ISO 55001 – Asset Management System

Further details

ISO 55001 (asset management system) is a standard developed for the use of people or organizations involved in asset management. This standard was developed by ISO technical committee ISO/TC 251

The compliance of this standard with paragraph 6 of the ISO 9001 standard has made many people welcome this standard. This compliance can create integrated management by combining the ISO 9001 and ISO 55000 standards.

The ISO 55001 standard is published under the heading of asset management system in three versions:

-Principles and vocabulary of ISO 55000 (asset management system)

-ISO 55001 Asset Management System Requirements

-ISO 55002 Asset Management System Implementation Guide

the scope of application of asset management:

This international standard provides the requirements for an asset system in the organization’s business. And it can be used for all types of assets and any type of organization of any size. This international standard is specifically intended for the management of physical assets but is also applicable to other assets. This international standard provides an overview of asset management, its principles and terms, and the expected benefits of establishing asset management.

ISO 55001 specifies requirements for an asset management system within the context of the organization.

ISO 55001 can be applied to all types of assets and by all types and sizes of organizations.

The ISO 55001 (asset management system) adopts the “ISO High Level Structure (HLS)” in 10 chapters in the following breakdown:

1- Purpose

2- Reference standards

3- Terms and definitions

4- Organization context

5- Leadership

6- Planning

7- Support

8- Operating Activities

9- Performance Evaluation

10- Improvement

In ISO 55001 (asset management system), the main objective of which is to help organizations manage the lifecycle of assets more effectively. By implementing ISO 55001 organizations will have better control over daily activities, achieve higher return with their assets, and reduce the total cost of risk.

ISO 55001 (asset management system) can be applied to all organizational structures of companies, and to all types of assets. The concrete outcomes consist of a growth in effectiveness accompanied by a dramatic drop in unit cost. This framework also supports continual improvement of performance and offers improvements for an organization of any industry, type or size.

Why Asset Management is important for you?

ISO55001 (asset management system) will guide you toward significant asset management improvements by enabling you to meet the stakeholder, business and legal requirements. It is the company’s most potent defense for saving money and time. By managing the assets properly you will be able to use your available assets wisely and get more out of their utilization while delivering added value to the business.

It 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. Moreover, the implementation of an Asset Management System that complies with ISO55001 enables the organization to align its objectives with asset management system objectives which leads the organization towards achieving its intended outcomes.  Moreover, ISO55001 (asset management system) aligns the organization’s objectives with asset management objectives since the purpose of asset management is achieving organizational objectives.

Benefits of ISO implementation:

– Increase customer and consumer confidence

– Increasing the quality of products/services

– Reduce waste and losses in products/services and ultimately reduce costs

– Save on consumables and increase profits

– Planning, implementation of affairs in the form of a predefined international system

– Improve performance, increase productivity and speed in affairs

– Increase efficiency and customer satisfaction

– Reducing the number of complaints

– Improvement and uniformity in the quality of products/services

– Timely delivery of products/services

– Global competition

– Prevent or reduce unexpected events

– Earning points in tenders, obtaining ranks and grades from government organizations, providing evidence in exports

– Advertising use in headers, company site and all advertising matters

– Earn points in selecting sample units

– Reduce waste and waste time

– Creating confidence inside and outside the organization

– Transparency of processes and indicators

– Ensuring that customer needs and expectations are met

– Production of product/service with better quality

– Help with more marketing and sales and create demand

– Increasing the productivity and motivation of human resources

– Correcting errors and preventing their recurrence

– Improving communication within the organization

– Prevention of non-compliant product/service production

– Develop sales methods and provide after-sales service