How To Implement ISO 55001?

How To Implement ISO 55001?

The International Standard can help create an asset management system that meets your company’s goals. It can also expand or replace existing infrastructure. If implemented correctly, it will also comply with all regulatory requirements.

An ISO 55001 Asset Management system is a group of interrelated, interdependent, and interdependent elements that are part of an organization. Its function is to set the asset management policy and to determine the plans and objectives for asset management.

Step 1 – Strategic Alignment With Organizational Objectives / Business Objectives

The organization’s objectives are typically derived from its strategic-level planning activities. These objectives are documented in an organizational plan/corporate plan.

Step 2 – Asset Management Policy

A policy on asset management should set forth the principles according to which an organization will apply asset management to achieve its organizational goals.

Aligning asset management objectives with organizational goals, and linking asset reports with financial reports can increase the effectiveness and efficiency of an organization.

Step 3 – Strategic Asset Management Plan

Documented Information describing how organizational goals can be converted into asset management objects. It also outlines the approach to developing asset management plans. It also explains the role of asset-management systems in supporting the achievement the asset managers’ objectives.

Step 4 – Asset Management Objectives

The asset should correspond to the organization’s product or service requirements.

The asset management goals transform the expected outcomes (by product/service) from the assets into activities typically described within the asset management plan.

  • Asset performance (e.g. uptime, efficiency)
  • Reliability: Meantime/distance between failures
  • Asset condition, performance, and health score
  • Life-cycle costs
  • Life expectancy
  • Asset energy performance
  • Return on capital

Step 5 – Asset Management Plans

Documented information detailing the activities, resources, timescales, and times that are necessary for an individual asset or group of assets in order to meet the organization’s goal.

Step 6 – Implementation of Asset Management Plans

Implementation and maintenance of asset management systems that include asset management policies, procedures, and plan to reach objectives.

Step 7 – Asset Performance Evaluations

The performance of asset management, including financial performance and non-financial performance.

Step 8 – Asset Performance Improvement Plan

An organization must establish, implement, maintain and review processes for determining potential opportunities, prioritizing and evaluating, prioritizing and implementing actions to continuously improve their effectiveness and evaluate their results.

Benefits From ISO 55001-Asset Management System

This international standard will benefit your business in the long term. This flexible system offers many benefits.

  • Improved Financial Performance

Enhancing the return on investments and reducing cost.

  • Informed Asset Investment Decisions

It helps you to make better investment decisions and efficiently balance costs and performance.

  • Managed Risk

Reducing financial loss, improving safety and health, as well as enhancing goodwill and reputation.

  • Improved Services & Outputs

Improved services or products can be achieved by ensuring that assets perform well.

  • Demonstrated Social Responsibility

Enhancing the ability of the organization to reduce emissions, conserve materials, and adapt to climate change.

  • Demonstrated Compliance

Conforming openly with all legal, regulatory and statutory requirements

  • Enhanced Reputation

Increased customer satisfaction, stakeholder awareness, confidence

  • Improved Organizational Sustainability

Increase the sustainability of operations as well as the organization.

  • Improved Efficiency & Effectiveness

Efficiency and effectiveness can be improved by improving the performance of processes and procedures.

Best Practice has a team of skilled consultants that can help you grow your business and assist you in the implementation process. Get in touch with our consultants today to find out more about how ISO 55001 Asset Management System could help you strengthen your business.