Best Asset Management Software Tools For 2023

An organization is nothing without its assets — but they can be a lot to manage. That’s why most businesses use EAM software to digitize processes and improve efficiency and reliability. To help you find the correct asset management software, we’ve compiled a list of the leading solutions so you can make an informed choice.

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What This Article Covers:

Best Asset Management Software

Finding the right IT asset management tool that suits your business is crucial. All EAM platforms related to CMMS software offer asset management, but some stand out from the crowd for this crucial feature.

Here is the list of top asset management tools based on our research.

SAP EAM is an asset management solution that helps you manage your facilities, vehicles, assets, equipment and machines. It enables you to maintain facilities, conduct timely maintenance, monitor asset life cycles and analyze reports to make data-driven decisions. Using it can help you improve ROI, minimize failures and ensure security and compliance.

Highest Rated Features According to Our Data

• Asset Management — 100
• Spare Parts Handling — 100
• Analytics and Reporting — 100
• Environment, Health and Safety Management — 100
• Mobile EAM — 98

Top Benefits

• Digitize Asset Data and Monitor in Real Time: The digital twin tool offers real-time monitoring of usage and performance and a new product-as-a-service model. You can combine end-to-end product life cycle and asset data into digital threads. It enables you to tailor and graphically represent a digital twin in relevant designs by leveraging 3D, 2D and augmented reality visualization technologies.
• Centralize Data: Leverage real-time synchronization, remote device connection, conflict resolution and more. You can integrate with all SAP solutions like SAP CRM and SAP ERP to consolidate your workflows into one system.
• Improve Fault Pattern Detection: You can detect fault patterns and use SAP Predictive Maintenance and SAP HANA to create a framework for predictive analysis. It lets you analyze trends, calculate performance, track energy consumption and more. It comes with R packages and REST APIs to help with machine learning functions.
• Streamline Documentation: You can define templates, attributes, attribute groups, and causes and effects. Create templates for risk and criticality assessments, checklists, models, spare parts and more to simplify documents based on the information you need most often.
• Predict Breakdowns and Failures: Simulation-as-a-Service helps you run “what if” scenarios and prepare a solution based on your discoveries. You can also use the data from virtual sensors to detect possible issues before downtime occurs.

Primary Features

• Spare Parts: You can create, view, delete and assign orders for spare parts and attach relevant documents. It enables you to add or delete multiple templates for a single part and view its values. View instruction details like the number of steps involved in the breakdown of assets or parts, primary documents, criticality, expected duration and more.
• Failure Modes: Use this feature to view the probability of failure of parts, assign objects and view information on handling failures. View, update and delete a failure mode and assign models, spare parts, locations and groups to a failure mode.
• Risk and Criticality Assessment: This feature offers tools like failure modes and effects analysis (FMEA) and RCM. It helps you calculate risk scores, analyze assets’ criticality, search for existing risks, verify variants and more.
• Preventive Maintenance Review: With this feature, you can view, filter, sort and export recommendations and evaluate asset reliability.
• Collaborative Asset Management: You can digitally manage assets with the help of AI and the IoT. It gives you access to critical alerts, sensor data and engineering sites. It will help you streamline maintenance activities, monetize content and services, and ensure optimal equipment usage.

Limitations

• No free trial.

Features Not Fully Supported According to Our Data

• Asset Audits — Not Supported
• Resource Allocation Based on Matching Competencies — Not Supported
• Sonic Acoustical Analysis — Not Supported
• Voice-to-Text — Supported With Partner Integration
• Work or Maintenance Request Portal — Not Supported