What is the Difference Between ISO 55000 & ISO 55001

As your business expands, you will have more assets to manage. The best way to develop, utilise, maintain and improve the asset value is by adopting an asset management system. Good asset management allows you to get the best out of your human, physical, or financial assets.

As you focus on improving your asset management policies, there are international guidelines and standards to develop uniformity in asset management. Some of these frameworks include PAS 55, ISO 55000, and AMBoK. This article will focus on the ISO 55000 and how it differs from other frameworks. Follow through!

What is ISO 55000?

ISO 55000 is a series of three standards comprising different guidelines for asset management systems. They include:

  • ISO 55000 – contains terminology and an overview of asset management standards
  • ISO 55001 – specifies the requirements  for effective and efficient asset management systems
  • ISO 55002 – gives guidance on how to implement, maintain and control the management system

In a nutshell, ISO 55000 and ISO 55002 asset management provide an overview, terminology, principles, and guidance to implement ISO 55001. The ISO 55001 asset management helps you establish a proactive asset management system that optimises assets and reduces the cost of asset ownership as you get the best value out of your assets.

What Does ISO 55001 Entail?

The requirements provided in ISO 55001 enable organisations to apply their asset management systems in the best way possible. It entails what your organisation must do and how it should do it to retain high asset value. Therefore, it’s essential to understand how to interpret the requirements to suit your organisational objectives and operating environment.

ISO 55000 Certification

The introduction of the ISO 55000 series provided a uniform way of managing assets. Whether you want to manage intellectual property or financial and technical assets, you can conduct economic and effective asset management throughout the business cycle. Implementing an asset management system boosts stakeholders’ confidence and enables you to manage complex processes within the organisation.

The certification is recognised internationally and is valid for three years. You will also need to keep up with surveillance audits annually. ISO 55001 certification ensures your business assets are secure. Some of the benefits of ISO 55000 assessment and certification include:

  • More structured, transparent, and efficient management of assets based on KPIs and suitable business processes
  • Identifying and mitigating risks become easier
  • Reduced operating costs
  • Easier and reliable decision making
  • Builds your brand’s reputation

Who Needs ISO 55001 Certification?

ISO 55001 certification is for all organisations intending to manage and improve the value of their assets regardless of whether they are intangible or tangible. Besides, if your organisation manages assets on behalf of other clients, you may also want to get the ISO certification.

Everyone within the organisation, whether in the health, finance, human resource, procurement, public relations, or marketing sectors, can be involved in asset management. A quality asset management system ensures collaboration between all departments within an organisation.

Get ISO 55001 Certification with Best Practice

Certifying your business to the highest asset management standards boosts customer confidence, giving your business an upper hand over your competitors. At Best Practice, we are a reliable ISO certification organisation offering international quality training, testing, inspection, and certification services.

We are Jas-ANZ accredited, meaning that we are competent enough to carry out assessment tasks and issue ISO certifications. Contact us online or call us at 1300 402 602 to learn more about our ISO certification services and see how we can transform your business.

ISO Certification from Best Practice

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