Equipment along with other devices that are being used by the company to reach corporate goals is essential. The overseeing of these physical assets has gone past production and storage rooms and are now thoroughly discussed by executives due to their significant roles in the entire operation. A good way of ensuring that physical assets are monitored throughout its life cycle is through an asset management system.
According to Mainpac, ISO 55000 asset management is established by the International Standardization Organization as a recognised standard for monitoring of all aspects regarding physical assets. ISO 55000 allows for streamlined processes for collective monitoring of manpower, equipment and capital resources to achieve maximum performance.
Benefits of ISO 55000 Asset Management
An asset management system functions as the framework for development, coordination and monitoring of all activities that involve the use of physical assets all throughout its lifecycle. The life cycle stages start from acquisition up until replacement and back again and this goes for every equipment. Just imagine the amount of extensive data that have to be collected and organized. With an asset management system, paperwork can be properly collated and readily available for future reference.
Another advantage offered by this system is the set of guidelines that businesses can refer to in inspecting their physical assets. If there is an asset or two that are functioning below expected performance level, immediate care and contingencies can be easily determined. Early detection of possible malfunction can greatly reduce downtime that can affect overall productivity.
ISO 55000 asset management system provides a holistic approach to risk management that can help businesses gear their decisions towards more relevant aspect of the company. By having comprehensive audit histories as well as maintenance and inspection of key assets, unnecessary expenditure can be avoided, allowing better allocation of capital that can further improve the overall operation of the company.