Best Asset Tracking Software
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PRODUCTS
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BUYER'S GUIDE
Buyer's Guide
By Kriti Agarwal, Technical Content Writer at SelectHub
In the current information age, gathering data is easier than ever, and organizations taking advantage of that have a competitive edge. Asset tracking, for example, is a cost-effective way to utilize information to optimize a facility’s operations from the ground up and to put enterprise asset management practices to work.
Asset tracking software is a subcategory of EAM software with similar features. In this guide, we’ll talk about what it does, its features and the best asset tracking software options available on the market.
Executive Summary
- Asset tracking software monitors and tracks physical assets through GPS or RFID tracking.
- The main benefits of asset tracking software include real-time asset management, increased productivity and asset life spans, and streamlined maintenance schedules.
- Asset tracking software offers real-time visibility into the locations of different assets across multiple facilities.
- A successful software search includes gathering requirements, cost considerations and checking out vendors to find the best fit.
- What Is Asset Tracking Software?
- Primary Benefits
- Implementation Goals
- Basic Features & Functionality
- Advanced Features to Consider
- Current Trends
- Software Comparison Strategy
- Cost & Pricing Considerations
- The Most Popular Asset Tracking Software
- Questions To Ask Yourself
- Questions To Ask Vendors
- In Conclusion
- Product Comparisons
- Additional Resources
What Is Asset Tracking Software?
Asset tracking is a core feature of enterprise asset management, computerized maintenance management software, facilities management, inventory management and asset performance management solutions. It specifically refers to tracking the location of those physical assets within a site or between sites, often by scanning a barcode or utilizing GPS technology.
Don’t confuse this with financial asset management — that technology focuses on stock portfolios, business revenue and other financial assets that aren’t associated with individual pieces of equipment such as machinery, vehicles, facilities or tools.
If asset tracking isn’t quite what you’re looking for, we’ve also broken down lists of the best asset management solutions, the best work order management software and the most affordable CMMS tools. If asset tracking is what you seek, read on!
Primary Benefits
Asset tracking solutions offer a myriad of benefits like accurate reporting, reducing maintenance costs and streamlining audit processes.
Here are some of the benefits that you can expect from asset tracking software solutions:
Leverage Accurate Reporting
Business intelligence software features like reporting offer companies real-time data on how each asset functions. It can measure MTBF, performance and average downtime to evaluate the life cycle of assets. This information allows users to make data-driven decisions based on concrete facts about individual assets.
It also streamlines the management process, improving the overall profitability of your organization. Additionally, FAM helps reduce human errors in asset performance monitoring. Even minor errors can result from inaccurate depreciation calculations, which, at best, waste time and money. At worst, they can be life-threatening errors if assets like machines become dangerous as they age.
Reduce Maintenance Expenses
Mismanagement of assets results in unnecessary maintenance costs and a decreased asset life span.
Fixed asset software stores essential information about assets. It also aids in maintenance task scheduling and alert generation for you. It facilitates the expansion of your business by identifying ineffective items.
Streamline Audit Operations
Auditing is critical for determining which assets your organization owns and their location.
You can schedule your audit time frame and receive status updates on the process using fixed asset software. It eliminates unnecessary steps from daily operations, making them more efficient and faster.
Recover Assets
When your company deals with hundreds or thousands of assets, tracing one that gets separated from a larger batch might be difficult. You could waste a lot of time and money finding the asset. Worse, your company may face production delays, additional prices and a flurry of unhappy consumers.
You can avoid all the aforementioned troubles by using asset tracking software. An asset tracking software helps you avoid these problems by tracing asset locations using GPS technology.
Manage Assets in Real Time
An enterprise asset management system will provide you with a clear view of each asset’s location and movements. Accurate asset tracking facilitates efficient data management.
You can discover duplicate records for the same asset and remove them from the system. You can provide assets with a unique identification number to prevent your data from being compromised.
Increase Productivity and Reduce Labor Waste
An asset tracking tool can keep track of all the items in your inventory and throughout your company. As a result, you can calculate asset life cycles. If you outfit your assets with RFID tags, you can set up automatic scanning as they progress through the process, eliminating the need to scan them manually.
An automated asset tracker will save employees time and effort, allowing them to focus on important business aspects.
