Take the easy route to compare the best asset management software companies

Posted by AmandaTom on June 26th, 2015

Most experienced asset managers not only organise asset management software comparison but also compare asset management software companies. An asset management software typically is replaced once every 5 years so it is essential that you not only pick up the right product but also the right company. For example; If you are a small company, it may not be a good idea to work with the biggest software companies, you may not get the right attention. Similarly, you do not want to work with a small software company as they may not have a stable product. As you may appreciate there are some strategic trade-off’s involved so it is best to compare the software’s and the companies.

When you are taking up asset management software comparison it is important to have a good understanding of your requirements and your trade-off’s. For example; list of most important assets you would like to manage, how they are arranged, workflow between the assets as well as quantity of assets can be the framework for software comparison. To compare the asset management software companies the parameters can be experience and history in the asset management software market, quality and number of product releases, market share and position, support team location and quality, implementation team location and quality, but most importantly market share by customer and industry type (For example most financial services customers are SMB, most Energy customers are Medium Enterprises and most large enterprises are Industrial Plants)

Once you have your initial results of asset management software comparison it is important to view generic and customised video demonstrations of your options. Generic demo will give you an idea of the software interface and customised demo will give you an idea of how the software fits into your workflow. Both the interface and your workflow fit are equally important. It is always good to involve you asset management software users at the interface demo (generic demo) and the workflow demo (customised demo). The best asset management software companies (during the demo stage) will provide you industry insights and ideas on how to configure their systems to work well with your workflows.

One area that may be overlooked during asset management software comparison is customer references; always ask for at least 3 references which ideally should be similar to your company (Industry and company size). When communicating with the references try and make it as detailed as possible, send an agenda before your reference visit/call and make as much detailed enquiries as possible. Most asset management software companies will provide you with relevant references right at the start of the sales process.

Hopefully, you agree that it is best to not only take up asset management software comparison but also have a hard look at the asset management software companies before investing in your next asset software solution.

Asset Management Software Comparison is only one part, understanding the asset management software companies that provide the software is also equally critical for your asset management success.