Free Asset Tracking Software: Top Picks for Managing Your Assets
Looking for free asset tracking software programs? Read this detailed guide to learn everything about the most popular tools and make the right decision.
Running a business isn't just about selling products or services to consumers. You must actively keep track of operational assets, from office supplies to computers and printers. It tells you when you require new assets, when to service or repair the older ones, and whether they're being used as intended. While manual asset tracking has had a long run, free asset tracking software reigns supreme now.
Several software programs are available to help you track your assets, and many of them are free. The market for asset tracking software is rapidly expanding and is expected to reach $51.9 billion by 2027.
This guide will explore free asset tracking software programs, how they work, and help you decide if they're worth an effort.
Free Asset Tracking Software Programs
Let's discuss some of today's most popular asset management and tracking software programs.
Asset tracking is a major concern for many companies.
1. Microsoft Excel
Excel has been around for a while. It is a powerful free asset tracking software that accountants, managers, analysts, and logistical teams have used for years. Today, it is one of the most ubiquitous software programs. Here are a few pertinent examples:
- Timesheet tracking
- Using columns for classification and description
- Tracking information that usually doesn't change
The asset tracking Excel sheets contain multiple informational categories to organize and store inventory data. All of these categories must be filled in manually with high accuracy.
MS Excel Features
1. Data Organization
Creates a spreadsheet to organize asset data like asset ID, description, purchase date, and location.
2. Data Filtering and Sorting
Easily filter and sort data to find specific assets or identify trends.
3. Formulas and Functions
Uses formulas and functions for calculations, such as depreciation tracking or warranty expiry dates.
4. Conditional Formatting
Conditional formatting highlights important information or tracks asset status (e.g., in use, available, maintenance required).
5. Charts and Reports
Generates charts and reports to visualize asset data and gain insights into your inventory.
Drawbacks of Using Excel for Asset Tracking
1. Error Prone
Asset management and tracking is much more than just maintaining a list of items. Excel provides a snapshot of your assets, but you must input everything manually to make it really useful. It usually results in many human errors, such as typos, number of mistakes, omissions, and the like. There is also no linkage between your assets and the spreadsheet, so you don't know if the list is up-to-date.
2. Flawed Asset Tracking
One of the major limitations of using this free asset tracking software is that the spreadsheets and the real inventory aren't connected in any way. Your inventory might be getting outdated, but you must update that information manually in the sheets. It takes a lot of time and resources, so you might learn about a problem only after it has become a major bottleneck.
3. Lack of Automation
Asset tracking today is a technology-intensive process that relies on automation. Obviously, automation is nowhere to be seen if you have to fill in everything manually. For instance, updating employee laptops won't be an issue with automation. On the other hand, you'll need to visit each and every cubicle to update them manually.
2. Trello
Launched in 2011, Trello has become an increasingly popular free asset tracking software because of its capabilities and visual elements like lists, cards, and boards. Its clean design and simple user interface make it easier for asset managers to track inventory.
Trello Features
1. Boards, Cards, and Lists
Trello uses these elements to represent inventory graphically. This free asset tracking software efficiently tracks inventory and helps managers understand its various components easily.
2. Task Allocation
Several team members can be assigned various aspects of inventory. Once the cards are assigned, they're updated regularly, and the employees are notified about changes. Since everyone is getting updated, it also promotes cooperation among employees within a group.
3. Attachments and Integrations
Trello’s attachments and integrations make organizing resources much easier. You can add as many documents as you need to cards. It also connects seamlessly with other tools, such as Slack, GitHub, and Google Drive, making it a versatile choice.
4. Calendar View
Calendar view provides a helpful overview of timelines, such as those related to maintenance, repair, and replacement. It also helps prioritize tasks to manage your workflow more efficiently.
