How to Choose Asset Management Software: A Practical Checklist

The right asset management software should fit the way your organization already works. It should be flexible enough to support your processes, but simple enough that employees will use it consistently.

Before comparing platforms, take time to understand why you are replacing your current process, which features you actually need, and how you will evaluate each option.

Use this checklist to guide your selection.

1. Decide Whether You Are Ready to Replace Spreadsheets

Many organizations begin tracking assets in Excel or Google Sheets. A spreadsheet may be sufficient when you have a small number of assets, make few changes, and do not need to track assignments, maintenance, or historical activity.

As your organization grows, spreadsheets become harder to maintain. Common problems include:

• Duplicate or outdated records
• Missing equipment
• Unclear asset assignments
• Inconsistent locations and status values
• Limited history of changes
• Difficulty tracking warranties and maintenance
• Several employees editing different versions of the same file

You may also need to know which equipment is available, who currently has each item, when it should be replaced, and how frequently it is being used.

If you are still deciding whether it is time to migrate, review our guide comparing asset management software versus spreadsheets.

2. Document Your Requirements

Start by listing the problems you need the software to solve. Separate essential requirements from features that would simply be useful.

A capable asset management platform should allow you to:

• Track assets assigned to people and locations.
• Organize assets into custom categories.
• Create custom fields for different asset types.
• Control access using user roles and permissions.
• Track asset availability and current status.
• Receive alerts for warranties, certifications, and other important dates.
• Maintain a history of assignments and changes.
• Track depreciation when needed.
• Manage preventive and corrective maintenance.
• Access asset records from a mobile application.

Avoid selecting software based on the longest feature list. Focus on the capabilities your organization will use regularly.

3. Review Barcode and Mobile Capabilities

Determine whether you plan to place barcode or QR code labels on your equipment.

Barcode scanning can reduce the time required to:

• Assign and return equipment.
• Look up asset records.
• Perform physical inventory audits.
• Move assets between locations.
• Update several records in the field.

When reviewing mobile applications, confirm that employees can:

• Scan asset labels using the phone’s camera.
• View and edit asset records.
• Assign and return equipment.
• Take and upload photographs.
• Record maintenance activity.
• Perform inventory audits.

Test these functions on the devices your team will actually use.

4. Evaluate Automation Features

Automation becomes increasingly important as your asset inventory grows.

Look for a platform that can automate tasks such as:

• Sending scheduled reports.
• Alerting employees about overdue equipment.
• Notifying administrators about expiring warranties or certifications.
• Changing asset statuses when specific conditions are met.
• Scheduling preventive maintenance.
• Sending renewal reminders.
• Provisioning users through identity integrations.

Consider the manual work your team performs today. For example, employees may regularly run reports, contact people who have not returned equipment, or review upcoming warranty dates.

A useful automation feature should remove a recurring task rather than add another process to manage.

5. Consider Employee Self-Service

Some organizations manage every asset request through an IT or operations employee. This can create unnecessary emails and delays.

A self-service request portal can allow employees to:

• Browse available equipment.
• Submit requests or reservations.
• Select requested dates.
• Receive approvals.
• View the status of a request.

This can reduce administrative work and help the organization make better use of equipment it already owns.

When reviewing self-service features, check whether the request process can be customized for different asset types, departments, or approval requirements.

6. Check Available Integrations

Asset data often exists across several systems. Before choosing a platform, review the integrations you currently need and those you may need later.

Common integrations include:

• Identity providers and single sign-on platforms
• Microsoft Entra ID and Microsoft Intune
• Google Workspace
• Mobile device management platforms
• Human resources systems
• Help desk and ticketing software
• Software license and SaaS management tools
• Warranty providers
• Reporting and business intelligence platforms

Do not evaluate integrations based only on whether a logo appears on a vendor’s website. Ask what information is synchronized, how often it syncs, and whether the integration can create duplicate records.

7. Review Security and Access Controls

Asset records can contain employee names, device information, serial numbers, software assignments, and purchase details.

Confirm that the platform supports the security controls your organization requires, such as:

• Role-based access control
• Single sign-on
• Multi-factor authentication
• User provisioning and deprovisioning
• Activity logs
• Data encryption
• Security and compliance documentation
• Restricting access by department, location, or business unit

You should also understand which users can export data, delete records, change settings, and view sensitive financial information.

8. Determine Your Budget

Asset management software may be priced by assets, users, features, locations, or a combination of these factors.

Before comparing prices, estimate:

• The number of assets you need to manage.
• The number of administrators and regular users.
• The expected growth of your inventory.
• The integrations you require.
• The amount of onboarding or implementation assistance needed.
• Whether mobile access, reporting, or maintenance features cost extra.

Price should be considered in relation to the value and risk of the equipment being managed.

For example, if your organization owns 300 assets with an average value of $500, you are managing approximately $150,000 in equipment. Preventing the loss of only a few items may offset a meaningful portion of the software cost.

Also consider the time employees currently spend updating spreadsheets, looking for equipment, correcting records, and preparing reports.

9. Test Each Platform with Real Data

A product demonstration is helpful, but it should not replace hands-on testing.

During a trial, import a representative sample of your existing asset data and test the processes your team performs most often.

Your trial should include:

• Importing assets from your current spreadsheet.
• Creating categories and custom fields.
• Assigning assets to employees.
• Scanning labels from the mobile application.
• Running an inventory audit.
• Creating a report.
• Configuring an alert or automated workflow.
• Testing permissions with a non-administrator account.

Include employees from different departments in the evaluation. An administrator, technician, finance employee, and regular requester may each notice different strengths or limitations.

10. Evaluate Setup, Support, and Long-Term Usability

The platform must remain manageable after the trial ends.

Ask each vendor:

• How long does initial setup normally take?
• Can existing spreadsheet data be imported?
• Is onboarding assistance included?
• How are support requests handled?
• Is training documentation available?
• How frequently is the product updated?
• Can categories, fields, reports, and workflows be changed without vendor assistance?
• Can your data be exported if you later leave the platform?

The best software is not necessarily the platform with the most features. It is the one your team can configure, understand, and continue using as your processes change.

Try Reftab

Reftab is a customizable asset management platform for tracking equipment, assignments, locations, maintenance, software, and more.

You can create a free account to explore the platform and test it with your own asset data.

Create a free Reftab account

You can also schedule a demonstration to discuss your requirements and see how Reftab would support your specific workflow.

Schedule a Reftab demo