How to Obtain ISO 55001 Certification

If you own a business, then you should be well aware of the importance and benefits of ISO asset management standard or ISO 55001. In this article, we are going to discuss the benefits of this standard. This article has listed all the major benefits of this certification so that you can understand why you should try it.

When you own a business, you are supposed o have assets. These assets can be physical or intangible. Physical property may include buildings, vehicles, and equipment while intangible property includes brand and intellectual property. Every entrepreneur puts efforts in protecting their assets as these assets add value and potential to their business. International Organization of Standardization or ISO has designed ISO 55001 standard to help the organization enhance the value of their assets and protect them from any violation. This standard provides you with a framework for a well-structured Asset Management System. With the help of this system, you can manage your assets throughout their lifecycle. It will enable you to control the risks and costs related to asset ownership. It encourages continual improvement as well. Moreover, ISO 55001 certification helps you win the trust of your stakeholders by showing how effectively your organization takes care of your asset as well as your associates’ asset.

Why should you Consider ISO 55001?

The Institute of Asset Management or IAM developed the primary form of ISO 5501 in the United Kingdom by. In its beginning days, the standard was based on Publicly Available Specification 55 or PAS 55. This standard contains a proven record of success in the industries dealing with water, electric, and gas. These days, the ISO 55001 offers a similar approach to benefits other sectors as well. The Asset Management System, encouraged by ISO 55001, will compel you to exercise an industry best practice approach to deal with the assets across their lifecycle. It will provide a common language to communicate the value of the assets with your stakeholders.

Some of the major benefits of ISO 55001 standard include:

• Boosts your Financial Performance

The ISO 55001 Asset management helps you manage the expenditure, reduce excessive costs, and protect your asset values so that you can improve your return on investment.

• Improves your Risk Management System

ISO 55001 suggests a framework with organized reviews to enable you to provide your managers with correct information on the assets of your organization. In this way, you will be able to boost your operational efficiency while minimizing the risks related to asset ownership.

• Offers Standardized Reporting

ISO 5501 enables you to compare your organization’s performance with that of other similar businesses. With the help of this particular standard, you can compare your organization with other organizations belonging to different sectors- public and private. In this way, you will be able to ensure that you are exercising the best practices.

• Enhances your Brand’s Reputation

ISO certification is no less than a trump card for the businesses. The authorized mark of ISO assures that your company is compliant with all of its legal obligations. You might know how ISO 27001 certification assures the information security. ISO 55001 assures the asset protection in a similar way to boost your brand’s image.

• Boosts your Business Growth

An asset management system is not only well structured but also coordinated. It enables you to develop effective plans that everyone, from your staff to your stakeholders, can understand and operate. As an outcome, you will be able to maintain your organization’s growth and overall improvement.

• Improves Business Sustainability

When you will continue improving your asset management, you will be able to boost your business sustainability. You will be able to meet your stakeholders’ financial expectations. Apart from this, the ISO 5001 standard can help you perform your social responsibilities properly.

How to Achieve Certification to ISO 55001?

If you want to assure your certification, it would be better to hire expert ISO consultants. Experienced consultants work with their client-organization closely and make the certification process simple and fast. Usually, this certification process is three-staged, gap analysis, implementation, and certification.

1. Gap Analysis

In the first stage, the ISO experts will visit your establishment in person so that they can monitor and review your existing processes and procedures. They will suggest you how to improve the existing business process. In addition, they will identify and highlight the areas that fail to meet the requirements of ISO 55001 certification.

1. Implementation

In the second stage, the experts will help you work on the modifications suggested in their gap analysis report. They will provide you with templates to ease your task.

1. Certification

In stage three, the consultants will conduct an internal audit to make sure that everything is perfect and your organization is prepared for the final audit. They will review the documented processes and the modifications that have been made recently.

The entire process may take as little as 45 days. However, the duration of your certification process will depend on the size of your organization and the operational complexities.