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ISO 55001:2014 Asset management — Management systems

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ISO 55001:2014 Asset management — Management systems

WHAT IS AN ASSET MANAGEMENT SYSTEM?

Businesses still using manual processes such as spreadsheets to manage their equipment and inventory might need to consider a more efficient solution. Outdated Asset Management Systems can lead to wasted time and money and cause problems such as inaccurate data, human error, lost or broken equipment, and customer dissatisfaction.

A modern Asset Management System can streamline your processes and improve productivity, efficiency, and return on investment. It also ensures that your organisation is better able to serve its customers. It is important to have an Asset Management System process in place that fits your company’s unique needs.

An Asset Management System is a process that helps organisations track, manage, and maintain their physical assets. It can include items such as equipment, vehicles, and real estate. The system typically allows users to input and track information such as each asset’s location, condition, and maintenance history and can also include features such as work order management and inventory tracking.

WHY IS ASSET MANAGEMENT REQUIRED?

An Asset Management System is a critical tool for organisations to manage and maintain their physical assets effectively. An Asset Management System is needed because:

  • It allows organisations to keep track of each asset’s location, condition, and maintenance history. This information is necessary for budgeting, forecasting, and making informed decisions.
  • It streamlines asset-related processes such as inventory management, maintenance scheduling, and compliance reporting, which can help improve productivity and efficiency.
  • It improves asset utilisation and reduces costs by identifying underutilised or underperforming assets.
  • It helps organisations provide better customer service by providing accurate and up-to-date information about assets
  • It helps organisations comply with regulations and industry standards by keeping track of sensitive assets.

An Asset Management System is necessary for organisations to eliminate the guesswork of fixed asset management. It helps improve efficiency, bottom lines, and customer service and compare the physical assets, ghost assets, and the assets on paper to plug the revenue drain.

ASSET MANAGEMENT STANDARDS

Asset management standards are formal guidelines and best practices for managing all types of assets. These standards provide a framework for organisations to effectively plan, acquire, operate, maintain, and dispose of their assets. One of the most commonly used asset management standards is ISO 55001.

ISO 55001 is an international asset management standard and part of the ISO 55000 series of standards, which provides a comprehensive framework for managing assets. ISO 55001 standards provide a systematic approach to managing an organisation’s assets, including policies, strategies, and objectives. It covers all aspects of asset management, including:

  • Asset planning: Identifying the assets an organisation needs to support its objectives and determining how to acquire and maintain them
  • Asset acquisition: Acquiring assets that meet the organisation’s needs
  • Asset operation and maintenance: Ensuring that assets are operated and maintained safely and effectively.
  • Asset disposal: Disposing of assets that are no longer needed The ISO 55001 standard requirements for management systems are:
  • Establishing, implementing, maintaining, and continually improving an Asset Management System
  • Documenting and communicating asset management policies, procedures, and objectives
  • Monitoring and measuring asset management performance
  • Continually improving the Asset Management System

ISO 55001 helps organisations manage their assets by providing a framework for setting and achieving strategic objectives, identifying and managing risks, optimising the life cycle of assets, and continually improving asset management performance.

Certification process

  • Complete a profiling form to customize a quote for your organization detailing the cost, planning and time required.
  • Conduct a pre-audit to determine if your organization already fulfills the requirements for the standard and identify areas for improvement.
  • Stage 1 site visit by our auditors to verify the profile submitted during your application and determine your readiness for Stage 2.
  • Stage 2 on-site audit by MOODY auditors.
  • Propose and implement corrective actions, if any.
  • Receive your audit report and certificate from the committee.

Why choose MOODY?

MOODY is a global leader in management systems solutions, having issued various management systems certifications to date. Our dedicated and experienced auditors across the globe can speak your language and help you explore ISO 55001:2014 Asset management — Management systems certification initiative with other management systems. We can also act as a one-stop provider for all your quality certification needs by offering bundled product testing and certification services. With the MOODY certification mark, you demonstrate your commitment to delivering quality products and services