Asset performance management software: A complete guide

When critical assets fail, operations stall, and the ripple effects can be costly. That’s why more companies are moving away from reactive fixes toward smarter, data-driven maintenance strategies.

Teams now want more than asset tracking. They need real-time visibility, predictive alerts, and insights that lead to better decision-making. Asset performance management (APM) software helps organizations do just that by transforming data from machines, sensors, and systems into actions that prevent failures, extend equipment life, and support business goals.

Let’s walk you through the fundamentals of asset performance management software, how it works, and what to look for when choosing a solution. We’ll also guide you through a clear asset performance management software comparison to help you confidently pick the right tool.

What is asset performance management software?

Asset performance management software is a data-driven solution for monitoring, analyzing, and improving asset performance. IT asset lifecycle management has evolved beyond outdated tools like spreadsheets and paper logs, which often lacked complete, real-time information. 

Today, end-to-end visibility is essential for maintaining security, ensuring compliance, and controlling costs. The APM software uses real-time data and system integrations to give teams a clear view of asset health, so they can prevent breakdowns and make better long-term decisions.

Difference between APM and Enterprise Asset Management (EAM)

While APM and Enterprise Asset Management (EAM) often overlap, they solve different problems. APM focuses on how well assets perform, whereas EAM manages all the operational details around them. Here’s how they compare—and when to use each.

Takeaway: If your goal is to reduce downtime, detect issues early, and improve asset performance daily, you’ll need APM in your stack.

How APM software works

Understanding the value of asset performance management software helps us see how it functions on the ground. APM software follows a continuous four-step cycle: collect, analyze, act, and optimize. This cycle transforms raw data into decisions that keep assets running at their best.

• Real-time data collection from connected assets: Sensors and IoT systems capture real-time data, such as temperature, pressure, and usage, offering a continuous view of each asset’s condition.

• Intelligent analysis to predict failures: AI and machine learning models process this data to detect patterns, calculate asset health scores, and flag potential issues early.

• Smart alerts and proactive maintenance triggers: Based on insights, the system auto-generates alerts, tasks, or work orders—customized by asset type, risk level, or usage thresholds.

• Visual dashboards to track trends and risks: Custom dashboards present asset health, downtime trends, and risk insights, helping teams focus on what needs attention quickly.

Let’s understand the process through a quick example:

A vibration sensor on a factory conveyor picks up irregular movements. The software detects this as an indication of bearing wear and sends an alert. A work order is created for a technician to inspect the part, preventing what could’ve been a complete system shutdown.

That’s how asset performance management software keeps operations smooth. It doesn’t just track what’s happening but also helps fix what’s about to go wrong.

Key features of APM software

The gap between efficient and inefficient asset operations is no longer subtle. In 2023, the profit margin difference between top and bottom-quartile asset managers widened to 28 percentage points. What’s driving that? Operational discipline, better data, and the right tech stack.

Asset performance management software sits at the center of the transformation. The right tool doesn’t just track machines but tells you when they’re about to fail, what that failure will cost, and how to prevent it. 

Here’s what makes this possible:

• Real-time asset monitoring: This helps you monitor equipment conditions—temperature, vibration, voltage, etc.—in real time. No guesswork, no delays. Early warnings help avoid breakdowns and reduce reactive maintenance.

• Predictive analytics and AI: The system flags issues before they appear on the floor by analyzing patterns across usage history and real-time performance. You stop reacting and start planning.

• Maintenance planning and scheduling: Automate service schedules based on actual asset behavior, not fixed dates. This means fewer unnecessary inspections and fewer surprises when things go wrong.

• Risk assessment and mitigation: Not all assets carry the same risk. APM software ranks them by criticality so that teams know where to focus and what can wait.

• Integration with IoT and SCADA systems: Pull accurate data from every connected machine and control system. With everything centralized, you don’t just see the problem—you know what’s causing it.

Benefits of using asset performance management software

More than $600 billion flowed into money market funds during the first half of 2023. This suggests that businesses are focusing on stability and agility in managing their assets. The shift isn’t just happening in finance. 

For IT operations management and facilities teams, adopting smarter tools like asset performance management software is key to reducing risk, enhancing resilience, and staying ahead of disruptions.

Here’s how APM software delivers measurable, day-to-day impact:

• Reduced downtime: Detect minor issues before they snowball into major failures. By flagging anomalies early, APM software helps prevent unexpected breakdowns and keeps operations running without last-minute scrambles.

