By Josie If implemented correctly, the International Standard can help you create an effective Asset Management System that will help your organization achieve its goals, replace or expand existing infrastructure, and comply with regulatory requirements.
An Asset Management System (AMS) or ISO 55001 Certification is a collection of interrelated and interdependent elements within an organization that have the function of establishing the asset management policy, asset management objectives, plans, and processes necessary to achieve these objectives. These are the steps to follow:
1:Strategic Alignment To Organizational Objectives/Business Objectives
The organizational goals are usually derived from the organization’s strategic planning activities. They are then documented in an organizational plan/corporate plan.
2:Asset Management Policy
An asset management policy should outline the principles that an organization will use to manage assets to meet its organizational objectives.
The organization’s effectiveness can be improved by aligning asset management goals with organizational objectives and linking asset reports with financial reports.
3: Strategic Asset Management Plan
The organizational plan can be used to create a strategic asset management plan.
4: Asset Management Objectives
The Asset should be aligned with the Product or Service Needs of the Organisation.
Asset management objectives are the transformation of the desired outcomes (by-product or service) into the activities usually described in the asset management plan.
- Asset performance (e.g. uptime, efficiency)
- The cost per unit of product or service
- Reliability is the difference between success and failure.
- Asset condition, performance, or health score
- Costs of a life cycle
- Life expectancy
- Asset energy performance
- The total cost of ownership
- Return on capital
5: Implementation Of Asset Management Plans
Implementation of an asset management system that includes asset management policy, procedures, and plans to achieve objectives.
6: Asset Performance Evaluations
The organization shall report on asset performance.
Asset management performance, both financial and non-financial.
The associated indicators and metrics that measure asset performance, such as condition or capacity indicators. Condition or capacity indicators.
7: Asset Performance Improvement Plans
Organizations should develop, implement, and maintain processes to determine opportunities, prioritize, assess, and then implement actions for continuous improvement.
The Benefits Of ISO 55001-Asset Management System
This international standard provides a framework for business improvement that is holistic and will prove to be very beneficial over the long term. These flexible benefits can be combined with the following:
Informed Asset Investment Decisions
This tool helps to improve investment decision-making and balance costs and performance.
Managed Risk
Reduce financial losses, improve health and safety, and enhance goodwill and reputation
Improved Services And Outputs
Ensured asset performance can result in better services and products
Demonstrated Social Responsibility
Increasing the organization’s ability to reduce emissions, conserve resources and adapt to climate change.
Demonstrated Compliance
Conforming transparently to legal, statutory, and regulatory requirements
Enhanced Reputation
Customer satisfaction, stakeholder awareness, and confidence improved
Improved Organizational Sustainability
Ensure sustainability in operations and organization.
Increased Efficiency And Effectiveness
Increasing efficiency and effectiveness can be achieved by improving processes, procedures, or asset performance.