The best replacement for factory reset is hard reset.

The best alternatives to factory reset are rated as following:
★★★★★  hard reset
★★★  clean install
★★★  system wipe
★★  system recovery
★★  wipe
★  security wipe
★  clear storage
★  master reset
  re-set
  full factory reset

Your alternative for factory reset is not listed? Suggest!
Speaking about factory reset, one probably shouldn't forget about cyanogenmod.

Other search terms related to factory reset and their ratings are:
★★★★★ cyanogenmod
You have in mind a companion for factory reset and it is not yet here? Propose!



Google Trends

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factory reset
hard reset
clean install