ISO 55000 Certification
About ISO 55000 Certification
ISO 55000 is a globally recognized standard for asset management that may be used by businesses of any size and in any industry. It was created by the International Organization for Standardization (ISO) to aid organizations in risk management by establishing performance criteria that are refined over time as part of a continuous improvement cycle.
We’ll take a closer look at ISO 55000 certification, its history, and the organizations and sectors that employ it in this blog.
ISO 55000: A Family of Standards
The ISO 55000 standards of asset management was issued on January 10, 2014, by the International Organisation for Standardisation (ISO). This package consists of three documents:
- ISO 55000:2014 Asset Management: Overview, principles, and terminology
- ISO 55001:2014 Asset Management Systems Requirements
- ISO 55002:2014 Asset Management Systems: Guidance for ISO 55001 implementation
What Exactly Is An Asset?
Before getting into the details of ISO 55000 certification, it is important to define the term “asset”. Any economic resource managed by a firm or non-profit is referred to as an “asset.” Physical property, such as equipment, vehicles, and technology, as well as cash reserves, intellectual property, human capital, and other intangibles, are all examples of assets. Assets can either offer value to an organisation or be a huge financial burden. As a result, achieving ISO 55000 certification and putting in place formal systems for managing them and maximising their value is vital to your long-term success and stability, as well as the asset’s long-term viability. ISO 55000 certification is a comprehensive standard that can be applied to any type of asset.
What is ISO 55000 Certification?
ISO 55000 certification is a standardized approach to asset management. The important element to remember is that ISO 55000 certification will be done in accordance with ISO 55001, not ISO 55000. However, auditors and those being audited will need to grasp the contents of ISO 55000 and, to a lesser extent, ISO 55002 in order to interpret the (quite broad) requirements contained within ISO 55001.
Who can Apply for ISO 55000 Certification?
ISO 55000 can be used across all industries as it applies to all types of assets such as equipment, software, processes, and even people as well. The following are industries that will benefit from ISO 55000 certification:
Utility companies: Many significant concerns affect water, power, and other utility providers, including ageing infrastructure and increased regulatory scrutiny, which ISO 55000 certification can help with. Asset management standards are instruments for both big-picture planning and day-to-day maintenance for utility businesses. If your company works with subcontractors frequently, ISO 55000 certification encourages collaboration and communication between the parties, resulting in increased responsibility and efficiency.
Property Management And Real Estate: ISO 55000 certification includes tools for guaranteeing building code and municipal bylaw compliance, coordinating massive remodelling projects, and dealing with tenant concerns. ISO 55000 certification ensures interaction with real estate environmental management and energy management systems, just as it does with manufacturing processes, to minimise ongoing expenses while keeping units in good shape.
Oil and Natural Gas: In the oil and gas business, efficiency is a major concern. Because of the large amount of equipment and personnel involved in refining, transporting, and processing, any unplanned downtime can be quite costly. Obtaining ISO 55000 certification can assist oil and gas firms in ensuring that their equipment is well-maintained and operating properly. ISO 55000 certification is scalable for deployment in multi-site operations in the oil and gas industry, ensuring unified asset management standards that are flexible enough to expand with your organisation.
Construction: Construction, like oil and gas, entails expensive, specialised equipment that must be properly maintained in order to assure efficient and cost-effective operation. For fleet management, ISO 55000 certification is a very valuable instrument. It’s used by construction crews to keep track of light to heavy duty equipment and accessories, among other things. Lower operating and ownership expenses, as well as more reliable equipment, are all advantages of ISO 55000 certification for construction companies or contractors.
Manufacturing: ISO 55000 certification will continue to be a top focus as more manufacturers shift to leaner production methods. ISO 55000 certification gives manufacturers a mechanism to keep track of building and equipment maintenance. It interacts with environmental, information security, health and safety, and other management systems as part of the ISO family of standards, emphasising the common risks and opportunities these protocols share.
Transportation: Improved fleet management, smarter and more effective route planning, and lower fuel and maintenance expenses are all advantages of ISO 55000 certification for transportation firms. ISO 55000 certification can help your company uncover trends that are costing it money while also maximising the use of its existing resources. Standardized transportation asset management also helps to alleviate the paperwork burden associated with record keeping and compliance audits.
Distribution : Because global supply chains might encompass assets all over the world, standardised systems and repeatable, quantifiable processes are required to get parts and goods where they need to go. Lower costs, improved openness, and greater accountability when things go wrong are all advantages of ISO 55000 certification for distribution companies. While expanding into new areas, ISO 55000 certification can assist distributors in improving regulatory compliance and reducing risk.
What are the Benefits of ISO 55000 Certification?
ISO 55000 certification is a management system standard that has the potential to improve an organization’s risk management strategy. ISO 55000 certification can help organizations make informed decisions, manage risks and increase operational efficiency by aligning their asset-related risks with their business strategies. Achieving ISO 55000 certification, in the end, is a tool for running a more efficient operation. These standards are built on repeatable procedures that are documented and measured against a set of specified metrics, as are all ISO standards. ISO 55000 certification includes a number of broad benefits that can assist businesses in any industry. It can be used by compliant companies to:
- Develop a reliability-focused planned preventive maintenance programme that will aid in risk management over the asset’s lifetime.
- Demonstrate to sponsors, insurers, and other stakeholders that your organisation has a management system for essential assets that has been independently audited.
- Reduce operational expenses by extending the life of essential equipment and prioritising preventative maintenance over expensive repairs.
- Improve your organization’s flexibility and ability to respond proactively to change by allowing better planning for large capital expenditures.
- Provide a framework for controlling and monitoring supplier and subcontractor performance.
- Increase machine and equipment reliability to create safer workplaces and lower the risk of occupational accident.
The Bottom Line: ISO standards are valued by stakeholders all across the world, and as more firms become familiar with them, ISO 55000 certification will become even more important in terms of marketing and reputation. ISO 55000 certification will continue to be a valuable tool for strategic planning, whether you’re expanding into new markets or expanding in other ways.
For more information about ISO 55000 Certification please contact us or visit our ISO 55000 Certification frequently asked questions page!
