What you need to know about ISO 55001

Ultimately the fundamental purpose of an asset or group of assets is to provide value to your business, and asset management is the process of realising the value of the asset. Effective asset management ensures the alignment within your organisation, it turns your objectives into technical and financial decisions, plans, and activities.  However, have you ever contemplated if you’re getting the true value from your assets? This is where ISO 55001 comes in.

Why would you choose ISO 55001

ISO 55001 is the international standard for asset management. Specifying the requirements for the establishment, implementation, maintenance, and improvement of an asset management system. The standard is applicable to all types of assets and in particular physical assets, with key elements being organisational context, leadership, planning, support services, operations, performance evaluation, and improvement.

Relevant asset management subject areas may include:

  • Data management
  • Condition monitoring
  • Risk management
  • Quality management
  • Environmental management
  • Systems and software engineering
  • Life cycle costing
  • Configuration management
  • Inspection
  • Non-destructive testing
  • Financial management
  • Qualification and assessment of personnel
  • Project management
  • Facilities management
  • Equipment management
  • Commissioning management
  • Energy management

ISO 55001 provides you with an independent endorsement of your commitment to asset management which meets international standards. Clients, partners, and other stakeholders can have confidence that your systems can effectively manage your assets appropriately, and effectively, and have been audited regularly.

Benefits of the ISO 55001 Certification

The key benefit is to realise the intended value of your asset. Other benefits include an increase in your organisations financial performance as you increase output and reduce costs, help decision-making surrounding your assets, and an improvement in efficiency and effectiveness in your reviewing process. Furthermore, there is the added bonus of improving your company’s reputation as the market can see you committing to robust systems and a transparent process for evaluating the effectiveness of the system gives stakeholders confidence in you and your ability to meet your objectives.