Drawbacks of Using Trello for Asset Tracking
1. Too Limited
Any organization with complex asset tracking and maintenance workflow would find Trello lacking despite its cards and boards. It feels like a generic project management tool built with straightforward schedules and smaller teams in mind. Companies that have to track complex assets with their elaborate tracking and maintenance schedules should look somewhere else.
2. Not Advanced Enough
Another disadvantage of this free asset tracking software is its lack of advanced features or even some essential ones. It doesn't have the time tracking comprehensive reporting tools necessary for any maintenance manager.
3. Scalability & Customization Concerns
Trello is simple, but that is also its weakness. Companies wanting higher levels of customization for complex workflows are often left disappointed. Similarly, larger firms looking to organize complex tracking tasks and large teams also don't find it good enough.
3. Notion
Notion is another free asset tracking software with great flexibility. It helps centralize critical information like purchase history, location, asset condition, and maintenance schedules in one place. You can also add various asset properties, such as serial numbers, warranty information, assigned users, and the like.
Notion Features
1. Relational Databases
This IT asset tracking software free is good at managing information across databases. It enables you to create multifaceted interfaces to bring images, files, texts, and projects together in one place. If you're still waiting for feedback from a particular maintenance task, you can check the relation to see if the file has been uploaded.
2. Centralized Database
The asset tracking team can easily work together in Notion, as it stores everything from documents to tasks to project boards in one place. Everyone can find whatever and whenever they need instantly. It also offers real-time updates so the whole team knows about the changes.
3. Flexible Infrastructure
Asset managers can easily assign users to a task or block certain information. They can track each change, and employees can leave comments, feedback, and questions. The asset manager gets notified about all the messages and questions so that nothing goes unnoticed.
Drawbacks of Using Notion for Asset Tracking
1. The Learning Curve
Notion isn't completely ready out of the box. It can be overwhelming for new users, and its flexibility can actually hinder its usability, as the user doesn't know where to start. The manager and their team need to invest a lot of time to understand which pages, workspaces, tasks, and tables work best for them.
2. Frustrating Text Formatting
Notion's content formatting differs greatly from other tools like Google Docs. For instance, when you import text from different sources into this asset tracker software for free, you'll see undefined bullet points, extra spacing, and uneven formatting. You'll do all the clean-up work, which requires additional time.
3. Not Suitable for Large Databases
Notion isn't built for large datasets and shows its limitations when you use it. Importing large amounts of data to the platform can freeze and crash it. We added over 1,000 rows, and the platform stopped responding, forcing us to close and restart it. Even if it keeps working on large datasets, the performance drops significantly.
4. OpenMAINT
OpenMAINT is free asset tracking software that helps companies track and manage their assets. It is primarily a web-based platform accessible from any OS. Users log into their OpenMAINT account to get detailed asset information and track progress. In addition to its web platform, OpenMAINT offers Android and iOS asset tracking apps to make life easier for asset managers.
OpenMAINT Features
1. Flexible Workflows
OpenMAINT has customizable workflows so that organizations can choose one that suits them. It supports every configuration, from simple ticket management to complicated maintenance plans.
2. Comprehensive Tracking
This free asset tracking software tracks all of your assets in one place, so you can easily check where your assets are, who is using them, and in what condition they currently exist.
3. Quality Reporting for Maintenance
OpenMAINT has real-time dashboards and customizable reports that equip an asset manager for every situation. As a result, they can keep their assets in excellent working condition through preventive maintenance.
Drawbacks of Using OpenMAINT for Asset Tracking
1. Problematic Reporting
Although the reporting part of the software looks comprehensive at first sight, it still lacks some important aspects and needs several improvements. Even some basic features like assets per month and most used assets are missing.
2. Buggy Mobile App
OpenMAINT’s mobile app is decent but imperfect. Sometimes it doesn't show all the features or information one can access on the desktop. It can also feel buggy sometimes, which is frustrating during large-scale maintenance.
