The global IT asset management industry grew at a rate of 6.9% per year from 2019 to 2023. During this period, the industry's value increased from $1,146.0 million in 2019 to $1,485.4 million in 2023. This shows the big need for better management in the IT world.
ITAM tools keep your IT setup organized and efficient. Thanks to AI, the best IT asset management software can now automate tasks like tracking license expirations and finding unused assets, making asset management more effective.Â
In this guide, we'll show you the top ITAM tools for 2024. They're ready to help you tackle the challenges of modern IT asset management.
What are ITAM Tools
ITAM tools are important for any company wanting to improve its asset management. These tools are made to manage and track IT assets in your company. They help monitor hardware and software from the start to the end of their life.
Using these tools makes managing assets easier, which leads to better productivity and control over IT costs. A strong ITAM strategy gives you deeper insights into your assets. This means better organization and smarter use of your IT setup.
Types of ITAM Tools
There are two main types of ITAM tools: on-premise and cloud-based IT asset management software. Each has its benefits based on how you want to use it and your business needs.
On-premise IT Asset Management Software
On-premise ITAM tools run on your own servers. This gives you full control over your IT setup. It's great for companies that must follow strict rules or have special security needs. You can make the software fit your current systems and keep your data safe in-house. Also, you can handle software updates and settings yourself. This can make your security even stronger.
Cloud-based IT Asset Management Software
Cloud-based ITAM tools are flexible and scalable. They're hosted online, making them easy to set up and manage. This is perfect for companies looking to cut down on hardware costs. You can access your asset data from anywhere, which helps your team work together better and stay updated in real-time. This flexibility allows you to quickly adapt to new challenges and needs.
Why are ITAM Tools Important
ITAM tools help manage IT assets well, especially with new rules and regulations. These tools make sure you have a clear view of your assets. This helps you make smart choices throughout the life of your assets.
Using ITAM tools brings big benefits. It helps reduce risks from poor asset management and makes things run smoother. Improving processes like buying, setting up, maintaining, and retiring assets saves time and resources. This lets you focus on big projects instead of fixing problems from ignored assets.
Benefits of ITAM Tools
IT asset management tools bring big benefits to your organization. They make things run smoother and keep your data safe. These tools help manage your IT better, saving time and money.
Improved System Performance
ITAM tools improve system performance. They monitor assets and fix problems quickly, ensuring everything runs well and efficiently.
Strengthened Security Measures
ITAM tools also strengthen security. They provide updates and alerts on threats, helping to keep data safe from hackers and other dangers.
Lower Operational Costs
Using ITAM tools can reduce costs. They help you use your assets better and plan for maintenance, so you spend less time and money fixing problems after they happen.
Comprehensive Asset Tracking
ITAM tools let you track your assets fully. You can see where they are, how they're used, and their condition. This helps you manage your assets better.
Better Budget Management
With ITAM tools, managing your budget becomes easier. You can make smart choices about buying or retiring assets, which helps you stick to your financial goals.
Streamlined Processes with Automation
ITAM tools automate routine tasks, allowing your team to focus on important projects.
Increased Compliance
Following industry rules gets easier with ITAM tools. They automate tracking and reporting. This helps you meet standards and avoid fines.
Simplified Software Licensing
ITAM tools make managing software licenses easier. They help you keep track of licenses and avoid problems, reducing the risk of breaking the rules.
Extended Asset Lifespan
ITAM tools also help your assets last longer. Regular checks and maintenance keep your IT gear in top shape. This means you get more value from your investments.
Top 10 ITAM Tools for 2024
Here’s a list of the top 10 IT asset management tools for 2024 designed to help businesses manage their IT assets more efficiently and effectively.
1. Kohezion
Kohezion is a customizable IT asset management tool that allows businesses to track, manage, and optimize their IT assets effectively. Its flexible platform allows users to tailor the software to their specific needs, making it ideal for organizations of all sizes. Kohezion’s user-friendly interface and robust features ensure efficient asset management and improved decision-making.
