ISO 55001 specifies the requirements for establishing, implementing, maintaining and improving an organization’s asset management system and can be applied to any organization where physical assets are central to their business.
An ISO 55001 certificated asset management system (AMS) allows organizations to manage risk which helps to support business growth and improvement. It enables objective benchmarking of performance across all sectors, both public & private, regulated & unregulated and it allows improved financial performance without sacrificing short or long-term organizational performance.
Benefits of ISO 55001
Managed risk – Ongoing review of processes, procedures and asset performance enables informed management decisions that balance cost, risk, opportunity and performance to improve organizational efficiency and effectiveness, so managing and reducing risk associated with ownership of assets.
Supports business growth and improvement – A robust asset management system (AMS) aids improvement with formalized, prioritized and coordinated implementation plans to which the entire organization can understand and commit.
Benchmarking – As good practice in asset management is mostly independent of asset type, ISO 55001 enables objective comparison of performance across industrial sectors, between regulated/non-regulated and public/private environments.
Improved financial performance – A good AMS can facilitate improved return on investment and cost reduction without sacrificing short or long-term organizational performance, which in turn can lead to preservation of asset value so aiding the bottom line/profit.
Improved services and organizational sustainability – Effective management of short and long-term effects, expenditures and performance improves sustainability, allowing the organization to consistently meet or exceed the performance and social responsibility expectations to satisfy the needs of stakeholders.
Enhanced reputation through compliance – Transparent conformity with legal, statutory and regulatory requirements and adherence to quality and asset management standards, policies and processes means improved customer satisfaction, stakeholder awareness and confidence.