Key Things That Needs To Keep In Mind During Implementation Of Iso 55001 Asset Management System

By Author: Smith
Total Articles: 95
Comment this article

ISO 55001 is the global standard for Asset Management systems that benefit organizations to effectively manage their assets that optimize their lifetime value. It also improved regulatory requirements, spiraling maintenance costs, higher customer expectations, and enhanced environmental and health and safety requirements which have all led organizations to seek a better way of proactively managing them. It will benefit you both now and, in the future, it increases productivity, lower risk, and boost performance. ISO 55001 is a complete business improvement tool that can be used by many different types of organizations in many different industries. It is not just a financial framework.

The ISO 55001 Standard can create an efficient Asset Management System that benefits achieving the organization’s goal, expanding, or replacing existing infrastructure, and complying with regulatory requirements along with other benefits if implemented properly. An Asset Management System is a set of unified and combined elements of an organization, whose aim is to establish the asset management policy and asset management objectives, ...
... plans, and processes, needed to achieve those objectives. Here the eight things that need to keep in mind and be followed during the ISO 55001 implementation:

1. Strategic Alignment to Organizational Objectives: The organizational objectives are generally produced from the organization’s strategic level planning activities and are documented in an organizational plan.

2. Asset Management Policy: The principles by which the organization proposes to apply asset management to achieve its organizational objectives should be set out in an asset management policy. Also trying to line up all the asset management objectives with the organizational objectives, also connecting asset reports to financial reports, can enhance the organization’s efficiency and productivity.

3. Strategic Asset Management Plan: Documented information that specifies how organizational objectives are to be converted into asset management objectives, the approach for developing asset management plans, and the role of the asset management system in helping to achieve the asset management objectives. A planned asset management plan is derived from the organizational plan.

4. Asset Management Objectives: The asset should align with the product or service needs of the Organization. The asset management objectives transform the required outcomes to be provided by the assets, into activities defined in the asset management plan.
• Asset performance
• Unit cost of product or service
• Reliability
• Asset condition, performance, and health score
• Life cycle costs and Life expectancy
• Asset energy performance
• The total cost of ownership
• Return on capital employed

5. Asset Management Plans: In the ISO 55001 Documents all the information that specifies the activities, resources, and timescales required for an individual asset, or a grouping of assets, to achieve the organization’s asset management objectives.

6. Implementation of Asset Management Plans: Implementation of asset management systems that also includes asset management policy, procedures & plans to achieve objectives.

7. Asset Performance Evaluations: The organization shall evaluate and report on the asset performance. The asset management performance contains financial and non-financial performance.

8. Asset Performance Improvement Plans: The organization should establish, implement, and maintain processes for determining chances and assessing, prioritizing, and implementing actions to accomplish continual improvement and review their subsequent effectiveness.

Implementing ISO 55001 can improve the return on investments and reduce costs. Also, it helps to expand investment and decision-making and effectively balances costs, and performance. It reduces financial losses and improves health & safety, and reputation. ISO 55001 standard also assures the performance of assets can lead to improved services or products. It also improves the organization’s ability to reduce emissions, conserve resources, and adapt to climate change. Along with it improving customer satisfaction, stakeholder awareness, confidence, and sustainability of operations and the organization, also it enlightens processes, procedures, and asset performance, and can improve efficiency and effectiveness.