Plan Maintenance Schedules
Many businesses fall behind in maintenance management because they track their schedules using manual methods. Asset tracking software is a savior if any asset you operate requires ongoing or periodic maintenance.
Asset management software can notify the staff about scheduled maintenance activities to avoid delays and ensure optimum performance of assets.
Improve Asset Life Spans
With asset tracking software, you have visibility into the condition and performance of every asset and whether it needs to be repaired or replaced. The asset tracking system will offer insights into scheduling timely maintenance activities and cost estimates for them. These insights will enable informed decisions to save expenses and extend asset life spans
Implementation Goals
Companies managing their assets in multiple locations could stand to benefit from implementing asset tracking software. Here are a couple of implementation goals you can achieve:
Goal 1 Gain Accurate Information About Assets |
Asset tracking software offers detailed information about all company assets. You can make informed decisions about procurement, repair and replacements, and usage based on vital, real-time data. |
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Goal 2 Increase Asset Utilization and Efficiency |
Accurately schedule maintenance activities and reduce wait times. Get an in-depth view into how your company uses the assets which are overutilized and underutilized. |
Goal 3 Improve Customer Service |
Asset tracking enables you to reduce downtime to ensure they are ready to serve customers anytime. Whether you loan assets to customers or your employees use them, asset tracking facilitates timely support. |
Goal 4 Reduce Asset Theft |
Without asset tracking, it’s difficult to know the exact location of assets or who has them. Asset tracking helps locate moveable and immovable assets and ensure they remain in their designated places. |
There are plenty of asset tracking platforms available on the market. However, you cant deploy the first one you find. It is important to choose a solution that is best suited for your organization’s needs with the right combination of basic and advanced features. We’ve compiled a list of features that you should look for in asset tracking systems.
Basic Features & Functionality
Maintenance Scheduling | Users can create preventive maintenance schedules from an easy-to-read calendar view and manage work orders, labor scheduling, work requests and processing, checklists, etc. A guest portal allows outside users to request work orders online, and management can edit their details before approving them. |
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Custom Workflows | Asset tracking software lets managers customize the routes through which work orders are processed. They can compile and attract reports, set automatic technician assignments for individual assets, customize work order request forms, and manage role-based access for work order creation. |
Workflow Automation | Managers can set the platform to automatically assign work orders to the qualified technician based on pre-defined criteria or previous work orders based on if-then rules. |
Warranty Tracking | Asset tracking software attaches warranty information such as expiration dates and image files to the asset profile, accessible by technicians via their mobile devices. This feature identifies assets with warranties nearing expiration and allows management to replace parts for free before the deadline. |
Work Order Management | Automatically route work orders to the appropriate teams from a variety of user role types, including guests. Administrators can outline step-by-step instructions for performing maintenance tasks within the work order ticket itself. Techs then check off each item on the list, tracking their progress and allowing them to return to in-progress maintenance tasks and get back to work uninterrupted. |
Inventory Management | Users can manage inventory location onsite, monitor stock levels and complete orders with the inventory management module. They can create barcodes, scan them to inventory stock and generate reports based on scanning history. Asset tracking solutions create stock receipts, process stock returns and track parts location within a facility via QR or barcodes and RFID scanners. |
Package and Shipment Management | Mailroom management features track incoming packages, documents and shipments in a centralized repository. Asset tracking solutions automatically capture signatures and offer one-click options to pre-populate customizable capture lists to ensure clients retrieve all the relevant information. Users can sort, search, view and export mailroom data as well as use it to generate reports on package damage, attributes and disposition. |
Advanced Features & Functionality
Each organization has unique needs and feature requirements. We can only suggest features that we believe are appropriate for the majority of organizations. We’ve made this helpful list of features to assist you in your selection process:
Label Designer and Scanner | Label designers offer professional-grade labels that you can format in a variety of sizes and styles. They also provide QR code generation and accept third-party RFID scanning to track and log large stock quantities. |
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Audits | Users can scan asset barcodes to effectively audit fixed assets using asset profile information. They can pull up information on warranties, repair history, asset condition, uptime reports and more from their mobile devices for quick and efficient assessments. |
Asset Check-In/Check-Out | Employees can check assets out via their mobile devices with custom actions. Management can configure check-out fields to collect desired information from employees, including names, dates, ID numbers, etc. |
History Tracking | The system records a detailed history of repair work, warranties, asset information and more. It allows users to track asset usage trends over time to identify opportunities as well as optimize usage. |
Mapping | The system collects GPS coordinates of assets from a mobile audit function on mobile devices and uploads them to the mapping tool in a visual display for easy location and asset monitoring. |
Current Trends
The asset tracking solutions industry is seeing immense growth and adoption of new technologies. These changes have given rise to new trends that are set to transform the way organizations will look at asset management and tracking.
