The Benefits Of An Iso 55001 Asset Management Policy

By Author: Rohan
Total Articles: 82
Comment this article

One of the fundamental requirements of ISO 55001:2014 certification is an asset management policy, which serves as the foundation of a solid and comprehensive strategy for managing assets. It is like a navigation system leading everyone in the organization in the proper direction while making decisions about assets. An asset management policy is a set of principles that guide objectives, goals, and techniques for asset management. The ISO 55001 policy document serves as a decision-making template, allowing workers to get the best possible results for each task while meeting the organization's goals. When ISO 55001 policy document is used as a key pillar of business, it acts similarly to a strategic plan.

It not only integrates asset management into a facility's culture, but it also provides evidence to external stakeholders of the firm's commitment to efficiency and sustainability. A good asset management policy for manufacturing facilities includes the following:

• The policy is all-inclusive and comprises broad principles.
• It specifies duties and obligations, such as implementing policies.
• ...
... Policy describes how asset management is incorporated within the company.
• And it provides clear objectives, service standards, requirements for the inventory, and maintenance norms.

Asset management policies are necessary for organizations because they help them comply with the legal, business, and stakeholder requirements of the ISO 55001 standard. An asset management policy helps the operation conform to international standards, and save money and time, and by better managing your assets, you will be able to employ them more effectively and efficiently while giving added value to the business. The development of an asset management policy also demonstrates the organization's commitment to utilizing asset management as a business model and encouraging asset improvement. Additionally, it outlines the organization's definition of excellent asset management practices, provides a robust framework for ongoing business improvement initiatives, and establishes clear objectives.

The result must be worth all the work because developing an asset management policy can be difficult. The development of these rules, fortunately, has a lot of potential advantages. So, here are mentioned some of the benefits of asset management policy.

1. Standardization and efficiency: Any uncertainty or information gaps regarding assets are removed by implementing an asset management policy. It is succinct, provides a clear sense of direction, and establishes high standards. The ISO 55001 policy is written in a way that makes it clear to everyone in the organization how it relates to them, their job, and their objectives. Also, it promotes ongoing development. Complete alignment inside a facility is possible if these factors are in place. Everyone can work together to achieve the same goals and follow the same guidelines. The entire company gains unity and efficiency. When asset decisions are standardized and efficient, it can result in several critical advantages for every business unit, particularly the maintenance team. Backlog is decreased, costs are cut, inventory is easier to manage, and other benefits are realized.

2. Reliability and safety: An asset management policy emphasizes best practices that are unique to the organization for which it was created. As a result, it develops operational excellence and eliminates any opportunity for workers to deviate from their greatest work. It makes sure that when it comes to asset management, nothing is left to chance. It has a direct impact on the success of the maintenance operation. By establishing clear expectations, everyone on the team knows and follows processes and procedures that produce the best results for assets. At this point, both individuals and machinery perform to their fullest ability. Assets have peak dependability and reduced unplanned maintenance thanks to maintenance that is streamlined. Health and safety are not compromised for time or cost since tasks are also completed to the greatest extent possible in all aspects.

3. Executive sponsorship: Traditional thinking holds that the maintenance team is directly responsible for asset management. Nevertheless, because every employee in an organization has an impact on assets, this limited perspective has made it challenging to achieve great asset management. The document has enormous power and everyone has been held accountable thanks to executive sponsorship. As a result, the entire organization becomes more aware of the importance of asset management.

With an executive on board, the organization can more effectively convey to any external stakeholders the dedication to excellent asset management. Customers, shareholders, and partners will understand that these best-in-class principles are part of the business. This can go a long way to boosting awareness and trust in an organization and its management.