Asset Management

What Is Asset Management Software?

April 16, 2021 • 3 min read

Whether you work in interior design or information technology, you probably use some kind of asset tracking system. In the plainest terms, an asset management system is how your business tracks its inventory. What makes asset tracking different is that usually, it’s practiced by businesses that don’t stock, sell or consume traditional inventory. 

In this article, we’ll define asset management software. Plus, we’ll help you make a list of inventory software must-haves.

What is asset management software?

Asset management software is a software system that stores data about your inventory, including asset quantity, quality, location, and value. Also known as asset tracking software, it can help businesses account for their property, streamline operations, identify inventory loss, and quickly gather information about depreciating assets. Asset management software allows you to track physical assets (ex: computers, equipment, vehicles) as well as non-physical assets such as software licenses

By properly utilizing an asset tracking app, your business will always know who was what, where, and in what condition. 

Related: Why is asset tracking important?

Features of asset management software

Beyond simply tracking your assets, good asset management software can help your business run smoother with a host of convenient features. Here are a few must-have features when selecting asset tracking software.

Barcode and QR Code Scanning

Barcode and QR code scanning are automation features that can save your business a ton of time and money. Instead of manually tracking every asset, you can use your in-app scanner to check items in and out, update their status, or learn more about the item.

Best of all, there’s often no fancy equipment required. You can use a smartphone or tablet you already own. 

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Customizable Details

You should be able to customize your asset system to suit your specific business. Create your own custom fields, add tons of high-resolution pictures, build your own folders based on your specific assets and inventory. If asset software is one-size-fits-all, it’s probably not a good fit for your unique business.

Fast Reporting

Easy-to-generate, customizable reports are another key feature of asset management software. You should be able to instantly create data-rich reports that tell you everything you need to know. 

Look for a software solution that allows you to hand-pick criteria for your reports, including filtering by location, item category, and item value. 

Inventory Reminders and Alerts

Another great feature: customized reminders and alerts. You can get notified when an item is running low, needs to be returned, or is approaching expiration or warranty end. You should be able to select exactly who gets notified, when, and how. 

Multi-User System 

Your asset tracking software should be easy enough for your whole team to use. Even if only one person is managing inventory right now, you’ll want an app that can grow with your business. Many apps allow you to create custom user permissions, so you can control what different employees can see, edit and do. 

Simple, Intuitive Interface

Finally, insist on an inventory app that’s modern and intuitive. Look for a smart interface that makes sense for you and your team. Bonus points if the app works on both your computer and your phone. 

Sortly Asset Management Software

Sortly is a top-rated inventory and asset tracking app designed to help businesses of every shape and size organize their assets. Sortly can help your business visualize all your assets, even if those assets are spread across multiple locations. Our software offers a ton of powerful, time-saving features that can help your business run more smoothly than ever before. Ready to give Sortly a try? We’ll let you try it free for 14 days.