• Extended asset lifespan: Proactive maintenance keeps machines in peak condition. Instead of reacting to problems, you proactively maintain assets based on performance, extending their lifespan and productivity.

• Improved safety and compliance: Monitor critical systems in real-time to meet safety standards and reduce workplace risks. Automated alerts and records help ensure nothing falls through the cracks.

• Data-driven decision making: Give your team real-time visibility into what’s working and what’s not. Actions are faster, smarter, and far less reactive when decisions are based on live asset data.

• Enhanced operational efficiency: Reduce routine firefighting and manual oversight. APM software aligns teams with automated workflows that focus resources where they matter most.

Top 7 asset performance management tools to consider

Selecting the right asset performance management software can feel overwhelming with so many platforms claiming to improve asset visibility and reduce downtime. The truth is no two tools are built the same. Some are designed for complex industrial operations, while others excel at IT infrastructure management.

Here’s a list of 7 standout APM tools, each with a clear strength and ideal use case. Whether you're modernizing legacy systems or scaling fast, there’s a solution here worth considering.

1. Freshservice ITAM (Ideal for IT teams managing asset performance at scale)

Freshservice is built for IT teams that need complete visibility and control over assets across cloud, on-premise, and hybrid environments. It combines automated IT infrastructure discovery, asset tracking, and AI-powered lifecycle management into an easy-to-use platform. Teams get accurate, real-time insights without relying on disconnected tools or outdated spreadsheets.

What sets Freshservice apart is how it blends IT asset management with broader service operations. The integrated CMDB connects assets to incidents, problems, and changes, so teams work with full context. CMDB vs asset management becomes less of a trade-off and more of a unified approach. Service disruptions can be traced to root causes faster, and change-related risks are easier to manage. Everything flows through one unified IT management platform.

Freshservice includes advanced capabilities like SaaS tracking, vendor contract management, and integrated project tools. This means you don’t just track assets—you optimize them, stay compliant, and manage costs from one place. It’s a true command center for asset performance and service delivery.

How RedSalud unified operations across 40 hospitals with Freshservice

Before Freshservice, RedSalud tried multiple help desk tools and struggled with fragmented asset and change management. After switching to Freshservice, the company unified SLA tracking, automated physician onboarding, and centralized all support workflows, covering incidents, assets, and changes in one place. 

With over 300 active agents and 50% of tickets now handled by non-IT users, RedSalud’s teams save time while delivering consistent support across 40 hospitals and 13,000 staff.

Pros

• Automates asset discovery with agent-based and agentless scanning

• Tracks cloud resources across AWS, Azure, and VMware

• Provides real-time visibility into all IT and non-IT assets

• Integrated CMDB helps visualize asset relationships and service dependencies

• Supports mobile scanning for non-networked assets via QR and barcodes

• Manages asset lifecycle from procurement to retirement in one view

• Tracks software licenses and monitors SaaS usage to reduce waste

• Includes a contract repository with automated renewal alerts

• Aligns asset data with incidents, problems, and change management

• Offers customizable dashboards and reports for compliance and audits

• Helps calculate depreciation with built-in financial tracking tools

• Scales easily across teams and integrates with third-party discovery tools

Cons

• Initial configuration for CMDB and asset types can take time

• Some advanced features are available only on higher-tier plans

• May require training for teams new to structured ITAM platforms

What users say about Freshservice

Freshservice earns high marks from IT teams for its impact on operations and service delivery. As one G2 user noted,

“After evaluating 2–3 options, we chose Freshservice, and it has proven to be a transformative tool in the way we manage IT operations, streamline asset management, and deliver an exceptional service to both internal employees and external customers.”

Users often highlight how Freshservice combines powerful automation with a user-friendly design. Connecting assets, incidents, and changes in one platform consistently helps teams respond faster, reduce manual tasks, and scale confidently.

2. IBM Maximo Application Suite

IBM Maximo Application Suite is built for enterprises managing complex, large-scale asset infrastructure across plants and remote sites. It combines asset monitoring, predictive maintenance, and visual inspection into one modular, AI-powered platform. 

Apps like Maximo Manage, Health, and Predict help reduce downtime and extend asset life. Its flexible deployment and AppPoints licensing model support large teams with diverse needs.

