Asset management expertise – ISO 55000 implementation

So far, we’ve covered the major prerequisites for effectively implementing ISO 55000 in terms of documentation and management procedures. Now we’ll look at the ISO 5001 certification standards for asset management competency.

This is the ninth of a 13-part series on implementing ISO 55000.

ISO 55001 certification and asset management expertise

ISO 55001 requires organizations to ensure that they:

  • Understand the competencies needed of personnel engaged in asset management and assess and update them on a regular basis
  • Ensure that personnel possesses the necessary competencies.
  • Recognize any existing competency gaps and have strategies and mechanisms in place to bridge such gaps; and
  • Maintain enough records to verify that needed competencies are possessed.

These are rather generic standards that do not give much direction on how to ensure that they are satisfied. The purpose of this post is to assist fill that void.

What exactly is iso 55001? What are the important implementation steps and benefits?

Small and large assets are essential components of every corporation. In layman’s terms, assets may be physical or intangible and include everything from IT components, property, merchandise, and intellectual property that a corporation owns or leases to function. The assets have the potential to significantly increase the value of any firm.

Asset Management System (ISO 55001) (AMS)

It is critical to successfully manage assets, and ISO 55001 is capable of doing so. ISO 55001 is an international standard that assists businesses in properly managing their assets in order to maximize their lifetime value. ISO 55001 is particularly important in capital-intensive companies with a large number of assets.

ISO 55001 offers a competent asset management framework for establishing, implementing, maintaining, and improving effective asset control and governance to generate value via risk and opportunity management in order to achieve the desired cost, risk, and performance balance. Organizations have seen considerable gains in the following areas:

  • A 15% decrease in operational costs
  • A 10% increase in utilization/return on capital used
  • An effective management system also focuses on creating a culture of continuous improvement and can help to:
  • Improve asset performance (e.g. uptime, efficiency);
  • Reduce product or service unit cost;
  • Improve reliability & availability (mean time/distance between failures);
  • Reduce life cycle costs.

Other significant advantages include:

  • Financial performance – ensuring an asset is adequately managed should result in lower costs and more production.
  • Better Decisions – assists you in making better decisions about the asset by knowing important parameters such as performance, risk, and costs.
  • Manage Risk – Understand the asset’s risk and opportunity and plan how to capitalize on or avoid them effectively.
  • Services or Product – If the asset is functioning well, it is probable that the asset’s output,

Why are ISO 55001 asset management standards relevant to you?

ISO 55001 improves asset management significantly, allowing it to fulfill the demands of stakeholders, businesses, and legislation. It is the most effective corporation defense in terms of saving money and time. You may make use of available assets, maximize their utilization, and bring value to the organization by correctly managing assets.

It is intended to assist you in dealing with procedures and hazards that will enhance the present and future performance of your organization. Furthermore, the deployment of an ISO 55001-compliant asset management system helps the company to connect its goals with the asset management system’s objectives, resulting in the intended outcomes. Furthermore, ISO 55001 links corporate goals with asset management objectives, since asset management’s goal is to fulfill business objectives.

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