Here are a few trends in asset tracking.
Drones in Asset Management
Drones are transforming the asset management game in remote, far away or difficult terrain. While it’s true that GPS and RFID tagging are doing an excellent job in tracking assets, drones can reach where field operators can’t be physically present to tag assets.
Drones are also great for scanning thousands of items in a short time. They eliminate the need for manual checking.
IIoT-Driven Asset-as-a-Service
The Industrial Internet of Things (IIoT) will play a significant role in the industry's adoption of smart asset-management solutions. Intelligent asset-as-a-service is a prime illustration of how equipment manufacturers will interact with their B2B clients to create long-term business relationships that benefit both sides in the future.
Voice-Directed Warehouse Operations
Voice-directed workflows increasingly dominate warehouse operations these days. The impact of technology on supply chain management has already improved distribution center management for businesses. The system gives voice instructions in a step-by-step method to the relevant workers, such as order pickers, directing them down the aisles to the location of the required goods. As a result, picking errors decrease.
Software Comparison Strategy
It is important to take into account a vendor's reputation, experience and history when choosing the right software provider. This is separate from the features that differentiate different solutions.
The first step in selecting the right software is knowing your organization’s requirements. You can use ideas from our EAM requirements template to guide you in your search.
You can also check our asset management software pricing guide to help you narrow down the search to at least the top three or five asset tracking software.
Cost & Pricing Considerations
Choosing software within your company’s budget is another essential factor in the selection process. Other criteria include the deployment method, team size and the features offered by the software.
Most Popular Asset Tracking Software
So which platforms are the best asset tracking software? Our analysts scoured the industry and came up with this list of the top five asset tracking platforms so you didn’t have to.
SAP EAM
SAP EAM is an asset management solution that helps you manage your facilities, vehicles, assets, equipment and machines. It enables you to maintain facilities, conduct timely maintenance, monitor asset life cycles and analyze reports to make data-driven decisions.
Using it can improve ROI, minimize failures and ensure security and compliance.
Track asset maintenance costs by object type, fiscal year or unique company codes using SAP EAM.
IBM Maximo
Maximo by IBM is an asset management software that helps you monitor assets and equipment, manage contracts, and schedule preventive maintenance.
It offers features like space management, predictive maintenance, inventory management, reports, integration and more. It also offers multiple role-specific mobile apps for both Android and iOS devices.
Maximo’s asset management module allows tracking of work orders easily.
Infor EAM
Infor EAM is an asset management tool that helps organize, track and manage assets, work orders, preventive maintenance, materials, inventories, budgets and projects. You can also monitor KPIs, generate reports, track labor and add routes to work orders.
It’s available in cloud, on-premise or hybrid deployment and comes in industry-specific editions to cater to the needs of your company.
Create, track and complete work orders in Infor EAM.
AssetWorks
AssetWorks helps users manage assets like vehicles, buildings, infrastructure, facilities and more. Its services include fleet and fuel management, enterprise risk and asset management, surplus assets, and more.
It enhances operations by streamlining procedures, facility staffing, machinery management and workflows.
Track asset info, status, attributes, associated files, assignments and location using AssetWorks.
eMaint
eMaint is a well-known and widely-used maintenance management software offered by Fluke Reliability, a branch of the Fluke Corporation.
It provides a robust, flexible and simple-to-use interface that saves time and money by coordinating team-based asset management and maintenance planning operations.
View work order KPIs, including emergency and actual vs. estimated hours, using eMaint.
Questions To Ask Yourself
The first thing you need to do before investing in asset tracking software is making a list of important questions.
- What features do you need to solve your current business problems?
- Do you need additional IT asset tracking resources? If yes, how much would they cost?
- What is your budget for purchasing a new software solution?
- Do you need remote capabilities? If yes, then which ones?