Pros

• Combines asset management, monitoring, and predictive analytics in one platform

• Uses AI/ML to detect early failure patterns and optimize maintenance schedules

• Offers modular apps (Manage, Health, Monitor, Predict) for tailored deployments

• Flexible deployment: on-premise, cloud, or hybrid

Cons

• Complex setup and customization may require significant time and resources

• Best suited for enterprises; may be overkill for mid-sized teams

• Pricing and licensing can be challenging to estimate without a custom consultation

What users say about IBM Maximo

“What I like best about IBM MAS is the mobile workforce's ability to be enabled. I find it useful that technicians can access and update asset data, create and manage work orders, and track asset health from the field.” (Source)

3. GE Vernova Asset Performance Management 

GE Vernova’s Asset Performance Management suite is built for industries like power, oil and gas, and utilities that operate critical infrastructure at scale. Its modular setup—covering strategy, health, reliability, and integrity—lets teams manage assets across sites or fleets. 

Tools like Digital Twins and predictive insights help reduce downtime and improve asset health. Whether deployed plant-by-plant or enterprise-wide, it can scale with operational complexity.

Pros

• Modular design supports flexible, use-case-based deployments

• Easily integrates with existing EAM systems and asset data sources

• Supports Digital Twin modeling for high-risk asset categories

• Enables fleet-wide monitoring and cross-site visibility

Cons

• Setup and integration may require time and IT resources

• Best suited for complex or regulated environments—not ideal for smaller teams

• Some users mention limited UI customization

What users say about GE Vernova APM

“With the help of digital dashboard and its user friendly UI it is ver convenient to manage and optimize asset performance” (Source).

4. SAP Asset Performance Management 

SAP Asset Performance Management is best suited for companies that are already using SAP tools like S/4HANA or SAP EAM. It connects asset strategies with real-time operations, helping teams reduce failures and improve planning. 

The platform supports structured reliability methods such as RCM and FMEA. It is ideal for enterprises looking to manage performance without stepping outside their SAP ecosystem.

Pros

• Seamlessly integrates with SAP EAM and S/4HANA

• Supports FMEA and RCM for structured reliability planning

• Helps prioritize maintenance through criticality and risk assessments

• Enables predictive maintenance using sensor and historical data

Cons

• Implementation can be resource-intensive

• Most effective only for SAP-first organizations

• Learning curve may require formal onboarding or training

What users say about SAP Asset Performance Management

“Its comprehensive approach to asset management, along with its centralized platform and completely integrated operability. Additionally, corporate staff can save time and effort on training by using it easily” (Source).

5. AVEVA Asset Performance Management 

AVEVA APM is designed for complex industrial environments, like oil and gas, power, and chemicals, where asset uptime is non-negotiable. It combines real-time monitoring, predictive analytics, and risk-based maintenance in a single platform. 

Teams get a unified view of asset health and performance, integrated with their existing systems. Its cloud-first approach also makes scaling across remote or distributed operations easier.

Pros

• Real-time monitoring helps detect failures before they cause downtime

• Supports risk-based strategies to prioritize high-impact assets

• Integrates easily with major EAM systems for unified asset views

• Cloud deployment enables remote access and scalability

Cons

• Setup and integration may require upfront IT investment

• Feature set may be more than what smaller teams need

• Interface customization is limited in some areas

What users say about AVEVA Asset Performance Management

“Comprehensive asset managemnet solution for industries especially in the OT or industrial sector” (Source).

6. Oracle Enterprise Performance Management (Best for finance-led teams needing connected planning)

Oracle Enterprise Performance Management is designed for organizations that aim to bring finance and operations under one planning umbrella. It supports budgeting, forecasting, and scenario modeling, helping leaders make informed decisions quickly. 

Built for cross-functional use, the platform connects financial data with operational goals. The platform also scales well for enterprises requiring planning at both strategic and granular levels.

Pros

• Strong budgeting, forecasting, and long-range planning capabilities

• Built-in scenario modeling to assess potential outcomes and risks

• Integrates easily with ERP systems for real-time data flow

Cons

• Implementation may require dedicated IT and finance resources

• Might be too robust for smaller teams with limited planning scope

• UI customization can be restrictive in some modules

What users say about Oracle Enterprise Performance Management

“Using EPM technology can help increase margins, maximize returns, and identify new opportunities to increase profitability and performance” (Source).

