Asset tracking is one of the most important tasks for a company, regardless of its size or the sector it belongs to. Traditionally, ledgers or excel sheets were used by the companies to manage the assets. But, using these methods has proven to be a waste of time in compiling inaccurate reports resulting in wrong decision making and poor financial performance.
A well-featured asset tracking software can eliminate these issues. It can help organizations by keeping them updated about their assets in terms of their quantity, location, usage, maintenance, etc. on a real-time basis, ultimately saving time and money both.
Assets of an organization hold a significant value to the business. An asset is something which is used to generate income in the business. Whether it is machinery, stock, or office supplies, it is important to know the status of the company’s each possession. Wastage, theft, or loss of the assets can be a major financial issue for the business in the long run.
To avoid these issues, we have compiled a list of the best 7 free and open source asset tracking software, which you can consider deploying for your business. But, before that, let’s have a look at the basic concepts of asset tracking software, its significance, benefits, and factors to be considered to select the best.
What is Asset Tracking Software?
Asset tracking software is a tool which records and tracks an asset starting from its procurement to disposal. It provides information about every aspect of the assets, including their location, usage, maintenance schedule, depreciation, insurance due, etc. The asset tracking software can be used for any type of movable or immovable assets like machines, equipment, vehicles, stationery, inventory, and many more.
Regardless of which stage of the life cycle, your assets are; they require to be tracked and managed accurately. The goal of an asset tracking software is to maximize the efficiency of the assets and minimize spending on those assets at the same time. For example, the assets unused but requiring maintenance can be a burden for the company. In that case, selling or disposing of those assets would be a wise decision. An asset tracking software provides information about the lost assets, unused assets or assets which requires repairs and maintenance, helping users to take action at the right time, which ultimately ensures the financial stability of the organization.
What if the company doesn’t use an effective method of managing assets accurately? The assets can go missing or get damaged without anyone being aware of it till it’s too late.
Moreover, the consequences of not using a well-featured asset tracking software would be –
On the contrary, the usage of a well-featured asset tracking software can help in –
Hence, the use of asset tracking software helps in minimizing the unnecessary expenses of an organization, which can ultimately result in high profitability and growth of the business. Apart from improving financial stability, the benefits of using asset tracking software include –
Key Functions of an Asset Tracking Software
Assets management has become one of the key challenges of businesses today. Employees require to spend a lot of time searching for company assets, which results in delayed production or delivering services. This delay can cause dissatisfaction of the customers, which can be a big obstacle in the growth of the business.
The following functions are generally found in any asset tracking software.
Barcodes and Scanning
Assigning a unique identification number to each item you need to track in your business is very important. Once all the items are scanned and tagged in the asset tracking system, you have access to the complete information in terms of the identification and location of those assets.
The asset tracking software allows you to access the information about the usage of the assets. With the help of efficient asset tracking software, you can view the information about assets including equipment assigned to an employee, the items sold, the vehicle rented, etc., and know its availability.
Asset tracking software provides you the information about the present situation about the lifecycle of an asset. Whether it is newly acquired or is in the repairing stage, it can be known from the system and decisions can be taken accordingly.
One person cannot manage all the assets, especially when there are several assets to manage. Using asset management software, you can assign authority for a specific asset to a particular person responsible for managing it throughout its lifecycle.
Apart from the key features specified above, the below-mentioned are certain factors that you need to consider before picking up an asset tracking software.
Factors to Consider While Choosing an Assets Tracking Software
Simple Configuration & Customization
The asset tracking software you choose should be easy to configure and customizable as per your business requirements. Having software that is difficult to configure would waste a lot of your time in managing assets. Moreover, the software which doesn’t work as per your business logic is of no use to you.
Supports Multiple Users
Multiple users on a system can get things done quicker than a single user operating the entire system. The system must allow multiple users to access the assets information and records, helping them to view important details like stock threshold, maintenance schedule, etc.
Before your machines or equipment break down and stop working, you need to have the facility of scheduling their maintenance. This would help your team members to get the machines repaired or serviced on time and avoid their breakdowns.
To get 360-degree visibility of the status of your assets is very important. Productivity out of a particular machine cost behind the maintenance of that machine, who was operating that machine, etc., kind of queries can be answered by the reports generated from your asset tracking software.
