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    What is ISO 55001:2014 Asset Management Systems?

    May 24, 2022 | Articles, Other articles

    Assets come in all shapes and sizes; however, one thing is for certain, all organisations have assets. Assets can either drain your organisation’s resources, or they can provide a competitive advantage. Therefore, it is very important to manage your assets effectively and efficiently and ISO 55001:2014 can do just that.

    ISO 55001:2014 is especially related to industries that are capital intensive, have substantial physical assets to manage or have high fixed costs. This can include light and heavy manufacturing, utilities, distribution, construction, property management, and transport.

    The ISO 55001:2014 standard was published in January 2014 and establishes specific requirements for not only implementing and maintaining an asset but also improving that specific asset through an Asset Management System. It was also designed to provide guidance and structure to mitigate risks while benchmarking performance across all sectors, as well as improve financial performance in line with the organisation’s growth Strategies. ISO 55001:2014 aims to apply this approach across other sectors allowing all organisations to benefit from it.

    Why Asset Management is important for your organisation

    ISO 55001:2014 will guide you toward important asset management improvements by enabling you to meet stakeholder, business, and legal requirements. It is the organisation’s strongest defence for saving time and money. By managing the assets properly, you will be able to use them wisely as well as get more out of their utilisation, all while delivering added value.

    The implementation of an Asset Management System that conforms to ISO 55001:2014 allows the organisation to align its objectives with the objectives of the Asset Management System that will lead the organisation towards achieving its intended outcomes. The purpose of asset management is to achieve organisational objectives.

    What Is ISO 55001:2014 Certification?

    Being ISO 55001:2014 certified means that you can help your organisation develop an active approach to lifespan asset management. With ISO 55001:2014 certification, you as an organisation demonstrate your skills in being able to support your organisational growth by:

    • Managing assets effectively.
    • Mitigating and managing risk; and
    • Improving the financial performance of your organisation.

    During these times of complex and ever-changing financial marketplaces, ISO 55001:2014 certification is vital in proving the ability to run a more streamlined operation and create a good corporate reputation. Furthermore, this certification helps you as an individual to differentiate yourself from other professionals involved in Assets Management.

    Benefits of implementing the ISO 55001:2014 Asset Management System:

    ISO 55001:2014 Certified organisations will have the opportunity to gain many benefits like:

    • The development of viable and predictable cash flows.
    • The ability to manage the lifecycle of company assets.
    • The ability to ensure that assets fulfill their necessary function.
    • Supporting improvement and business growth.
    • Supporting an organisation during the process of establishing, implementing, maintaining, and improving an Asset Management System.
    • Increasing profitability.
    • Managing risk related to asset ownership.
    • Enhancing brand reputation.
    • Improving quality assurance for customers/ regulators – where assets play a key role in the provision and quality of products and services.
    • Acquiring a new business – stakeholders gain confidence from the knowledge that a strategy is in place to ensure assets meet the necessary safety and performance requirements.
    • Supporting international business growth – demonstrating that the requirements of an internationally recognised Asset Management System are being met.

    This standard can be applied to the organisational structures of all companies, as well as to all types of assets. The concrete outcomes consist of growth in effectiveness along with a dramatic drop in unit cost. This framework also supports the continual improvement of performance and offers improvements for an organisation of any type, size, or industry.

    Contact WWISE today on 0861 099 473 or (021) 525 9159, or email us at admin@wwise.co.za, to assist you and your organisation with ISO. WWISE can assist with implementing ISO standards, however, we cannot issue certificates, as we are not a certification body.

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