Asset Management

Public and private organisations invest large amounts of money in assets. These might include infrastructure, utilities, buildings and plant in sectors such as transport, manufacturing, oil, gas, chemical, utilities and engineering. Over work your asset and it may fail and incur expensive downtime and repair costs. On the other hand, underutilise it and capital may be tied up unnecessarily.

ISO 55001 is the best known and considered best practice asset management standard. It demonstrates that an organisation has a system and takes a considered approach to specifying, designing, procuring or building, commissioning, operating, maintaining and disposing of its assets.

Thousands of organisations around the world have either achieved or are considering ISO 55001 certification.

Ways ISO 55001 certification may benefit your organisation

  • Demonstrates that a business may be well managed and credible, removing the need for extensive due diligence
  • Demonstrates that a business may understand and use data and information to provide informed and consistent risk based decision making
  • Demonstrates that a business may be better prepared when the unexpected happens and there are processes in place to ensure problems are dealt with efficiently and minimise any reoccurrence
  • Demonstrates that a business may have appropriate analysis and reporting to inform business decisions. It may also indicate compliance in some cases
  • Demonstrates that a business may have methods to improve planning, capital expenditure and end of asset life costs
  • Demonstrates that a business may be able to deliver lower costs through possible savings in lower insurance premiums by having appropriate processes and controls that reduce risks. A holistic approach to asset management can lower the cost of ownership over the asset lifecycle
  • Demonstrates that a business may be measuring the right things towards continual improvement
  • Demonstrates that a business may be achieving consistency in common business practices that are better understood by employees and streamlined
  • Demonstrates that a business may have greater engagement of the workforce, including leadership and communications

In summary, the result can be demonstrated in overall business and asset management improvement.

Who should use the ISO 55001 standards?

  • Organisations involved in the establishment, implementation, maintenance and improvement of an asset management system
  • Organisations considering improving the realisation of value from their assets
  • Organisations involved in delivering asset management activities including service providers

Where to get further guidance on the consistent application of ISO 55001

When implementing your asset management system, useful information and guidance can be obtained from the following support standards that form part of the ISO 55000 family.

ISO 55000:2014 Asset management — Overview, principles and terminology

This document provides an overview of asset management, its principles and terminology, and the expected benefits from adopting asset management.

ISO 55002:2018 Asset management — Management systems — Guidelines for the application of ISO 55001

ISO 55002 gives guidelines for the application of an asset management system, in accordance with the requirements of ISO 55001.

Both of the above standards can be applied to all types of assets and by all types and sizes of organizations.

Clarification of requirements with reference to specific clauses or parts of clauses of ISO 55002 and ISO 55000 which are indispensable for the consistent application of ISO 55001 are available at the following link.

Check our contact page for details and call one of our advisors to discuss how your business can adopt the ISO 55001 certification.