To achieve out-of-the-box functionality out of your asset management software, you need to ensure that it integrates with the other applications as well allowing you to eliminate all the disruptions in your daily operations.
Many times, the information relating to assets is quite confidential and requires to be stored with high-end security. Providing access to the complete information about the assets to all the users might be risky. The assets tracking software should allow you to set permissions for the access of each user.
If you are moving from one asset management software to another, it is imperative that your new software should allow you to export the data from your old software easily. Entering all the data all over again would be a time-consuming and tedious job.
The asset tracking software you choose should have a user-friendly interface so that your team members, even if newly appointed, don’t find difficulty in getting accustomed to the system. Moreover, user-friendly software helps you in saving time and provides extreme convenience.
The asset management software should be capable enough to accommodate the changes in your business as it grows and expands. A scalable asset management system helps the companies to prepare for the future with confidence.
Considering the ideal features and functionality of asset tracking software, we have compiled a list of the best 7 free and open source asset tracking software, which you can use for your business without a huge investment. Just go through the features of these software solutions in-detail and select the one which suits your business logic.
The Best 7 Free and Open Source Asset Tracking Software
OpenMAINT is a free and open source asset tracking software specially designed for tracking and managing movable assets, buildings, installations, and maintenance activities. It helps the managing authority to organize and update the data related to the company assets and inventory.
- Manages and controls the space and asset inventory including management of registries, dashboards, reports, plants, and BIM models
- Allows to manage maintenance manual in a customized manner to get alerts to servicing schedules, and breakdown of the assets
- Enables accurate logistic management of spare parts, building materials, and movable assets
- Ability to manage purchases, budget, registries, and integrate with ERP systems
- Records information relating to assets using monitoring systems
- Ability to analyze the entire information of the assets and generate customized reports
- Provides support for presenting asset georeference, 2D vector plants, and 3D building designs
Have you already used OpenMAINT? Please leave your review here.
Ralph is a lightweight open source asset management software perfectly designed for data centers and back offices. It is built using Django and Python 3, allowing easy customization. Available on Apache v3.0 license, it is a well-integrated system providing versatile functionality required to manage assets accurately.
- Keeps track of assets purchases and their life cycle
- Includes flexible flow system for assets life cycle
- Provides data center and back-office support
- Includes built-in dc visualization
Have you already used Ralph? Please leave your review here.
#3 ResourceSpace – (Freemium and Open Source)
ResourceSpace is a free and open source digital asset management software. It provides 10GB free space with unlimited users and no time limit. Thus, you can manage your digital assets in an extremely simple & quick way without any investment. Also, it’s functionality can be customized to meet your requirement through bespoke plugin development or improvising the functionality in the base software.
- Allows you to provide permissions to the specific users to particular files for security
- Helps in sharing files from a central hub easily
- Enables quick and flexible file search
- It is easy to integrate with different systems for improved functionality
- Allows you to convert the file extension, and size as per your requirements
Have you already used ResourceSpace? Please leave your review here.
#4 AssetTiger (Free and Cloud-Based)
AssetTiger is a well-featured asset management software that can be accessed through the web, mobile phone, or tablet. The best thing about this asset management tool is that you can track your assets at any time from anywhere. You can even categorize your assets, which simplifies the job of tracking and managing the assets. Using its pre-set options, you can customize the software as per your business requirements.
- Unlimited users can access the account, and each user can have their own set of unique access permissions
- With a complete mobile app for iOS and Android platforms available, you can conduct various audits, scan barcodes, track your assets, and their costing using your Smartphone or a Tablet
- Provides a detailed log of assets including customized fields
- Facilitates to export the present assets data through excel sheet and start managing your assets within minutes
- Helps you in storing the contracts and licenses at one place, and send alerts on expiry of any of your contract or license
- Provides customized reports relating to the depreciation, valuation, maintenance, etc., of the assets
- Includes SSL encryption, protecting your data from unauthorized access
- It has the ability of consistent innovation helping you to accommodate your business requirements with the system
- Allows you to set alarms for the assets requiring maintenance, repairs, renewals of insurance, etc.
- Helps you in completely monitoring the assets, reserve assets for a particular use, know when those assets would be returned, and their location
Have you already used AssetTiger? Please leave your review here.
