Normally assets come in all sizes and shapes but one thing which is pretty sure is that every organization contains assets. Assets have the ability to be a competitive advantage or can drain the resources of your organization. Therefore, it is always necessary to manage your assets in a more effective way. So, you can easily get more benefits from the assets of your organization. To ensure effective asset management ISO 55001:2014 certification can be a better option to consider.

 What is ISO 55001:2014?

ISO 55001:2014 is a standard that can let you have a clear understanding of asset management terminologies and their effective usage. ISO 55001:2014 can help you to manage your assets all across their life cycles, from the process of acquisition to decommission. This standard can provide you an effective and efficient way to control the costs and risks related to asset ownership while supporting value creation and continual improvement.

ISO 55001:2014 standard is especially relevant in each industry which is capital intensive, contains significant assets to maintain and manage as well as high fixed costs. This can include heavy and light manufacturing, utilities, construction, distribution, property management, and even transportation.

 

Benefits of ISO 55001:2014 certification

Here are some of the most important benefits of ISO 55001:2014 certification which you must know:

Improved financial performance

This asset management system will help you to improve your asset management capabilities. Consequently, you will be able to boost your return on investment by driving down costs, managing expenditures, and protecting the values of your assets.

Enhanced reputation

Having ISO 55001:2014 certification will make sure you are compiling with the legal obligations of this standard to protect your assets. This will increase the satisfaction level of your customers. As well as, it will also play an important role in improving the confidence level of your stakeholders in your organization.

Standardized reporting

This standard certification will help your business organization to compare how it is performing with other industries in both the private and public sectors. This will also let you ensure you are implementing best practices.

Strengthened business growth

This certification will let you manage a well-structured coordinated system for asset management. This system will let you define clear and straightforward plans which everyone can support and understand. Therefore, this will drive process improvements across entire areas of your business which will lead you to strengthened business growth with ease.

Improved risk management

This standard can enable you to give your management accurate information about the assets available in your business organization. This will let them improve functional effectiveness and efficiency as well as reducing the risks of your asset ownership.

Better environmental performance

As ISO 55001:2014 certification will let you improve asset management ultimately you will get improved sustainability of a business. Consequently, you can meet stakeholders’ expectations for both social responsibilities and economic performance.

ISO 55001:2014 asset management system can quip you with the best practice approach regarding asset management of an organization. It can provide you common language for communicating asset value to the financial stakeholders.