ISO 55001:2014 Certification
The ISO 55001:2014 Asset Management System introduces the involvement of assets, and value realized from them, it is the basis for any organisation delivering what it aims to do. Whether the organization is involved on the public or private sector, and whether the assets are physical, financial, human or ‘intangible’, it is good asset management that maximises value-for-money and satisfaction of stakeholder’s expectations.
The aim of the standards management system certification is to build and inspire confidence from the public sectors, customers, stakeholders and interested parties. This will instill and promote confidence within the organization and to continuously fulfill the specified requirements.
The ISO 55001 standard series consist of three parts:
- ISO 55001 is an overview of the subject of asset management and it provides its principles and terminologies
- ISO 55001 describes the requirements specification for an integrated and effective management system for asset management, but does not address the design of the system
- ISO 55002 provides guidance for the implementation of such system
ISO 55001 Certification – Benefits
- Alignment of processes, resources and functional contributions (instead of departmental silos and competing, short-term priorities).
- Creating a transparent audit trail for what is done, when and why.
- Better understanding and usage of data and information to provide informed and consistent decisions.
- Alignment and coordination of existing initiatives, including competency development.
- Greater engagement of the workforce, including leadership, communications and cross-disciplinary teamwork.
- Improved planning (especially capital expenditure).
Asset Management helps in getting more control over the financial, operational, maintenance and other asset-related activities of an organization.
Asset Management also enables to create more value from the existing organizational assets.
ISO 55001:2014 Standard Certification requires developing a management system for Asset Management.
The Asset Management System acts as a central system that will comply with all the policies, objectives, processes and governance listed by ISO 55001:2014 Standard.
The requirement of an Asset Management System in an Organization
Asset Management System enables an organization to keep track of all their assets. It will help in locating the asset, ways of using, any changes made, financial implications, operational performance, etc.
The information from the Asset Management System helps in effective asset recovery and lead to enhanced business returns.
Benefits of an Asset Management System
- Assets spread across multiple locations can be managed in an accurate and effective manner.
- The company can create an inventory report easily and provide it to the insurance providers when required.
- Manage company finances effectively and reduce company expenses significantly by keeping track of the performance of all assets. Any scrapped or sold assets will be removed from the book of records.
- Better maintenance of fixed assets like manufacturing units, assembly lines, etc.
- Reduce the Maintenance expenses by effectively tracking the performance of equipment during its lifecycle and scheduling the required maintenance.
- Identify risks connected with the use and ownership of the assets.
- Optimize the business operations including planning, resource use, etc., to increase operational efficiency.
Importance of Asset Management System for Organizations
Asset Management provides a holistic view of asset lifecycle. The Asset Management System is best to be executed using IT software. There are ready-made Asset Management Software or could be a custom build one in-house.
The Asset Management System will unify all the teams, business departments, locations, facilities, assets, equipment, process, etc., into a single system.
It helps the organization to identify potential risks and effectively manage the entire system.
How will Asset Management help your business?
- Keep track of all the organizational assets
- Manage assets from different locations
- Risk assessment and preventive measures
- Unify the business operations into a single system
- Effective time management, track performance, monitor lifecycle costs
- Higher levels of compliance Standards
- Enhance return on investment and reduce administrative costs
How to create an Asset Management Plan?
An Asset Management Plan will help in developing an effective Asset Management System for organizations to better track organization assets and their performance,
There are four steps involved in creating an effective Asset Management Plan.
1. Set the Objectives
The Asset Management Plan must be aligned with the overall business objectives and future business goals.
Asset Management should be executed with great attention and given ample time to cover the entire organization’s fixed and liquid assets.
2. Create a Strategy
The inventory of the assets must be carried out with a robust strategy in mind.
The strategy must be that the asset management must effectively cover all aspects of the organization such as assets, employees involved, lifecycle, maintenance schedules, economic value, financial returns, etc.
3. Manage Risk
The risk assessment has to be carried out with priority as it is a critical element of asset management.
Those assets that require immediate attention has to be addressed first to reduce operational expense and prevent unexpected operational failures.
4. Monitor and Review
Once the Asset Management System is in place, constantly monitor and review the system to track the listing of all your assets.
Asset Management System also highlights specific areas like the lifecycle, performance, maintenance schedules, cost-effectiveness, etc.
Based on the review, the management can take decisions about creating new maintenance policies, investing in upgrades, bringing in new assets, etc.
Getting ISO 55001:2014 Certified will add value to the organization and continually optimize the use of organizational assets to enhance business productivity.
ISO 55001:2014 is the dedicated standard for reducing organizational risks, enhancing operational efficiency and to follow best practices in asset management.
What is ISO 55001:2014 Asset Management System Standard Certification?
ISO 55001 Standard utilizes an efficient Asset Management Framework and Process that drives continual improvement and ongoing value creation by managing asset-related cost, performance, and risk.
Importance of ISO 55001:2014 Asset Management System?
ISO 55001:2014 Standard helps drive companies ahead through continual improvement.
It helps in raising the value of the current organizational assets through strategic thinking and applying best practices in asset management.
As ISO 55001 Standard is a world-wide recognized standard. It requires the organizations to follow a common language, take trustworthy decision making and reduce risks on the organizational assets.
The Asset Management Framework based on ISO 55001:2014 Standard helps in gaining more trust among the stakeholders and protects the organizational assets from non-utilization.
Adopting to ISO 55001:2014 Asset Management System Standard Certification?
To streamline. monitor and optimize company operations starting from design & development to information security & company financials, the ISO 55001:2014 Asset Management Standards Certification is a must-have.
Who is it the best fit for?
Organizations aiming to improve the asset value, managing assets owned by a client, can leverage an Asset Management System that complies with ISO 55001:2014 Standard.
Industries best fit for ISO 55001:2014 Asset Management System Standard
- Infrastructure and industrial sectors (Energy- production, transmission, and distribution)
- Public Services – Airports, Hospitals, Roads
- High Value Added Companies & Capital Intensive Industries (Mining, Petrochemical, Manufacturing, etc.)
- Real Estate Sector (residential, commercial)
- Service Organizations (Software, Consulting, Professional Services)