inexpensive and available just about everywhere. You don’t need to purchase expensive software or equipment for this method.
But how do you place a dollar amount on your time? Think of the opportunity cost when it comes to analog recordkeeping. Manual recordkeeping is time-consuming. The time spent on tedious pen and paper tracking could be better spent elsewhere in your business. Before you go the pen and paper route, consider if this is something you would be willing to stick with long-term or if you’ll need a more robust solution in the future. If you do make the switch to a different solution, you’ll have the time-consuming chore of manually entering your records all over again into the new system.
Spreadsheets
Spreadsheets are often seen as the next step up from manual pen and paper. With Excel or Google Spreadsheets, you’ll still need to enter your inventory data by hand, but the solution is a bit more customizable and flexible than an analog system.
For instance, you can input formulas that allow you to sort your inventory or rank it by certain criteria like quantity, value, or date. Of course, you’ll need to accurately input the formulas, and you’ll be limited with what the formulas can do, but it’s still more functional than analog tracking.
Excel and Google Spreadsheets are also low-cost options. Chances are, you probably are already using one or both solutions for other aspects of your business today. The basics of the software are easy to master as most people are familiar with the software already. Typically, if you know how to use Excel, you can learn Sheets and vice versa.
The biggest downside of using a spreadsheet to manage all of your assets is that they can get unruly to manage once you have multiple people who have editing privileges. It is easy to override changes by mistake.
Plus, if you have thousands or tens of thousands of assets in one spreadsheet, it can be slow to load and update.
Cost
If you already have Excel, then using it for asset management will cost nothing extra. If you don’t already have the software, you can get a Microsoft 365 plan that includes Excel and other Microsoft tools and starts as little as $5 per month. Google Sheets software is free for personal use, with business plans beginning at $6 per month. Free templates are also available with a quick Google search to help you get started.
Keep in mind that while the cost is low, properly using spreadsheets can be time-consuming and tedious. You need to be sure you have the time to devote to maintaining accurate records if you go this route.
The Workaround Solution
If you’re already using spreadsheets and want to add more functionality, then a workaround solution could be right for your business. This is also a good option for those that aren’t ready for the full capabilities of asset management software but need more than spreadsheets can offer alone.
The most common workaround approach we see is people using Zapier in conjunction with a Google Sheet to manage their assets.
Zapier offers different ways to handle repetitive tasks in your workflows, so you can use the solution for more than just inventory tracking. You can connect all of your work apps through the platform. It’s great for those using spreadsheets already that want to step up their workflow game, including asset management.
While you can automate a lot of things with Zapier, there is a bit of a learning curve to get started. It is also a scrappy approach, so it is not uncommon for a zap to break out. And, the more zaps you have and the more tasks you run, the more expensive it gets. So, your workaround solution could end up costing you a lot more time (to fix bugs!) and money than paying upfront for asset management software, like Reftab.
Cost
As mentioned above, Zapier plans can get costly the more you use them to automate stuff. While there is a free basic plan, it’s not enough for most teams. A starter plan begins at $19.99, but enterprise plans can cost as much as $898.50 per month. Of course, automating tedious tasks can save your team a lot of time. However, if you’re able to afford a larger Zapier plan, your funds might be better invested in a more robust IT asset management software solution.
Custom Solution
Of course, you always have the option of building your own asset management solution. This is best for large companies with a large budget, a dedicated team, and unique needs that can’t be addressed with off-the-shelf asset management software.
Developing your own software gives you full flexibility and control of your software features. When you build your software, you can decide what features you need and how the software will integrate with your existing systems. The software can also be personalized to match your brand.
However, even if you have the funds, a custom-built solution isn’t always the right choice. There are several factors to keep in mind when deciding whether you should build or buy.
Whether you have a software developer in-house or decide to outsource, the upfront cost of building the software won’t be your only expense. You’ll also need to update and maintain the software throughout its lifetime.
Aside from the cost, you also need to consider the time it takes to build software. Developing new software takes time. Are you prepared to wait? What if there are delays? What if the lead developer leaves the company? How will you handle asset management in the meantime?
Cost
Building custom software is a significant investment. Because prices vary so greatly, you’ll need to scope out your needs and budget accordingly. Be prepared to pay more than a ready-made software solution, and know that you’ll likely have to pay for updates, maintenance, and support down the road.
Keep in mind that building the software takes time, but it can be a worthwhile investment if you need a custom solution. Be sure to research existing software before making the jump to a custom solution. The features you need could be available through a cheaper, existing software option already.
Asset Management Software
This solution takes the painstaking, manual tracking out of asset management (including both physical and software assets). Asset management software, like Reftab, is an integrated platform that lets you track important asset data, including asset health and maintenance costs in real-time. This means you can easily scan, tag, and search for assets, prioritize maintenance and IT service tickets, perform routine audits, and quickly determine the lifetime cost of assets in one centralized location, among many other tasks. The software can also provide deeper insight and reporting that can’t be generated through spreadsheets alone.
Not to mention, asset management software is a robust solution that’s ready to go from the day you purchase it. It can also be used across mobile devices with many even having a dedicated mobile app.
Cost
As mentioned above, asset management software is typically more cost-effective both in terms of time and money than any workaround or custom solutions.
Many asset management software companies even offer freemium plans, including Reftab. has the potential to be costly. Paid plans start at $30 per month for up to 500 assets.
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When deciding on an asset management solution, it’s important to think about your current as well as future needs. The solution you choose today should work with your future goals and have the potential to scale with your team. Otherwise, you could be looking at a messy transition to a different asset management solution in the future.
If you are interested in trying out Reftab, get started for free here.
