ISO 55000:2014 Asset management

Courtesy: ISO 55000:2014 Asset management

Public asset management

Public asset management expands the definition of enterprise asset management (EAM) by incorporating the management of all things of value to a municipal jurisdiction and its citizens’ expectations. An example in which public asset management is used is land-use development and planning.

Intellectual and non-physical asset management

Increasingly both consumers and organizations use assets, e.g. software, music, books, etc. where the user’s rights are constrained by a license agreement. An asset management system would identify the constraints upon such licenses, e.g. a period. If, for example, one licenses software, often the license is for a given period. Adobe and Microsoft both offer time-based software licenses. In both the corporate and consumer worlds, there is a distinction between software ownership and the updating of software. One may own a version of the software, but not newer versions of the software. Cellular phones are often not updated by vendors, in an attempt to force a purchase of newer hardware. Large companies such as Oracle, that license software to clients distinguish between the right to use and the right to receive maintenance/support.

Asset management is the systematic process of coordinating a company’s financial, risk, operational, and other asset-related entities to increase the value of its assets. 

Assets are considered as anything that has potential value to an organisation. These include physical assets (equipment, machinery, and buildings) and non-physical assets (financial assets, intellectual property, and human capital).

ISO 55001 is a structure that defines the guidelines for effective asset management. It helps businesses proactively control their potential risks and asset management costs most effectively to encourage continuous value creation.

If you need help with your ISO 55001 certification, we at Best Practice Certification can help. We offer numerous in-house support systems and training to help your business manage and grow its assets effectively.

Asset management is a continuous process that spans the entire life cycle of an asset. It involves establishing strategies, evaluation, planning, and execution of plans. However, it’s worth noting that effective management of assets requires extensive interpretations. Also, different organisations have different levels of success. So you need concrete documents that outline your process of asset management.

Some of these documents include the pass 55 2008, which the institute of asset management launched. The British Standards Institution (BSI)’s publicly available specification was first initiated in 2004 to integrate specifications that objectively define asset management activities.

Another document is the AMBoK – the Asset Management Body of Knowledge, provided by the Asset Management Council of Australia. AMBoK provides the principles that affect a company’s asset systems, including capabilities, learning, level assurance, and output focus of an organisation

The last document is ISO 55000, a series of international standards that define the principles and requirements for managing all types of assets.

• ISO 55000 2014 focuses on the overview, terminology, and principles
• ISO 55001 2014 deals with asset management systems requirements
• ISO 55002 2018 provides guidelines for the application and implementation of ISO 55001