ISO 55000 - Asset Management - What to Do and Why?

Some standards have vague applications and uses in a vast selection of industries, and as a result, can lead to some difficulty in their comprehension. ISO 55000 - Asset management - What to do and why? acts as a handbook explaining how to properly make use of three ISO 55000 standards within a variety of organizations, clarifying related concepts, and addressing the requirements desired by certification bodies.

This guide explains the role of the three standards within the ISO 55000 family. These include:

According to ISO 55000, an asset is an “item, thing or entity that has potential or actual value to an organization.” This can include physical items such as infrastructure and equipment, financial assets such as cash, credit, equity and other financial instruments, human resources with their experience or expertise, or intellectual property such as designs, copyrights, trademarks and knowledge, information and data, legal entitlements, and contracts.

ISO 55000 works for coordination, integration, and value optimization to bring multiple activities together for a common purpose. The asset management system is applicable to organizations of any size, whether they are multi-billion dollar corporations or family businesses.

ISO 55000 Asset Management What to Do and Why

One of the initial goals of the ISO 55000 - Asset management - What to do and why? document is to clarify asset management and its related concepts, as many of them have been distorted between different industries and methods of use. For example, the term is used by equipment maintainers to describe “more business-focused maintenance of physical equipment/infrastructure”. However, this is only an aspect of the ISO 55000 definition of “coordinated activity of an organization to realize value from assets.”

Ultimately, ISO 55000 - Asset management - What to do and why? is intended to support the primary focus of an asset management system: to give an organization a clarity of purpose. For this document, this includes competing business drivers and their management through risk management, functional value, capital value, compliance and intangible factors. In addition, it addresses asset life cycle management and its influence on decision-making.

To understand and rediscover how individual roles and activities contribute to the total picture in an organization, asset management requires, and provides a framework for, breaking down barriers between different departments and disciplines. Because of this, some fundamental changes in culture and reward mechanisms are often required for implementation of a robust asset management system.

For those who have not acquired any of the 2014 revisions of the ISO 55000 standards, they are available, along with the What to do and why? Handbook, together as the ISO 55000 / ISO 55001 / ISO 55002 - ASSET MANAGEMENT PACKAGE.
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