It is an asset management system standard termed ISO 55001, the main objective of which is to help organizations manage the lifecycle of assets more effectively. The implementation of this standard will enable organizations to have better control over daily activities, achieve higher returns with their assets, and reduce the total cost of risk.
This standard can be applied to almost all organizational structures of companies, and to all types of assets. The actual outcomes consist of growth in effectiveness accompanied by a drop in unit cost. This standard also supports the continual improvement of performance and offers improvements for an organization of any industry, type, or size.
ISO 55001 will direct the organization toward substantial asset management improvements by enabling them to meet the stakeholder, business, and legal requirements. It is the company’s most powerful defense for saving money and time. In order to manage the assets properly, companies will be able to use their available assets wisely and get more out of their utilization while delivering added value to the business.
It is designed in a way that will support the organization within the proper handling of processes and risks, which can cause the development of current and future company performance. However, Asset Management System enables the organization to align its objectives with asset management system objectives which leads the organization towards achieving its intended outcomes. Therefore, ISO 55001 aligns the organization’s objectives with asset management objectives since the aim of asset management is to attain organizational objectives.