What is an Asset Management System?
Businesses still using manual processes such as spreadsheets to manage their equipment and inventory might need to consider a more efficient solution. Outdated Asset Management Systems can lead to wasted time and money and cause problems such as inaccurate data, human error, lost or broken equipment, and customer dissatisfaction.
A modern Asset Management System can streamline your processes and improve productivity, efficiency, and return on investment. It also ensures that your organisation is better able to serve its customers. It is important to have an Asset Management System process in place that fits your company’s unique needs.
An Asset Management System is a process that helps organisations track, manage, and maintain their physical assets. It can include items such as equipment, vehicles, and real estate. The system typically allows users to input and track information such as each asset’s location, condition, and maintenance history and can also include features such as work order management and inventory tracking.
Why is Asset Management required?
An Asset Management System is a critical tool for organisations to manage and maintain their physical assets effectively. An Asset Management System is needed because:
- It allows organisations to keep track of each asset’s location, condition, and maintenance history. This information is necessary for budgeting, forecasting, and making informed decisions.
- It streamlines asset-related processes such as inventory management, maintenance scheduling, and compliance reporting, which can help improve productivity and efficiency.
- It improves asset utilisation and reduces costs by identifying underutilised or underperforming assets.
- It helps organisations provide better customer service by providing accurate and up-to-date information about assets
- It helps organisations comply with regulations and industry standards by keeping track of sensitive assets.
An Asset Management System is necessary for organisations to eliminate the guesswork of fixed asset management. It helps improve efficiency, bottom lines, and customer service and compare the physical assets, ghost assets, and the assets on paper to plug the revenue drain.
Asset Management Standards
Asset management standards are formal guidelines and best practices for managing all types of assets. These standards provide a framework for organisations to effectively plan, acquire, operate, maintain, and dispose of their assets. One of the most commonly used asset management standards is ISO 55001.
ISO 55001 is an international asset management standard and part of the ISO 55000 series of standards, which provides a comprehensive framework for managing assets. ISO 55001 standards provide a systematic approach to managing an organisation’s assets, including policies, strategies, and objectives. It covers all aspects of asset management, including:
- Asset planning: Identifying the assets an organisation needs to support its objectives and determining how to acquire and maintain them
- Asset acquisition: Acquiring assets that meet the organisation’s needs
- Asset operation and maintenance: Ensuring that assets are operated and maintained safely and effectively.
- Asset disposal: Disposing of assets that are no longer needed
The ISO 55001 standard requirements for management systems are:
- Establishing, implementing, maintaining, and continually improving an Asset Management System
- Documenting and communicating asset management policies, procedures, and objectives
- Monitoring and measuring asset management performance
- Continually improving the Asset Management System
ISO 55001 helps organisations manage their assets by providing a framework for setting and achieving strategic objectives, identifying and managing risks, optimising the life cycle of assets, and continually improving asset management performance.
STEPS TO GET ISO 55001 ASSET MANAGEMENT CERTIFICATION
The steps to get asset management certification can vary depending on the specific certification programme, but generally, they include the following:
- Research and determine which certification programme you want to pursue.
- Review the requirements for the certification programme. It will typically include an overview of the standard or guidelines and any specific requirements for your organisation, such as the number of employees or the types of assets you manage.
- Develop an Asset Management System that meets the certification programme’s requirements. It typically involves creating policies, procedures, and processes for managing assets and training employees on the system.
- Conduct an internal audit to ensure your Asset Management System complies with the certification program’s requirements by reviewing your policies, procedures, and records and observing your employees in action.
- Request an external audit from a certification body. A team of auditors will visit your organisation to review your Asset Management System, conduct interviews, and review records. The audit team will determine if your organisation complies with the certification program’s requirements.
- Address any non-conformities identified during the audit. If the audit team identifies any issues or areas for improvement, you will need to address them before you can be certified.
- Once the certification body has determined that your organisation complies with the certification program’s requirements, you will receive a certificate of compliance.
- The certification is usually valid for a certain period. You will need to renew it by undergoing regular surveillance audits and ensuring your Asset Management System continues to meet the certification program’s requirements.
Getting certified demonstrates the organisation’s commitment to managing assets effectively and efficiently. It can also help organisations improve their asset management performance and demonstrate compliance with regulations and industry standards.
TÜV SÜD is a global testing, inspection, and certification service provider. We can help organisations with asset management certification by providing the following services:
- Assessment and certification: TÜV SÜD can assess your organisation’s Asset Management System to ensure it meets the certification programme’s requirements, such as ISO 55001 or PAS 55. They can then issue a certificate of compliance once your organisation has met the requirements.
- Auditing: TÜV SÜD can conduct audits of your Asset Management System to identify non-conformities and ensure compliance with ISO 55001’s requirements.
- Training: TÜV SÜD provides training courses, equipping participants with the knowledge to help their organisation develop and implement an Asset Management System that meets ISO 55001’s requirements. Content covered includes policies and procedures creation, and processes and training on implementing and maintaining the system.
- Surveillance and recertification: TÜV SÜD can conduct regular surveillance audits to ensure your organisation’s Asset Management System continues to meet the standard requirements. We also provide recertification services to ensure your organisation’s ISO 55001 certification remains valid.
Conclusion
An Asset Management System is crucial for any organisation looking to optimise its operations and improve its bottom line. Companies can reduce downtime, prolong equipment lifespan, and make informed decisions by tracking and maintaining assets effectively. Implementing an Asset Management System is a smart investment for any business looking to stay competitive in today’s fast-paced business environment.
Being certified by TÜV SÜD shows that your company is dedicated to being outstanding and trustworthy. Obtaining ISO 55001 certification improves your company’s image by making your processes visible to those who matter and incorporating the best practices for managing assets into your company’s way of doing things.
RELATED SERVICES:
ISO 55001 Asset Management System Certification
ISO 55001:2014 Asset Management Systems Awareness
ISO 55001:2014 Asset Management Systems Implementer
ISO 55001:2014 Asset Management Systems Internal Auditor
SSET MANAGEMENT STANDAR
