Asset management systems
In 2014, new international standards on asset management ISO 55000 series were published. The development of these standards is aimed at improving financial results, optimizing investment decision-making, risk manageability, sustainability of development, and improving the efficiency of organizations. The development of the standards was based on the PAS 55 technical specification for optimal physical asset management, as well as best practices for asset management.
The series includes three standards that define the basics, terminology, requirements, and recommendations for asset management::
- ISO 55000:2014 Asset management — Overview, principles and terminology
- ISO 55001:2014 Asset management — Management systems — Requirements
- ISO 55002:2014 Asset management — Management systems — Guidelines for the application of ISO 55001
An “asset” is defined as an identifiable item, thing, or object that has potential or real value to the organization. Asset Management in accordance with the ISO 55000 series of standards involves finding a balance between costs, opportunities, risks and the required performance of assets.
The asset management system is used by the organization to guide, coordinate and manage asset management activities. It provides improved risk management and guarantees the achievement of asset management objectives.
ISO 55001:
- Defines requirements for creating, implementing, maintaining, and improving an asset management system,
It is intended, in particular, for the management of tangible or physical assets (fixed assets), but can also be applied to other types of assets, - It can be used by any organization of any type, and the organization itself determines to which of its assets this standard will be applied.
The target audience of the standards is any organization (enterprise) that has assets and is interested in realizing the value of these assets, that is, in managing them (at all stages of their life cycle – from design, purchase, construction and putting into operation, maintenance, modernization and/or disposal).
Asset management concerns many aspects of an organization’s activities, including quality management, environmental management, energy management, financial management, personnel management, software development, maintenance, and others. A factor in successful asset management is the ability to integrate asset management processes, activities and data with other functions of the organization.
Therefore, the requirements of ISO 55001 can be implemented in addition to the requirements of ISO 9001, ISO 14001, ISO 50001, ISO 45001 and the requirements of other standards. This allows you to reduce the efforts and costs associated with the development and maintenance of the asset management system, improves the integration of various aspects of the activity and the coordination of the activities of the structural units of the organization. Such an integrated approach, in addition to reducing costs, reduces risks and facilitates the acceptance of each new management system.
Benefits of implementation and certification:
- improvement of financial indicators: return on investment, while keeping the value of assets, without losing the realization of short-term and long-term goals of the organization;
- making investment decisions about assets based on objective information: allows an organization to improve its investment decisions and achieve an effective balance of costs, risks, opportunities and productivity;
- managed risk: reduction of financial losses, improvement of health and safety, reputation, minimization of social and environmental impact can provide reduction of financial obligations, such as insurance premiums, penalties and fines;
- service and performance improvement: ensures that asset efficiency can lead to improvements in the quality of services and/or products that meet or exceed the expectations of customers and interested parties;
- demonstration of social responsibility: improving the organization’s capabilities, for example, to reduce greenhouse gas emissions, save resources and adapt to climate change, allows demonstrating social responsibility and compliance with business ethics of doing business and management;
- compliance demonstration: open compliance with legal, legislative and regulatory requirements together with compliance with management standards, asset management policies and processes ensure compliance demonstration;
- improving reputation: by increasing customer satisfaction, awareness and trust of interested parties;
- improving the sustainability of the organization: effectively managed short- and long-term impacts, costs and productivity can improve the sustainability of an organization’s functioning;
- improving efficiency and effectiveness: analyzing and improving processes, procedures and the effectiveness of asset use can improve efficiency and effectiveness, and will achieve the goals of the organization.