#5 Reftab (Freemium and Cloud-Based)
Reftab is an easy to use asset management software helps you to keep track of assets, accessories, and licenses. You can tag assets using intuitive and user-friendly mobile apps. It has the ability to track inventory without a barcode, and QR-code facilities. You can manage 50 assets free forever, including email alerts, reporting, etc., making your asset tracking job simple and accurate at the same time.
- Can create customized categories helping you to segregate your assets the way you want
- Record in and out of the assets, and maintain reserves with easy drag and drop calendars, and get notifications on items threshold, repairs, and maintenance facilitates you to bundle your assets and accessories together to make a kit helping you to manage your items in bulk
- Helps you in keeping track of who used the item last, currently who is using it, and details of the person who has reserved it for future use
- Records all edits in asset information like adding, modifying, or deleting an asset
- Sends automated email alert to the asset user regarding the item return, repairs, or any other notification
- Allows you to tag your assets to organize them in a better way
Have you already used Reftab? Please leave your review here.
#6 Fishbowl Warehouse (Freemium, Open Source, and Cloud-Based)
Fishbowl Warehouse is a versatile asset tracking solution for small and middle-sized companies. It can track the assets located in multiple warehouses, using various criteria. It can generate barcodes, which facilitate easy tracking of the assets and streamlining the storage, and shipping process. It supports multiple currencies enabling accurate accounting and tax records.
- Can integrate with Quickbooks, and Xero
- Has the ability to track assets located in multiple locations
- Includes advanced inventory management features like generating barcodes, enabling easy shipment processing, etc.
- Can create purchase orders and sales orders
- Ability to track even the parts of the complete item
- Integrates with various shipping solutions
- Supports multiple currencies
- Enables quick order fulfillment
- Ability to generate reports relating to inventory, sales, etc.
Have you already used Fishbowl Warehouse? Please leave your review here.
#7 Asset Track (Freemium and On-Premise)
Asset Track helps you in tracking all the assets in your facilities by recording information about suppliers, users, and location. You can scan manufacturer or production barcode labels easily using this software and ensure accurate and seamless operations relating to purchases and sales.
- Helps in tracking the condition and location of your assets
- Can calculate depreciating values of the assets
- Ability to link assets to the borrowers and track their movements
- Helps in managing maintenance records of the assets easily
- Enables the users to view their activity logs and reports
Have you already used Asset Track Warehouse? Please leave your review here.
The below comparison chart can provide a better insight into these best free and open source asset tracking software –
The Best 7 Free and Open Source Asset Tracking Software Comparison Chart
Didn’t find the features you are looking for in these best 7 free and open source asset tracking software? We would suggest you go through the details of one of the most popular asset tracking software – Asset Panda as given below –
Asset Panda is a highly powerful asset tracking platform that you can use to track millions of assets using your Smartphone. It is a cloud-based software that can help you in accessing the right information about your assets at the right time and in the right way. It has an intuitive interface that simplifies your job of managing your assets. Moreover, it can be configured for an unlimited number of assets and thus is a perfect option for business of any size and type. Some of its features are –
- Can store easily accessible assets photos, videos, and voice notes
- Allows you to schedule maintenance of the assets
- Can calculate depreciation of the assets
- Allows you to track assets easily
- Allows configuring multiple users with different security settings on web & mobile both
- Has the ability to configure customized fields for asset information
- Can import and export devices from other applications
- Can customize dashboard as per your requirements
- Has the ability to generate and share reports
Have you already used Asset Panda? Please leave your review here.
So, you can now either select the asset tracking software from the list of these best 7 free and open source asset tracking software which are free to use or if you require a highly-featured asset tracking software and budget is not a major issue for you, then you can consider the paid asset tracking software like TrackAbout, Tenna, RedBeam, AssetManage, WiseTrack, ASAP Systems, AssetCloud, and EZoffice Inventory which might fit better in your asset tracking and management needs.
To widen your choice, and make your selection process easier, we can also help you with the complete list of best asset tracking software and IT asset management software here.
Have you used any of these asset tracking software solutions before? Just leave your valuable feedback here.
Thanks for reading and you can stay tuned for updates as we keep on adding trending software with unique features and functionality helping to overcome current business challenges.