Top 5 Features:
- Customizable dashboards tailored to user needs
- Asset tracking, providing real-time visibility
- Integrated reporting tools, offering data-driven insights
- Role-based access control, improving security
- A cloud-based platform ensuring accessibility from anywhere
5 Benefits:
- Improves asset visibility, leading to better management
- Streamlines asset tracking, reducing manual efforts
- Improves decision-making with comprehensive reports
- Controls user access to increase security
- Supports remote work with cloud accessibility
2 Cons:
- Requires initial setup time due to customization needs
- It may be overwhelming for smaller teams with fewer resources
Best For:
Best for organizations needing a customizable IT asset management solution.
2. Asset Panda
Asset Panda is a powerful cloud-based IT asset management software known for its flexibility and ease of use. The platform offers many features designed to simplify asset tracking and management. Its mobile app and customizable interface make it popular for businesses seeking a modern solution.
Top 5 Features:
- Mobile app, allowing asset management on the go
- Barcode scanning, simplifying asset tracking
- Customizable fields, adapting to various asset types
- Reporting and analytics, offering deep insights
- A cloud-based system providing accessibility from anywhere
5 Benefits:
- Increases asset management efficiency with mobile access
- Reduces manual errors with barcode scanning
- Adapts to diverse needs via customizable fields
- Improves decision-making with detailed reports
- Supports remote work with a cloud-based platform
2 Cons:
- Higher costs may not suit small businesses
- A learning curve due to the extensive customization options
Best For:
Best for businesses seeking a flexible and mobile-friendly IT asset management tool.
3. InvGate Insight
InvGate Insight is an intuitive IT asset management platform designed to give businesses full visibility and control over their IT environment. The software offers comprehensive asset tracking, monitoring, and reporting features, making it a valuable tool for IT teams. Its user-friendly interface and advanced search capabilities set it apart.
Top 5 Features:
- Advanced search capabilities, improving data retrieval
- Automated asset discovery, ensuring comprehensive tracking
- Customizable dashboards offering personalized views
- Integration with ITSM tools, streamlining operations
- Reporting and analytics, providing actionable insights
5 Benefits:
- Improves asset visibility, leading to better management
- Improves efficiency with automated asset discovery
- Supports decision-making with customizable reports
- Streamlines IT processes via ITSM integration
- Saves time with advanced search features
2 Cons:
- It may require training due to the range of features
- Limited mobile app functionality compared to competitors
Best For:
Best for IT teams needing advanced search and reporting capabilities.
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ManageEngine Asset Explorer
ManageEngine Asset Explorer is a comprehensive IT asset management software that helps businesses manage their IT assets throughout their lifecycle. It offers robust features for tracking, auditing, and managing IT assets, ensuring compliance, and optimizing asset utilization. The platform is known for its ease of integration with other ManageEngine tools.
Top 5 Features:
- Asset lifecycle management, tracking from procurement to disposal
- Automated asset discovery, ensuring accurate inventory
- Software license management, tracking compliance
- Customizable reports offering detailed insights
- Integration with other ManageEngine tools, streamlining workflows
5 Benefits:
- Improves asset visibility with automated discovery
- Improves compliance with license management
- Manages lifecycles to optimize asset utilizationÂ
- Saves time with customizable reporting
- Simplifies IT management via tool integration
2 Cons:
- It can be complex for users unfamiliar with ManageEngine
- Requires additional investment for full tool integration
Best For:
Best for organizations already using other ManageEngine tools.
5. Flexera One
Flexera One is a robust IT asset management solution designed for large enterprises. It offers advanced features for managing software licenses, tracking assets, and optimizing IT spending. The platform’s powerful analytics capabilities provide deep insights into asset usage and compliance, making it an essential tool for complex IT environments.
Top 5 Features:
- Advanced software license management, ensuring compliance
- IT spend optimization, reducing unnecessary costs
- Asset tracking, providing real-time visibility
- Cloud management, overseeing cloud assets
- Reporting and analytics, offering actionable insights
5 Benefits:
- Improves compliance with advanced license management
- Reduces costs with IT spend optimization
- Improves asset visibility with real-time tracking
- Supports cloud environments via cloud management tools
- Informs decision-making with comprehensive analytics
2 Cons:
- The higher price point may be too expensive for smaller businesses
- Requires dedicated resources for implementation and management
Best For:
Best for large enterprises needing advanced IT asset management and cost optimization.
6. SysAid ITAM
SysAid ITAM is an integrated IT asset management solution that combines asset management with IT service management. It provides businesses with the tools to track, manage, and optimize their IT assets while supporting IT service operations. The platform is known for its user-friendly interface and scalability.
