The objective of the ISO 55001 Asset Management System is to reduce the risk to the assets while also contributing to the continuation of the company.

Throughout their lifecycles, it is required of companies to manage both their tangible and intangible assets in a precise and proactive manner. You will be able to cut expenses, maximize return on investment, and optimize growth throughout the asset lifetime if you get your organization’s Asset Management System certified to the ISO 55001 standard.

2014 was the year that saw the initial publication of the ISO 55001 standard. Its purpose is to reduce the risk posed to the assets while also making a contribution to the continuity of company operations and continually improving asset management. Organisations must manage their assets within a structure that has been accepted on a global scale and is tailored to the specific goals of each organisation.

The implementation of ISO 55001 is open to all organizations, regardless of their size or organizational structure. The assets may be controlled more effectively thanks to the implementation of the ISO 55001 Certification in Australia.

A Brief Overview Of The Past In Asset Management

Because of the swift rise in the global population, there has been an accompanying surge in the need for new technological advancements. As a result, the demand is growing even though there are only a finite number of assets possessed. Because of this fundamental requirement, Asset Management and the creation of methodologies and procedures that can be applied to any industry have come into existence. The process of Asset Management’s maturity has been sped up as a result of all of these factors.

Over a century ago, the world of finance began to make use of what is now known as modern asset management. Since the 1980s, businesses, organizations, and institutions have been putting into practice the Asset Management System to derive the greatest possible value from their physical assets.

The rapidly expanding technology has complicated structures, and these structures have to be utilized effectively to meet the requirements. Gains of a very significant kind have been accomplished as a direct result of the development and use of contemporary wealth management strategies in nations such as England, the United States of America, Australia, New Zealand, and Canada. The management of the assets that are held strives to achieve a balance between optimal cost, greatest benefit, and least risk.

As a consequence of all of these advancements, the term “Asset Management” is defined by ISO 55000 as “organized actions conducted by an organisation to derive value from assets.” Even though this concept is somewhat straightforward, it is not unusual for there to be variations in applications because every organisation has a uniquely dynamic structure.

The Following Is A List Of Some Of The Benefits That Come Along With Asset Management:

  • Harmony between the strategy and activities is maintained,
  • A cost-benefit ratio that strikes the ideal balance has been found;
  • There is an increase in awareness at higher levels of corporate power and duties.
  • Consistency across institutions is maintained thanks to effective change management
  • It is possible to have transparency in the decision-making process,
  • A more efficient use of available resources can be attained via the utilization of appropriate investments.
  • The organisation has embraced a risk-centered way of thinking,
  • It can conduct an accurate and fast evaluation of opportunities,
  • By taking preventative measures, potential dangers can be avoided before they even materialize.
  • There will be a decrease in the overall amount spent on operational costs,
  • There has been an increase in the company’s overall performance,
  • Planning for both maintenance and repairs is carried out effectively and efficiently.

If you are not currently managing the assets of your organisation, this standard will provide you with a methodical approach and a framework that is adapted to the requirements of your organisation. The overarching goal of this framework is to maximize the relationship that the organisation has with its assets. Contact us at bestpractice.biz to schedule a review of your company’s requirements, and we will get back to you as soon as possible.

By BusyFox