Home Resources Blog November 2019

The Benefits of Implementing An Asset Management System

01 November 2019
Assets come in all shapes and sizes, but one thing is for certain… all organizations have assets.

It is important to manage your assets effectively and achieving ISO 55001:2014 certification can help you do just that.

ISO 55001 is especially relevant in industries that are capital intensive, have significant physical assets to manage and have high vaue fixed costs. These can include utilities, manufacturing, distribution, construction, property management and transportation.

ISO 55001 was published in 2014 and establishes specific requirements for not only implementing and maintaining assets, but also improving that asset via an Asset Management System.

If you are considering the impact of an ISO 55001 Asset Management System within your organization, why not take a look at some of the benefits below:

  • Improved financial performance

  •  Informed asset investment decisions

  • Managed risk and mitigation

  • Improved services and outputs

  • Demonstrated social responsibility

  • Demonstrated compliance

  • Enhanced reputation

  • Improved organizational sustainability

  • Improved effectiveness and efficiency

  • Identification of Opportunities

  • Stimulate organizational knowledge and decision making

  • Brings new perspectives and new ideas on value creation

  • Improvement in purchasing, finance, HR, IT

  • Functional integration

  • Life cycle planning

  • Improving quality of asset information

  • Increase awareness for internal and external stakeholders

Top management benefits from a new insight and cross functional integration:

  • Improve communication and interaction across functions

  • Supports a long term and sustainable approach to decision making

  • Framework for integration of standards, codes, best practices

  • Support energy management, environmental management and other sustainability related activities

Financial functions and improved data and linkage

  • Integration of Strategic Asset Management Plan (SAMP) and long-term financial plans

  • Balancing of short term financial needs with needs of medium term activity plans and long term plans

  • Robust financial information

  • Improved assessment of financial position and funding requirements

  • More effective risk based decision making based on:

  • Addressing asset and financial risks

  • Balancing performance, costs, risks

HR benefits

  • Developing competence models

  • Training programs and processes for coaching and mentoring

Ultimately, implementing the ISO 55001 standard will help you to manage and mitigate risks within your pool of assets, whilst benchmarking performance across all sectors and improving your financial performance to align with organizational growth strategies.

If you would like some more information on the Standard please click here. Alternatively, if you’d like to start your journey and receive a quick quote please email us or give us a call on 0800 052 2424 today.