Top 5 Features:
- IT asset tracking, providing real-time visibility
- Integrated ITSM tools, supporting service management
- Automated discovery, ensuring accurate asset records
- Reporting and analytics, offering detailed insights
- User-friendly interface, simplifying asset management
5 Benefits:
- Improves asset tracking with real-time updates
- Streamlines IT operations via integrated ITSM
- Improves decision-making with detailed reports
- Saves time with automated asset discovery
- Adapts to growing needs due to its scalability
2 Cons:
- Limited customization options compared to competitors
- Basic reporting may not meet advanced needs
Best For:
Best for small to medium-sized businesses looking for an integrated ITAM and ITSM solution.
7. Snow Software
Snow Software is a comprehensive IT asset management solution that focuses on providing deep insights into software usage and compliance. It is designed to help organizations optimize their software spend and ensure license compliance. Snow Software’s powerful analytics and reporting tools make it a valuable resource for IT teams.
Top 5 Features:
- Software asset management, tracking usage, and compliance
- License optimization, reducing software costs
- Automated asset discovery, ensuring complete inventory
- Reporting and analytics, offering deep insights
- Cloud management, overseeing cloud-based assets
5 Benefits:
- Improves compliance with software asset management
- Reduces costs with license optimization
- Improves asset visibility with automated discovery
- Informs decisions via detailed reporting
- Supports cloud environments with cloud management tools
2 Cons:
- Complex setup requiring technical expertise
- Higher price points may not suit small businesses
Best For:
Best for organizations focused on software asset management and license compliance.
8. ServiceNow
ServiceNow is a leading IT asset management platform that integrates seamlessly with IT service management. It gives businesses a unified view of their IT assets, helping them optimize usage, manage lifecycles, and ensure compliance. The platform’s advanced automation capabilities streamline asset management processes.
Top 5 Features:
- Unified IT asset and service management, integrating workflows
- Asset lifecycle management, tracking from procurement to disposal
- Automation, streamlining routine tasks
- Reporting and analytics, offering actionable insights
- A cloud-based platform ensuring accessibility from anywhere
5 Benefits:
- Simplifies IT management with unified workflows
- Improves asset visibility with lifecycle management
- Saves time with advanced automation
- Informs decisions via detailed reports
- Supports remote work with cloud-based access
2 Cons:
- High costs may be prohibitive for smaller organizations
- Requires training due to the range of features
Best For:
Best for large enterprises needing a comprehensive ITAM solution integrated with IT service management.
9. BMC Helix Discovery
BMC Helix Discovery is an IT asset management tool that specializes in automated discovery and dependency mapping. It provides businesses with detailed insights into their IT assets, enabling better management and optimization. The platform’s focus on discovery and mapping makes it ideal for complex IT environments.
Top 5 Features:
- Automated asset discovery, ensuring accurate inventory
- Dependency mapping, visualizing asset relationships
- Cloud-based platform providing remote accessibility
- Reporting and analytics, offering deep insights
- Integration with ITSM tools, streamlining operations
5 Benefits:
- Improves asset visibility with automated discovery
- Improves decision-making with dependency mapping
- Supports remote work with cloud-based access
- Saves time with detailed reporting
- Streamlines IT operations via ITSM integration
2 Cons:
- Higher costs may not be suitable for small businesses
- Requires technical expertise for setup and management
Best For:
Best for organizations with complex IT environments needing detailed asset discovery and mapping.
10. Ivanti Neurons
Ivanti Neurons is an advanced IT asset management (ITAM) solution designed to automate and optimize asset management processes. With its AI-driven capabilities, it helps organizations gain real-time visibility into their IT assets, reduce manual efforts, and increase efficiency. Ivanti Neurons is known for its predictive analytics, which proactively identifies issues before they impact the business.
Top 5 Features:
- AI-driven automation, reducing manual tasks
- Real-time asset visibility, providing up-to-date information
- Predictive analytics, identifying potential issues early
- Software license management, ensuring compliance
- A cloud-based platform allowing remote access
5 Benefits:
- Automates routine tasks to save time
- Improves decision-making with real-time insights
- Improves compliance with effective license management
- Predicts and prevents issues to reduce downtime
- Supports remote work with cloud accessibility
2 Cons:
- Higher costs may be too expensive for smaller businesses
- Requires initial setup time due to advanced features
Best For:
Best for medium to large organizations looking for an AI-driven ITAM solution with predictive analytics.
