Tuesday, September 26, 2023

ISO 55001 Asset Management

Assets can come in many sizes and shapes, but one thing is certain: all organizations have them. Assets can give your company a competitive edge or drain your resources. It is crucial to effectively manage your assets and ISO 55001 can help you do that. ISO 55001 is particularly relevant for industries that require capital, have large physical assets to manage, and have high fixed costs. This includes utilities, heavy and light manufacturing and distribution, construction, property management, and transportation.

ISO 55001 Certification was published in January 2014. This builds on PAS55, which has a track record in utilities. ISO 55001 will apply the same approach to other sectors, allowing all businesses to reap the benefits.

It provides structure and guidance for an Asset Management System (AMS), which helps to manage and mitigate risks.

Helps You With

  • Performance improvements in financial terms
  • Competent asset investment decisions
  • Effective integrated risk management
  • Resilience and reliability are improved
  • Services and outputs improved
  • Demonstrated social accountability
  • Demonstrated regulatory compliance
  • Reputation boosted
  • Customer and stakeholder satisfaction improved
  • Improved organizational sustainability
  • Increased efficiency and effectiveness

The Benefits Of Obtaining Certification

  • Certification is often required in procurement specifications. This opens up doors.
  • Customer satisfaction
  • Better stakeholder relations
  • Enhance the image of your company with customers, staff, and suppliers.
  • Legal compliance
  • Learn how regulatory and statutory requirements affect your company and customers.
  • Proven business credentials
  • Independent verification against a worldwide recognized industry standard speaks volumes.
  • Lower operating costs
  • Continuous improvement and operational efficiency mean savings.
  • Improved risk management
  • Problems are much easier to fix and avoid when there is greater consistency in the products and services.

Additional Benefits Of ISO 55001 Certification

Effective Management Of Value, Risk, And Reliability

Stakeholder confidence can be increased by good governance and an understanding and control over assets. Customers and regulators working on behalf of customers can lead to lower insurance premiums.

Integration Of AMS Into Integrated Management Systems

The current HSE, Security, Information Security, Quality, Environment, and Business Continuity Programs require current knowledge about assets and the effective management of assets and associated risks. A comprehensive AMS can be integrated into the integrated management system to add significant value to the overall Risk Management Model and Business Management Model.

Simplify And Standardize

Large organizations can use asset management to standardize their equipment and reduce costs. This allows them to provide support and training as well as lower spare parts and supplies. Optimized asset management programs ensure maximum value and take advantage of growth opportunities.

Process Safety

Effective asset management increases safety for both people and processes and reduces the chance of serious injury or other catastrophic events. Operational management of assets and proactive risk management will help to minimize the chance of accidents and incidents.

Image And Reputation

As much as they are an asset to the company’s image and reputation, they also contribute to its operations. Improved design can directly lead to more visits.

Best Practice: How Can We Help

Best Practice has a wealth of experience in providing accreditation management system certifications. This makes it an ideal partner to help you meet industry expectations and satisfy stakeholder needs.

Industry relationships and technical committees. Best Practice is involved in many industry committees and standards-writing teams. This helps us stay on top of industry changes.

Knowledge transfer to support our customer’s organizational strategy. Best Practice is committed to ensuring that customers are aware of changes in industry strategy, regulations, and standard requirements that could impact your management system approach.