Miana Charles
There is no doubt that all organizations have assets, regardless of their size or format. Assets have the potential to boost your company's competitiveness or deplete its resources. Getting ISO 55001 certification will help an organization manage their assets more effectively, which is why it's so crucial. With large physical assets to maintain and substantial fixed expenditures, capital-intensive businesses are particularly affected by ISO 55001 standards. Utilities, light and heavy manufacturing, distribution, building, property management, and transportation are a few examples of this.
ISO 55001, which was published in January 2014, specifies explicit requirements for not just deploying and maintaining an asset, but also improving that asset through an asset management system. ISO 55001 aspires to extend this method to other industries, allowing all organizations to profit. In many circumstances, an organization will have a broad scope that covers the entire organization. A broad scope may not be sufficient to meet the standard's requirements for asset management.
ISO 55001, which was published in January 2014, specifies explicit requirements for not just deploying and maintaining an asset, but also improving that asset through an asset management system. ISO 55001 aspires to extend this method to other industries, allowing all organizations to profit. In many circumstances, an organization will have a broad scope that covers the entire organization. A broad scope may not be sufficient to meet the standard's requirements for asset management. While the asset management plan sequence may alter depending on the type of firm and assets, the sections listed below are typically covered.
- Plan Overview – Defines the assets in the plan, how the performance of each asset connects to your organization's objectives, the stakeholders associated with the plan, and how the plan ties to other company plans or standard procedures. All these must be recorded in the ISO 55001 documents for future reference.
- Levels of Service – Specifies the status and expected performance of the assets. To find gaps in other areas of the asset management plan that need to be filled, specifics about the existing and desired levels of service must be provided.
- Future Demand – Explains projected growth and asset utilization in detail, along with the factors influencing demand, how changes in demand affect assets, and the investments and contingencies required to satisfy demand projections.
- Asset Lifecycle Management – Summarizes the methods that will be used to manage and operate assets at the specified service level while minimizing risk and expenses. This section of the plan, which is the most crucial, has the following subsections:
- Background Information – Gives fundamental details about an asset, such as its age, size, capacity, performance, state at the moment, value, and history.
- Risk Management Plan – Determines the influence on service levels by identifying and assessing risks according to their consequences, probability, and detectability. It also defines mitigations for these risks.
- Operating Plan – Describes the operational strategies and techniques used to meet service levels, along with the operating task priority and projected operating cost estimates.
- Equipment Maintenance Plan – Outlines maintenance cost projections, work prioritization, and plans and techniques to meet requirements for service.
- Recapitalization Plan – Describes expenses that bring an existing asset back to its initial state rather than increasing its capacity.
- Capital Plan – Defines financial commitments that produce new assets or enhance current ones above and beyond their design specifications.
- Disposal Plan – Determines the timing and effect on cash flow of the disposal of old assets.
- Financial Summary – Includes a cash flow prediction together with a summary of the financial actions that came about as a result of the preceding section's activities.
- Continuous Improvement – Describes asset management procedures both now and in the future, the monitoring strategy, and goals and recommendations for improvement.
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Miana Charles
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