Business Management System You Need for ISO 55001 Certification

ISO 55001 international standard outlines the requirements for the establishment, implementation, maintenance, and improvement of an asset management system. Before further delving into the deeper discussion, it is important to understand what an asset is. The asset has potential or actual value to an organization. It is considered as an effective and efficient asset management system helps an organisation gain their business goals.

 

The main aim of an asset management system is to ensure that the objectives set out by the company are achieved with consistency over time. Moreover, this effective business management system enables an organisation to inspect the requirements and performance of the existing assets and asset management systems at different levels.

  

Listed below are nine major benefits of implementing the ISO 55001 Management system:

Organisations that are looking for an implementation of ISO 55001 standard will be more likely to reduce the maintenance costs through fewer service callouts and improved productivity. 

ISO 55001 management system Improvement of Service Performance

These days, it is possible to implement analytics techniques based on maintenance reliability. Organisations are allowed to set out only those asset requirements, which are required for the future and the moment when asset end-of-life will happen.

Whenever an organisation places an Information Management Plan along with a strategy associated with the condition, usage, and performance of specific assets or organisation. This is the best way of making an informed decision about asset maintenance and replacement.

Organisations having an asset management practice structured on ISO 55001 standard is most effective in justifying new capital requests that can demonstrate the better-projected rate of return. Whenever an organisation becomes able to increase the quality of capex requests, they will be able to strengthen the asset management system. Hence, capex request is important for ISO 55001 certification.

Many organisations are not aware of the fact that utilities can safeguard themselves against vital lawsuits for compensation due to the accuracy of their previous records and knowledge of certain asset context.

The budget should be coupled with an absolute minimum and more being demanded less. This way the organisations can limit the maintenance budgets and prevents the possible cutbacks.

Having an efficient ISO 55001asset management system in place, an organization can develop a strong relationship between the services, assets, and pricing. Through this relationship, an organization will be able to carry out the argument for the price increase of the key stakeholders. For availing this benefit, it is important to merge the business management system with the asset management system.

Accreditation to ISO 55001 Standard makes it easier for the organisations to negotiate with the insurance companies so that they can gain the benefit of reducing the premiums. When a business knows how reliable their assets are, then they can easily predict the failures. It, in turn, reduces insurance expenses.

Requirements set out for the ISO 55001 management system enable an organisation to transform their business so that they can reduce the costs, improve the performance, and lower the risks.

Let’s have a quick look at the key requirements of ISO 55001 standard:

1. The context of the Organization

2. Leadership engagement

3. Plans

4. Support

5. Operation

6. Asset Management Policy

7. Asset Management Objectives

8. Asset Management Plan

9. Asset Portfolio 

10. Organizational Management

11. Performance evaluation

12. Improvement

Each of these requirements should be met by an organisation when it is looking for accreditation to the ISO 55001 standard. Most of the businesses, nowadays, are relying on the ISO consulting firms for fulfilling these requirements.

If you are eyeing a successful implementation of ISO 55001 Standard, first you need to analyze your existing management system. Try to find out whether the addition of the asset management system will be suitable for your management system or not. You may need to bring some modifications to your existing system. These changes, however, should be in favor of the overall welfare of your business. 

If you want to employ your in-house resources, then provide them with proper training. However, hiring professional ISO experts is always a better decision.

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