Top Features in ITAM Tools
The key ITAM features make IT asset management software work better and more efficiently and help you keep full control over your assets.
Asset Identification and Inventory Control
Getting assets identified and tracked right allows you to keep an eye on both physical and digital assets. This leads to accurate records and smoother operations.
Asset Monitoring and Tracking
Using IT asset management software to monitor and track assets is smart. It gives IT teams real-time information on how assets are used, which helps them use resources effectively and make better decisions.
Asset Lifecycle Oversight
ITAM tools help monitor how assets perform from start to end. They also help plan for when to replace or upgrade them.
Software License Administration
Good software license management prevents compliance problems. It tracks software use, avoiding big fines and ensuring compliance with licensing rules.
Hardware Inventory Oversight
Keeping a close watch on hardware inventory is key. It ensures that all hardware is accounted for, reducing the chance of losing or mismanaging assets.
Configuration Oversight
Observing how assets are set up helps ensure consistency across your organization. This makes fixing problems easier and increases security.
Risk and Security Oversight
Spotting risks and security issues is vital for protecting assets. ITAM tools help manage risks and protect against threats, keeping assets safe.
Reporting and Data Analysis
Good reporting and data analysis give you the insights you need. These features let you deeply analyze how assets perform and trends. This makes it easier to use your IT assets well.
Factors to Consider When Choosing an ITAM Tool
The following factors will help you make the right choice and ensure that the tool fits your organization’s needs.
Define Your Asset Workflow
First, define how assets move through your organization. Think about how they are bought, used, checked on, and then retired. Knowing this helps pick the right IT asset management software. It makes sure the software fits your workflow, making things more efficient.
Evaluate Asset Categories
Know the types of assets you manage. Your ITAM tool should work well with both hardware and software assets. Think about what each asset type needs. This helps pick the right features in ITAM software for better management.
Focus on Critical Business Assets
Find out which assets are most important for your business and then choose IT asset management software that fits these needs. Also, think about what you might need in the future and how to stay compliant with laws.
Manage Your IT Assets With Kohezion
Kohezion offers a strong solution for IT asset management. It focuses on customization and integration to meet your specific needs. With its advanced features, managing your assets becomes easier.
The platform has a centralized dashboard for real-time asset tracking. This ensures accurate and up-to-date information. It improves reporting, helps you make informed decisions, and allocates resources well. With Kohezion, you can tailor workflows to fit your organization's unique needs.
Using Kohezion improves your technology management. The platform's flexibility means it can adapt as your organization grows, making it a smart choice for your IT asset management strategy.
Conclusion
ITAM tools help keep your IT assets safe and running smoothly. As the need for good IT asset management software grows, it's important to know what to look for. IT asset management software is always changing to keep up with new technology. Choosing the right ITAM solution can make your assets work better and save money. Looking to 2024 and the future, having a strong ITAM plan will help your organization succeed in a tough digital world.
Your choice of ITAM tools is about more than just software. It's about setting up a system that helps manage assets well. With the right tools, you'll get better at being efficient, following rules, and keeping assets in good shape. Use these insights to make smart choices for the future of IT asset management.
Contact us at Kohezion to learn how our ITAM solutions can help your organization thrive.
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Frequently Asked Questions
A centralized repository stores all the data about your IT assets in one place. This makes it easier to manage, track, and access information quickly. It also helps ensure that everyone in your organization has up-to-date and accurate asset information.
IT asset management software records the maintenance history of each asset. It logs details like repair dates, what work was done, and who performed the service. This helps you monitor the health of your assets and schedule future maintenance.
The software provides valuable data on asset usage, costs, and performance. Analyzing this data will help you make informed decisions about when to replace, upgrade, or retire assets, which leads to better resource and budget management.
Assessing the condition of assets helps you understand their current state and predict future needs. It lets you identify which assets need repairs, upgrades, or replacements, ensuring your operations run smoothly without unexpected disruptions.
The discovery process automatically scans your network to find and identify all connected IT assets. It gathers information like hardware details, software installed, and network status. This process ensures that your asset records are complete and accurate.
