Steps for Implementation of the ISO 55001 Asset Management System
Whether an organization is small, medium, or large, assets are integral to its day-to-day operations. They can be both tangible and intangible. They must be managed effectively to achieve the intended purposes, and your business realizes potential value. The ISO 55001 Asset Management System (AMS) is vital for most organizations as they process and use numerous assets, including vast capital assets.
8 Steps to Implement the ISO 55001 Asset Management System
You can implement the ISO 55001 Asset Management System by following these steps:
Step 1: Decide on the organization’s objectives regarding the management of assets and plan the structure of the AMS.
Step 2: Write a comprehensive asset management policy that intends to include all assets of your organization,
Step 3: Determine a Strategic Asset Management Plan (SAMP) to document how your organization will achieve the asset management objectives.
Step 4: Set up the asset management performance metrics, which will help to track whether the objectives are achieved.
Step 5: Make the plan, arrange the resources, and specify the timeline and training programs of staff required to implement the AMS.
Step 6: Go ahead with implementing the AMS, aligning with the decided objectives and policies of the asset management system.
Step 7: Check the effectiveness of the AMS and evaluate its performance over time to find areas of focus for improving your asset management.
Step 8: Perform an internal audit and check its compliance with requirements of the ISO 55001 standard and, subsequently, implement any corrective actions if required to improve compliance.
The ISO 55001 standard provides the requirements for establishing a competent Asset Management System (AMS), which will help you govern assets, minimize risks and improve performance. Thus, the ISO 55001 Asset Management System is a holistic approach for businesses to manage their assets, providing beneficial returns in the long run. These returns are improved organizational resilience, enhanced decision-making in asset investments, reduced downtime and losses, improved financial performance, and better stakeholder relationships.