3. Integration With ERP Systems
On paper, this free asset tracking software offers integrations for businesses using ERP systems. However, integrating with platforms like Oracle and SAP leaves much to be desired, as data sharing is occasionally not as seamless as it should be.
5. Microsoft Access
Microsoft Access is free asset tracking software designed to help companies track their assets effectively. It is a cloud-based tool, meaning the asset management team can access it from anywhere and know the location of their assets. From the acquisition of an asset to its retirement, this free asset tracking software records everything and updates you about it.
Microsoft Access Features
1. MS Teams Integration
It integrates well with MS Teams, making it easier for your team to use. Accessing it through MS Teams on different devices is seamless, making it an ideal option for collaboration.
2. Regular Updates
Provides detailed reports for robust analytics, personalized emails, and a clean dashboard for quality updates.
3. Customizable Templates
Provides pre-built templates to jumpstart your asset tracking system, along with the ability to modify them to suit your specific needs.
Drawbacks of Using Microsoft Access for Asset Tracking
1. Scaling Limitations
Database modification by multiple users simultaneously occasionally leads to inconsistency and unexpected crashes.
2. Limited Functionality
It doesn't offer as much functionality as dedicated asset tracking software. Access provides a more basic feature set that might not appeal to all organizations.
3. Cross-Platform Limitations
MS Access is built specifically for Windows, so accessing its database from non-Windows platforms will lead to issues. Certain features might not work as well as they do on Windows.
As we have observed, the aforementioned open source asset management programs have several limitations. As a result, asset managers cannot effectively manage inventory, which can cause their organizations to fall behind. Let's look at Itefy’s Asset Management System, which promises to be the most comprehensive asset tracking tool on the market.
Not all software is made equally well.
Itefy: Robust Asset Management System
Itefy’s Asset Management System is a free asset tracking software that combines all the major features of other tools while minimizing their drawbacks. It uses the latest asset tagging mechanisms, which take asset tracking to the next level. For instance, it can reduce tracking errors in a medical facility by 41%.
Here are the advantages that set it apart from the competition:
- Prevents equipment loss by helping you track its usage and location.
- Updates you about asset conditions for quick response and maximum longevity. It also lets managers schedule maintenance.
- Optimizes equipment utilization through effective resource planning tools.
- Notifies you about maintenance schedules, reservations, low inventory levels, and more.
- Provides valuable insights and statistics into inventory usage, prompting you to utilize it more effectively.
- With Itefy's System, every team member knows and understands the tasks they are assigned at any given time.
Let's discuss some major features of Itefy's Asset Management System:
1. Maintenance Log (CMMS)
- This simple asset management software has a detailed maintenance log that keeps track of everything from license renewals to maintenance dates.
- Helps you keep your financials in check by tracking each event.
- The smartphone app lets you scan QR codes to log maintenance reports and add multiple items.
2. Condition Tracking
- Helps avoid booking inoperative equipment.
- Provides detailed statistics on underperforming equipment for quick restorative action.
3. Issue Management
- Creates issue tickets and assigns them to relevant, capable people for quick resolution.
- Tracks how efficiently equipment performs after maintenance by getting relevant statistics.
4. Location Tracking
- Tracks equipment location precisely.
- It will notify you when the equipment gets back to its home location.
- Calculates combined equipment value at each location.
5. Available on All Devices and Platforms
- The web version is available on all devices and platforms, such as Chromebooks, Macs, PCs, Androids, and iPads.
- Accessible through all popular browsers like Chrome, Edge, Firefox, Safari, and more.
- No need to install anything, and works instantly.
Conclusion
Finding an all-encompassing, affordable asset management tool can be a tall order, but Itefy has made your hunt much easier. With its incredible features, low price point, free 14-day trial of asset tracking software, and excellent customer support, you'd be hard pressed to find anything better.
At the end of this, you can pick a bundle that fits your organizational requirements. So, start tracking your assets with Itefy's Asset Management System immediately and get the best possible experience.