7. Uptake 

Uptake is built for industries that rely on heavy equipment and can't afford surprise breakdowns. It analyzes sensor data, fault codes, and historical trends to help teams shift from reactive repairs to predictive maintenance. The platform integrates easily with existing systems to deliver clear, actionable insights. Whether you're managing fleets or facilities, Uptake helps detect issues before they disrupt operations.

Pros

• Predictive analytics surfaces early warning signs of failure

• Integrates with EAM, CMMS, and fleet management systems

• Helps prioritize maintenance with real-time condition data

Cons

• Initial implementation may require IT involvement

• Teams may need training to interpret complex analytics

• Some customization options are limited out of the box

How to choose the right asset performance management software

Selecting the right asset performance management software is about finding a solution that fits your assets, team, and long-term goals. Here’s a quick checklist to help you evaluate options before making a decision:

• Identify what types of assets you need to manage: Are you focused on physical infrastructure like machines and equipment, or do you need support for IT systems as well? Clarifying this early helps you shortlist vendors that specialize in your environment.

• Decide between cloud or on-premise deployment: If remote access, lower maintenance, and faster scaling are your priorities, cloud deployment is a better fit. If data control and compliance are non-negotiable, on-premise may be worth the trade-offs.

• Check scalability and integration capabilities: Will the solution grow with you? Ensure it integrates with your existing IoT, SCADA, or EAM systems. An ideal asset performance management software should centralize asset data, not create silos.

• Evaluate vendor support and onboarding resources: Look into training, documentation, and post-sale support. Ask if the vendor offers onboarding sessions or hands-on help, especially if your team is new to asset performance management software.

• Compare pricing models and expected ROI: Beyond license costs, ask what kind of downtime savings or efficiency gains you can expect. Use vendor calculators, case studies, or internal benchmarks to weigh total value, not upfront costs.

Future trends in asset performance management

The next wave of asset performance management software will focus on speed, intelligence, and sustainability. For platforms like Freshservice, which is already equipped with AI, automation, and hybrid deployment options, these trends are less about catching up and more about leading with intent. 

Here’s what is shaping the future of APM:

1. Smarter AI will sharpen predictive accuracy

AI and machine learning are becoming central to forecasting. Adoption of these technologies has increased significantly, showcasing how fast teams embed these tools into operations. In APM, smarter models mean fewer false alarms and better maintenance timing. This shift helps teams move from reactive to truly predictive strategies.

2. Edge computing will speed up on-site decisions

Instead of sending data to the cloud and waiting, edge computing processes it right where the assets live. For APM, this means faster alerts, quicker fixes, and a lower risk of downtime. It’s beneficial in environments where real-time responses can prevent cascading failures. 

3. Cybersecurity will be a non-negotiable in APM

The more connected your asset network becomes, the greater the risk. Attacks are getting more sophisticated, and enterprise-level threats are projected to cost over $500 billion globally. APM platforms will need built-in defenses to protect both data and operations (Source).

4. Sustainability will shape asset management priorities

With regulations tightening and ESG goals gaining ground, APM will evolve to track energy use, emissions, and compliance. Technologies such as AI and cloud accelerate this shift, helping businesses balance performance with environmental responsibility (Source).

Why Freshservice is the smart choice for asset performance management

Freshservice’s unified IT management platform helps teams gain real-time visibility, automate maintenance workflows, and extend the life of critical IT assets. Its intuitive interface, AI-powered automation, and integration-ready architecture make it a smart choice for organizations looking to reduce downtime and make data-driven decisions.

Key Freshservice features supporting asset performance management

• Real-time asset visibility: Automatically discover and track all IT and non-IT assets—across cloud, on-prem, and off-network environments—from a single dashboard. Eliminate blind spots and reduce asset-related incidents.

• Predictive maintenance planning: Use AI-powered insights to detect anomalies early, forecast failures, and trigger preventive maintenance. This reduces downtime and improves asset reliability.

• Customizable workflows: Build no-code, rule-based workflows tailored to your IT operations that automate tasks like asset assignments, maintenance approvals, or escalations.

• Comprehensive reporting and analytics: Access ready-made and customizable dashboards to track asset health, utilization trends, and lifecycle metrics, helping optimize asset investments and planning.

• Seamless integrations: Connect effortlessly with your existing ecosystem, including CMDBs, monitoring tools, and IoT platforms, to create a unified view of asset performance and dependencies.