ISO 55001 is an international Asset Management standard that sets out to manage the lifecycle of an organisation’s assets to achieve a desired operational performance and profitability.
Implementing best practices to effectively manage an organisation’s assets provides several benefits to a business.
Assets can range from cash, raw materials, and stock, to office equipment, buildings, and intellectual property. ISO 55001 will help manage both the physical and intangible assets under your management.
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With more effective asset management, your organisation benefits from the security of having its finances in check and can enable opportunities for new operations or potential expansion with more confidence.
Additionally, stakeholders gain confidence from the knowledge that a strategy is in place to ensure assets meet the necessary safety and performance requirements.
Assets within an organisation can be a competitive advantage or drain a business’s resources. This particular management system is designed to support you in the proper handling of processes and risks, which will lead to the improvement of current and future company performance.
The benefits of an Asset Management System include:
- Giving you the tools to manage assets more effectively
- Anticipate, and mitigate the threat of major financial risks
- Allows you to measure an asset’s lifetime value
- Consolidates and optimises your existing financial and business plans
- Increase profitability
Furthermore, clients, partners, and other stakeholders can have confidence that your systems to effectively manage your assets are appropriate, effective, and have been audited regularly. Certification to ISO 55001 may help you access markets, grow your client base and improve your system.
The key to effective financial management is having a crystal clear picture of your organisation’s assets and liabilities, so you can make a more informed decision in the best interest of all relevant parties.
ISO 55001 Asset Management is an important certification to obtain if your organisation is looking at the most sophisticated and effective means of monitoring your assets, as well as identifying potential risks to your financial bottom line.
The process of implementing the standard will also help your organisation meet legal obligations and respond to business and stakeholder requirements in a timely and economical manner.