- Do you need a scalable solution?
Questions To Ask Vendors
Remember to ask vendors detailed questions about the company and the product to ensure your goals align with their strategy. Here are some pointers to get you started.
About the Software
- Are product updates released regularly?
- Is the asset tracking software user-friendly and intuitive?
- Does it have robust reporting functionality?
- Does it support integration with advanced technologies such as AI and IoT?
- Can the solution scale up or down alongside business needs?
About the Vendor
- What is the vendor’s installation and integration methodology?
- Does the vendor have a record of meeting deadlines for delivery and support?
- Have they worked with organizations from your industry before?
- Does the vendor offer technical services for data migration, implementation and customization? Do they cost extra?
- What pricing model does the vendor offer?
In Conclusion
The key to finding the right asset tracking software is making sure you’ve identified the requirements of your business. There are numerous options, including CAFM software and CMMS. However, whatever you decide to invest in, be sure it resolves the specific issues you're having in your facility.
You can also check out the resources listed below for further information.
Product Comparisons
Additional Resources
Products found for Asset Tracking Software
Maximo
Maximo by IBM helps manage physical assets like facilities, vehicles, equipment and machinery. It offers features like space management, storeroom management, integrations, inventory management, task management and more. It improves asset lifespan and operation availability as well as reduces risk through preventive maintenance and lifecycle management.
UpKeep
UpKeep Maintenance is a mobile-based asset and maintenance solution. This integrated system is suitable for companies of all sizes and types. Maintenance and facility managers can use it to manage work orders, schedule preventive maintenance and monitor their assets. It helps prevent unplanned downtime and extends the lifespan of your assets.
Asset Panda
Asset Panda offers equipment tracking and management in a flexible, customizable package for SMBs that want to automate their maintenance management activities. It optimizes a range of processes, from work orders to compliance to facility management to procurement. Users can access the full suite of features from any device and make adjustments to available modules to perfectly suit their needs.
EZOfficeInventory
EZOfficeInventory helps facility managers make the most of their assets by streamlining asset maintenance, tracking equipment and tools, optimizing workflows, and creating a centralized interface for all these tasks. It gives greater control over assets while promoting security and accountability with custom roles. It also offers technicians more involvement and visibility via asset schedules and a detailed calendar interface.
Fiix
Fiix enables facility managers to process work orders, manage assets and optimize performance. Users can gain visibility into their maintenance schedules, improve workflows, track progress and streamline communications. Customizable dashboards and detailed reporting give key decision-makers insight into the business so they can make data-informed decisions about their assets.
eMaint
As a featured offering from Fluke Reliability, a division of the Fluke Corporation, eMaint is a well-known and widely-used maintenance management software. It delivers a robust, configurable, easy-to-use interface that helps organizations save time and money by coordinating team-based efforts for asset maintenance and management.
Maintenance Connection
Founded by Accruent, Maintenance Connection is one of the largest names in maintenance software providers. It is both powerful and user-friendly, providing an intuitive interface. It offers the whole gamut of asset and maintenance management features that help users manage the lifecycles of their physical assets. It comes in on-premise, cloud or hybrid deployments and is highly scalable to fit a diverse clientele.
Aveva
Aveva’s enterprise solution for asset management offers comprehensive asset, maintenance, inventory and procurement functionality. It helps users maintain peak asset performance through a combination of planned routine maintenance and predictive replacement of parts, improving asset lifespans as well as ROI. It offers well-rounded features that can meet the needs of the most asset-intensive industry.
Assetworks
AssetWorks helps users manage assets like vehicles, buildings, infrastructure, facilities and more. Its offerings include management of fleets and fuel, enterprise risks and assets, surplus assets and more. It streamlines processes and improves operations through better facility staffing, machinery management and workflows. It helps users handle consumables, equipment and properties efficiently and cost-effectively. Leveraging multiple modules enable companies to improve ROI, promote data transparency and reduce operating costs.
Infor EAM
Infor EAM suits organizations of all sizes and helps track, organize and streamline maintenance tasks. It monitors KPIs and generates reports to help make data-driven decisions. It’s available for deployment on-premise, in the cloud or via hybrid deployment and can function on any operating system. It can integrate with a range of other business solutions and comes in industry-specific editions to meet users’ unique needs.
