ISO 55001 Asset Management System
What is ISO 55001 Asset Management System?
Asset Management is a set of coordinated organizational activities mean to realize the maximum value from its assets. It gathers the required knowledge and tools in utilizing its assets to achieve its intended purpose.
ISO 55001 Asset Management System applies to all physical, financial, human as well as intangible assets irrespective of their size. ISO 55001 aims to optimize the availability and profitability of your assets throughout their lifecycle. It manages the risks and costs of owning assets, for continual improvement and ongoing value creation.
ISO 55001 Asset Management System also covers the design, construction, commissioning, operations, maintenance and decommissioning / replacement of plant, equipment, facilities, as well as fixed assets and digital / IT assets.
Benefits of ISO 55001 certification
The ability to capture both costs and revenue of physical infrastructure investment is important. If you overuse your assets, they will break down, causing delays, repairs and replacements. However, if the asset is left idle, then valuable capital is tied up unproductively.
With an effective implementation of Asset Management System, organizations will be in a better position to lower their cost of ownership over the asset’s lifecycle and improve the efficiency and effectiveness of decisions relating to investment, maintenance or disposal. This would help to support business growth by aligning initiatives, processes, resources and functional contributions. It would also reduce the risks of interruptions or delays from safety incidents.