The vital part of the organization is the asset regardless of its size. Assets can be tangible or intangible. It includes everything such as property, IT component, inventory, and intellectual property. These assets have a great potential to add huge value to a business.
Assets are considered the effective backup for all the companies. However, it is extremely challenging to manage the assets properly. This is where ISO 55001 Certification comes as the life-saver.
This international standard assists companies in managing their assets effectively to optimize their lifetime value greatly. It is highly important in industries, which has huge assets and intensive capital.
This certification offers the competent asset management framework to develop, implement, enhance and maintain effective control and governance of the assets. It also helps you to realize value via managing risk and opportunities to achieve the desired performance and revenue.
Applications of ISO 55001
ISO 55001 Certification applies to all types of assets and by all the sizes and types of companies, which look for enhancing the realization value for their assets. Here are the major assets for which this ISO certification benefits.
- Critical assets
- Information assets
- Physical assets refer to the inventory, equipment and properties of the company.
- Infrastructure assets
- Moveable assets
- Intangible asset indicates the non-physical assets including digital assets, leases, intellectual property right, and agreements.
Key steps to follow to implement ISO 55001
This international standard can develop the efficient and effective asset management system. It assists your business to achieve the goals, expand and replace the existing infrastructure. The asset management system is the vital set of the interacting and interrelated elements of the company.
Its major function is to develop the asset management policy and objective and process required to those objectives. Look at below to know the major steps to follow to get the ISO 55001 Certification.
- Strategic alignment to the business objectives
- Asset management policy
- The strategic asset management plan
- Asset management objectives
- Asset management plans
- Implementation of the asset management plans
- Asset performance evaluations
- Asset performance improvement plans
Benefits of ISO 55001 certification
This international standard provides the holistic business improvement framework. Therefore, it is highly beneficial for your company in the long run. This flexible system carries out several benefits, and some of them are listed here.
- Enhance the financial performance such as return on investments and minimizing the costs
- Help the company to enhance investment decision-making, balance costs and performance.
- Improve the performance of the assets, and thus you will get enhanced services and products.
- Maximized customer satisfaction, confidence and stakeholder awareness. It also improves the sustainability of the company and operations.
- Implementing this certification ensures your company complies with its legal obligations and safeguards the assets. It improves your company’s reputation.
- Enables your company to compare its performance with others in both public and private sectors to make sure you implement the best practice