Sage Fixed Assets
Sage Fixed Assets is a physical asset tracking platform designed to help monitor fixed assets, manage projects, track costs, calculate depreciation and more. It offers three modules — planning, tracking and depreciation. Organizations can choose a single module for specific needs or implement a combination of all three for end-to-end asset management. It’s part of Sage Business Cloud and offers on-premise and cloud-based deployments.
SAP EAM
SAP EAM supports the upkeep of facilities, machines, equipment, vehicles and anything in between via a fully-featured suite. It helps facility managers coordinate asset maintenance, monitor asset life cycles, maintain their facilities and run reports to make better decisions. Users can leverage it for asset information management, performance improvement, assessment templates, risk and criticality assessment, and more.
Tego
Tego is a complete solution for asset tracking, supply chain management, IIoT and data management. It is interoperable, data-driven and highly customizable to support enterprises of many sizes in even the most demanding environments.
Assetic Cloud by Brightly
Assetic Cloud by Brightly (formerly Dude Solutions), offers SaaS-based maintenance, assessment, accounting and prediction of asset health conditions. Asset lifecycle management, preventive and predictive maintenance help reduce asset downtime. With reporting, dashboards and integration, it provides access to all asset-related data on a single, integrated platform.
Megamation Directline
DirectLine, a maintenance management solution by Megamation, provides features specific to organization and sector. It helps streamline workflows, boost productivity, maintain compliance and perform preventive maintenance tasks. It offers features like work order management, project management, fleet management, inventory management, maintenance tool tracking and many more. The mobile version is compatible with every mobile OS, making it easy to access information from anywhere.
Asset Essentials by Brightly
Asset Essentials by Brightly (formerly known as Dude Solutions) is a cloud-based and mobile-enabled enterprise work and asset management platform designed to help users maintain and monitor their physical assets. It helps asset-centric operations enhance visibility, streamline workflows, improve processes and extend the lifespans of their assets.
TabWare
TabWare helps organizations of all sizes manage their physical assets. It offers a full set of features, such as work orders, scheduling and inventory, at a lower cost than many comparable platforms. It was designed by maintenance professionals to make the process of repairing, maintaining and managing assets more efficient. It helps maximize asset performance, reduce operating costs and boost profit margins.
Oracle EAM
Oracle Enterprise Asset Management is an asset monitoring and maintenance solution that offers organizations capabilities to manage maintenance processes for assets and inventory. It helps users perform a range of tasks including planning and optimizing maintenance activities, improving asset lifespans, streamlining work orders and tracking all asset-related tasks. It also replaces spreadsheets, aggregates different data repositories and enables proactive rather than reactive maintenance.
TrackAbout
TrackAbout is an easy-to-use, cloud-based software that offers tracking of assets that have a circular lifecycle. It optimizes a range of processes including preparation, order and delivery, maintenance, compliance, and traceability. Users can integrate with other products already deployed and import all their relevant data to a single location.
IFS EAM
IFS EAM delivers reliability-centered maintenance to keep assets running at peak performance for as long as possible. Users can create and manage work orders, schedule and record preventive maintenance, perform KPI reports, and a range of other advanced capabilities through the program’s simple, colorful user interface.
NEXGEN Asset Management
NexGen enables asset-intensive industries such as public works, manufacturing, energy and facilities to provide timely service delivery to customers. It assists enterprises in scheduling preventive maintenance activities, identifying high and low-performing assets based on accurate analysis and predicting equipment reliability. It helps assets maintain peak performance and reduces operating costs. It mobilizes the workforce by helping them stay on top of work orders and maintenance schedules anytime, anywhere.
Sortly
Sortly is a cloud-based, streamlined inventory application and asset tracking system. This remote visual tracker tracks items based on the item name, description, code, price, etc. It is free to use but also offers paid options for additional capabilities. Scheduling reminders and alerts, adding custom tags and monitoring user activity are some of its important aspects.
Corrigo
Corrigo helps facility managers make the most of their role as well as optimize their workforce. It offers capabilities for maintaining campuses, organizing work orders, overseeing expenses and recording asset data to make more informed choices. It builds intelligence into every feature to help users get the most out of their facilities and get smart about managing their assets.
