Summary: While businesses seek to achieve one or the other standards of quality management, this article will explain them why ISO 55001 Standard is one of the vital international standards for them to achieve on priority basis.
The ISO (International Organisation for Standardisation) defines a series of standards or certifications that assist businesses in running their operations efficiently. The certifications are proof that the company obeys with the defined international management standards, no matter what size or type of business it runs. While ISO 9001 certification is the first most important standard that ensures quality management in a business, there are several other critical certifications that give the organisations higher credibility.
The ISO standard for asset management, which is ISO 55001, is one such. Every organisation has its assets in one form or another. The proper management of assets can be a great reason for a company to attain a competitive advantage by improving its financial growth.
Moving ahead, here is explained for you the major benefits of earning ISO 55001 standard for your business.
Helps to develop a systematic asset management
The certification is mainly recommended for the capital intensive businesses that deal with vast physical assets. Manufacturing, automotive and construction, energy-utilities or real-estate are to name some. The ISO 55001 certification was chiefly brought by the ISO in the year 2014 to help such businesses implement effective practices for their asset management.
Helps in improving stakeholder relationships
With proper asset management, your business will be able to grow trust in all the stakeholders, who are staff, management executives, employees, suppliers, and customers. The certification is the evidence that your organisation has enough experience and accredited asset management systems to manage its wealth. Thus, you are ideally able to meet the stakeholders’ expectations.
Makes a business capable of managing risks
Compliance with the ISO 55001 standard means that your business has an integrated risk management system to cope with any financial risks. The system promotes good governance and control over the assets. So, this boosts confidence in the stakeholders which eventually causes them to go with low insurance premiums.
Helps in simplifying the asset management
The organisations with a huge pool of assets must seek to earn the ISO 550o1 accreditation as soon as possible because it helps in simplifying and standardizing their assets which include plant machinery, intermediate products, supplies, and spare equipment. Thus, optimising the asset management maximises the value of the assets and help the organisation to better utilise them for more productivity.
Builds up reputation and brand image
The assets of a business always contribute towards building its brand reputation and image. In fact, in some sectors, assets act as the front door of the business which helps in acquiring customers such as hospitality and education. Thus, improved presentation of the assets will help to raise the number of visits to the organisation.
Needless to say, ISO 55001 is the best way for organisations to manage and enhance the lifecycle of their assets, irrespective of their type and size. So, the implementation of the standard is equally important for capital-oriented businesses apart from the ISO 9001 certification for quality management. Achieving the two will assist them to have more control over their day-to-day operations, manage their assets well and enjoy a higher ROI.
Author bio: Damon Anderson is a quality assurance expert and a regular writer. He has in-depth knowledge of the ISO 9001 certification and the other key standards introduced by ISO. With his writings, he helps business owners to gain insights on the benefits of different ISO certifications and provides guidance on how to achieve ISO 14001, ISO 17025, ISO 27001, ISO 55001 certification and so on.