Competition in business today is steadily rising and managing assets to support operations while striving to attain various strategies is crucial. Among all the measures that can be taken to achieve proper practices in asset management, the most effective is the ISO 55001 Asset Management System Certification UAE. It offers a clear path by which organizations should manage their assets for better returns and minimal threats. The blog will describe the tactical importance of getting ISO 55001 certification.
A Guide to the ISO 55001 Asset Management System Certification
ISO 55001 is an international standard that provides specifications for the effective management of assets; design, implementation, review, and improvement of an asset management system. This is aimed at assisting organizations attain better asset lifecycle management from acquisition to disposal or retirement so that the assets provide value throughout this period.
Key Elements of ISO 55001:
- Policy and objectives: The asset management policy should be clear and must be in line with the organization’s strategic plan.
- Asset Management Plans: Specific proposals involving organizational control over an item from the time of its acquisition to its disposal.
- Risk Management: Identify threats that an Asset Management firm could face and deal with them.
- Performance Monitoring: Monitoring and evaluation of assets to ensure they meet the laid down goals on the performance of the same.
- Continual Improvement: A Culture that supports improvements in the aspects of managing assets in the organization.
The Benefits of ISO 55001 Certification
Improved Asset Performance
Certification of the Asset Management System to ISO 55001 will assist in laying down standards for performance improvement concerning assets. The organization will, therefore, make sure that through systematic asset management practices, all its assets are running efficiently with minimal breakdowns hence cutting on related maintenance costs.
Risk Mitigation
Effective asset management assesses the possible risks that can occur and then lays down how to counter them. ISO 55001 enables an organization to be more responsive to risk management and, therefore, limits the occurrence of asset failures and their costs.
Cost Savings
In addition, the efficiencies and reduction in risks related to assets lead to a status conducive to cost reduction through ISO 55001 certification. These are organizations that do not waste cash on avoidable asset repairs, replacement, and downtimes thus enhancing the operating profit.
Regulatory Compliance
It is useful to note that many industries establish strict guidelines as to how an organization must handle assets. ISO 55001 certification enables an organization to avoid such regulations that attract fines and other legal repercussions. This is of utter importance to utilities; transportation; and manufacturing industries.
Better Decision Making
ISO 55001 contributes to creating situations that allow for decisions based on reliable data regarding the management of assets in the enterprise. This could involve more accurate and timely data in its decision-making processes involving acquisition, maintenance, or disposal of assets that are on an organization’s balance sheet
Stakeholder Confidence
ISO 55001 certification will showcase your firm’s commitment to the standards of asset management and will help in the creation of stakeholder confidence. It may work positively in investor and customer relations together with improved relations with the regulatory authorities.
Complementing ISO 55001 with ISO 41001 Facility Management System Certification
While ISO 55001 was on asset management, ISO 41001 Facility Management System Certification UAE is related to facility management. Therefore, both standards could use an all-inclusive management concept for assets and facilities for the working of operations and strategic positions.
The following are the major benefits of Certified ISO 41001 Facility Management System:
- Operational Efficiency: To improve the effectiveness of the closely related tasks of facility management.
- Quality in Services: Ensuring the provision of qualitative services in facility management that will satisfy all the needs of clients.
- Optimization of Resources: Higher use of resources in the provision of cheap facility management
- Risk Management: Figuring out the risks that are linked to the operations of the facility and dealing with them
- Sustainability: It is significant to warrant sustainable practices concerning the management of facilities.
Integrating ISO 55001 and ISO 41001
The combination of ISO 55001:2014 Asset Management System Certification with ISO 41001:2018 Facility Management System Certification will enable the organization to cover comprehensive regimes concerning the management of assets and facilities. The following shall be achieved through this integration:
- Aligned Objectives: One should make sure that the objectives to be achieved for asset management are in line with those of facility management in achieving organizational goals.
- Improved Coordination: Improve collaboration between the asset and facility management operational departments.
- Comprehensive Risk Management: Regard the risks related to an organization’s assets and facilities in combination.
- Improved Performance: This is the systematic use of integrated management practices towards the improvement of the overall organizational performance.
How to Get ISO 55001 Certification: A Guide: On How
- Gap Analysis
Appraise one’s current performance in the management of assets against the expectations stated by ISO 55001. Emphasize plan weaknesses.
- Implementation Plan
Prepare a clear implementation strategy for ISO 55001 in the organization. The definition has to include activities to be performed, functions to be accomplished, and time frames within which they must be done.
- Train Your Team
Orientation of the organization on the requirements of ISO 55001 and its advantages shall be conducted for all asset management-related personnel.
- Implement the Standard
This will involve creating methods and records as well as introducing or modifying procedures of the organization to meet the requirements of ISO 55001.
- Monitor and Review
This shall be ensured through the periodic validation of the set of practices concerning the continued management of the company assets and as described as being effective according to ISO 55001. Change these as needed based on data generated by performance and any other customer feedback.
- Seek Certification
Hire a registered accredited body to review an audit class for your asset management system. On completion, you will be certified to ISO 55001.
The ISO 55001 Asset Management System Certification enables several strategic benefits, which include improved asset performance, cost savings, enhanced decision-making, and stakeholders’ confidence. When integrated with ISO 41001 Facility Management System Certification, organizations will be able to adopt an integrated approach to managing both assets and facilities for excellence in operations and strategies.
Get expert guidance and certification services from URS ME, who shall initiate the first step to unlock your asset and facility management systems to their full potential.