What is Asset Management?
Asset Management can be explained as:
“Asset Management is a systematic process of planning, operating, maintaining, upgrading and replacing assets cost-effectively with minimum risk and at the expected levels of service, over the assets’ life cycle”
Key aspects of Asset Management are as follows:-
Leadership & Accountability: Management are responsible for the overall governance of assets and the management system.
Planning: Determination of asset requirements, based on an assessment of both service delivery needs and the capability of the existing asset base to meet these needs.
Acquisition: Procurement of assets to meet an identified service need, including the assessment of procurement options.
Operation and maintenance: Management and use of an asset to deliver services including monitoring of assets, asset valuation, utilization and functionality, and information management.
Disposal: Treatment of an asset that has either reached the end of its useful life, is considered surplus, or is under-performing.
The new ISO 55001 standard was published in 2014, it is the first standard to implement the new ISO Annex SL framework making it easy to integrate into your existing standards .
ISO 55001 provides an organisation with a framework to proactively manage the life cycle of assets from the planning stage through to deployment and disposal/renewal. The system enables an organisation to manage the costs and risks associated with owning assets, particularly those critical for service delivery to your customers.
The system is structured and efficient, enabling you to reduce costs, avoid reduction in service levels through maintenance cycles and promotes continual improvement.
Benefits to your company include: