International Organisation for Standardization (ISO) has published a new Asset Management system standard ISO 55001 enabling organisations to formulate a long-terms strategic plan for their assets.
Asset Management system is a set of three standards – ISO 55001, ISO 55002 and ISO 55000. ISO 55001 sets out the requirements of an asset management system; ISO 55001 provides additional useful guidance for applying ISO 55001; and ISO 55000 gives an overview of the subject and sets out principles and terminology.
Asset is basically an item, entity or thing – tangible or intangible – that has value to an organisation.
Rhys Davies, the chairman of the committee developing the standard, said “This standard can be used by many types of organizations and companies, public or private. Everything from a city or local service provider to a supermarket chain can benefit from good asset management.”
According to Davies, some of the benefits of implementing the standard include value realisation from assets, improved knowledge about assets, and improved relationship with stakeholders among other things.
On asked why organisations would need an asset management system when they already have long-terms strategic plans covering the entire organisation, Davies said, “One of the key things with assets is that their life span can be much longer, or much shorter, than the average strategic plan.”
“A brand’s reputation will (hopefully!) outlast a five year plan, as will the physical infrastructure of a railway for example, so the long term strategic asset management plan has to take this longer life span into account and plan for it”, he added.