Tenna
Tenna is a well-known application that ranks 24 among all EAM Software according to our research analysts and 36 crowd-sourced reviews from 1 source. Tenna is most advisable for small-to-mid-sized companies with less than 1000 employees. Tenna can be deployed online and on-premise and is accessible from a handful of platforms including Windows devices.
Ivanti Neurons
Ivanti provides a suite allowing users to manage and maintain IT assets, enterprise services, supply chain operations and endpoint environments. Its IT Asset Management (ITAM) optimizes asset usage for visibility and efficiency with at-a-glance information about hardware and other physical assets that are crucial to successful business operations. Users can leverage it for financial management, contract management, an asset repository, lifecycle tracking and more. Additional offerings help users improve IT reporting, streamline tasks with automation, enhance visibility through data intelligence, control mobile devices and desktops, manage workspaces, set access privileges and more.
MicroMain
MicroMain offers powerful, flexible, intuitive solutions for maintenance management that organize the asset maintenance process from end to end. It aims to reduce maintenance costs, improve asset uptime, improve safety and generally optimize an organization’s interaction with its physical assets.
Ventyx
Acquired by ABB in 2010, Ventyx is an enterprise-grade ecosystem of maintenance, management and organization features. It ensures asset reliability for a range of companies, municipalities and operations worldwide. Some of its offerings include resource utilization, equipment monitoring, safety compliance, materials management and standardization.
MAPCON
MAPCON provides cloud and on-premise maintenance management to organizations of all sizes in a wide variety of industries. It comes in two versions (lite and professional) that centralize and streamline maintenance activities including facility management and asset management. It also provides mobile access and a range of add-ons to ensure users get the most out of their version.
Mainsaver
Mainsaver is an asset management solution with integrated enterprise capabilities. It offers real-time status reporting, work order processing and cost tracking functionalities. Enterprises can track inventory levels, sales and deliveries accurately. Users can combine all shop floor operations with strategic decisions from the top floor to monitor asset flow and revenue.
Flowtrac
Flowtrac is a cloud-based on-premise inventory management and asset tracking solution. It is highly customizable and helps manage assets, warehouse and inventory. Offers compatibility with both desktop and mobile devices. Some of its features include barcode scanning, location control, shipping management and seamless integrations.
Nuvolo
Nuvolo is a cloud-computing software enabling enterprises to work on the ServiceNow platform. It provides maintenance workflows and automation, field service management, and space management. Nuvolo allows organizations to manage, monitor and track business activities under one system and enables employees to stay connected.
TheWorxHub
The WorxHub by Brightly (formerly Dude Solutions) is a cloud-deployed maintenance and operations management solution specially designed for healthcare organizations managing senior living facilities. It offers work order management, surveys and inspections, asset management, capital planning, preventive maintenance and reporting. It also helps achieve compliance, monitor energy consumption, regulate workflows and manage security. It manages transportation, room bookings and assets. It helps maximize revenue, encourage communication and create a better experience for residents. It integrates with popular tools like Cubigo, Viibrant, TouchTown and more. It provides insights and configurable reports to manage and maintain senior living facilities.
MPulse
MPulse aims to provide customers with maintenance success. It offers reliable scheduling, reporting tools and tracking features to organizations with a heavy focus on equipment and facility management. It comes in four subscription levels: Bronze, Silver, Gold and Platinum with a varying breadth of features based on the package.
Maxpanda
Maxpanda offers a web-based solution for preventive maintenance planning and repair scheduling. It helps facility managers coordinate technician teams, effectively allocate resources, track asset health and improve their operations at a foundational level.
Asset Explorer
AssetExplorer by ManageEngine is a web-based IT asset management solution that helps monitor and manage hardware and software assets and ensure license compliance. Users can leverage it to track the IT asset lifecycle, contracts and purchase orders. A centralized repository helps monitor and manage configuration items, as well as analyze and determine the root cause of an impact. It offers a free version for smaller companies that never expires and a 30-day trial for users to test out the functionality before committing.
Planon
Planon provides facility and integrated workspace management to organizations of all sizes. It helps building owners and managers create workplaces that encourage learning, productivity and innovation.Users can choose from specialized versions that include IWMS, asset management, real estate management, sustainability management and more. With over 35 years of experience and thousands of customers worldwide, it provides highly integrated space and facility management.
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