ISO 55001 Asset Management Certification: Who Needs It and Why
Summary:
This article explains the importance of the ISO 55001 asset management certification and which organisations require it the most.
The ISO 55001 standard specifies the requirements for establishing a viable asset management system that helps organisations to control and improve the value of their business assets. The idea behind gaining this ISO 55001 asset management certification is to manage the assets consciously during their lifecycle so that the risks are minimised, and the value derived from them over time is optimised. By implementing an asset management system (AMS) according to the ISO 55001 requirements, an organisation is able to improve their bottom line by increasing the returns from their assets and decreasing the costs of risks.
Coming to the big question, which organisations need the ISO 55001 certification, it can be said that any organisation dealing with any relevant business assets need it.
Who is Eligible to Get the ISO 55001 Asset Management Certification?
The ISO 55001 standard is applicable to any organisation, just like other ISO standards. It is the international regulatory standard for asset management. Assets can be physical assets such as buildings, plant equipment, vehicles, or machinery, or they can also be intangible like finances, brand image, and intellectual property. The standard covers management of all forms of assets that add value to the business. Hence, any organisation from any industry segment, regardless of the size and type of their assets are eligible to get ISO 55001 certified.
What are the Benefits of an ISO 55001 Asset Management System?
The concrete benefit of having a standardised AMS is consistent growth of the asset values with a dramatic reduction in their cost. The AMS helps in improving the performance of the assets by identifying scope for improvements in their utilisation and management.
Here are some of the potential benefits of implementing a uniform AMS complying with the ISO 55001 requirements.
1. Leads to More Effective Risk Management
A comprehensive AMS helps in reviewing your processes and assets involved in them for enabling the management of the organisation to make informed decisions. When they have a clear picture of their asset capabilities and risks, they can balance their uses and reduce the cost. They can also seek opportunities to improve the condition of assets to minimise risks and enhance their contribution or value to the business. To put it simply, an AMS works to increase organisational management efficiency in managing and eliminating risks that are associated with processes and ownership of assets.
2. Boosts Financial Performance
A competent and ISO-compliant AMS helps to improve the financial performance of an organisation by assuring higher ROI (return of investment) from the assets while reducing costs. It helps to improve ROI without compromising on the organisational operations, objectives, or business performance. An AMS can help in protecting the asset value over time. thereby raising the profit margin and bottom line of the business.
3. Enhanced Corporate Reputation
By accrediting with the ISO 55001 certification, you can build a reputation for your organisation which has positive impact on stakeholders and customers. When stakeholders see that your organisation complies with all essential regulatory and statutory obligations for protecting your assets, they may become more confident in investing or partnering with your business and maintain association for a long time. Similarly, the customers are assured that your products or services are reliable and worth purchasing because they have been produced by using highly valued assets. The certification can cause an increase in your corporate reputation by ensuring stakeholder confidence and fulfilling the satisfaction level of customers.
4. Improved Organisational Sustainability
As the ISO 55001 certification helps in evaluating asset performance and improving them, it results in organisational sustainability. When you can manage your assets well by regulating their uses and expenditures, you can sustain their performance consistently, especially in the long run. With planned management of expenditures on assets with the AMS, you are also better able to keep your business costs within a limit. This is how you can improve the value and sustainability of your organisational assets while controlling costs.
Final Takeaway
In today’s ever complex and competitive marketplaces, an ISO 55001 asset management certification is essential to improve the asset performance and derive higher returns. With systematic management of your assets’ lifecycle, you can not only ensure they fulfil their functions but also ascertain a viable cash flow from them. Having an ISO-certified AMS is hence an obligatory requirement for businesses to support the improvement of their assets (all types) and strive for continual financial growth.
Author Bio:
Damon Anderson is the founder of a dedicated ISO certification consultancy in Australia that provides organisations with imperative guides and assistance on getting ISO certified. He is a specialist for the ISO 55001 asset management certification and so likes blog about different topics of asset management to help businesses.
Contact Details:
Business Name: Compliancehelp
Email: sales@compliancehelp.com.au
Phone: 1800 503 401
