5 Keys to Effective Asset Management in Business

2. Importance of Asset Management System in Business Ideally, a structured and certified asset management system is the key to optimise a business’s operational as well as financial performance. It helps in keeping away the uncertainties and risks to the asset value and keeps their costs for maintenance lower. Achieving the ISO 55001 certification, which is an internationally-known benchmark for asset management system can help your business with effective asset management, maximising their ROI, and your financial viability. The next slides present you the keys to have a successful asset management system while ensuring ISO 55001 compliance.

3. 5 Keys to Effortlessly Build an Asset Management System These are the main success factors to develop an asset management system in your company. Properly Classify the Assets Determine the Maintenance Strategy Determine Your Asset Inventory Decide the Key Performance Indicators (KPIs) Conduct Reviews

4. 1. Determine Your Asset Inventory First, conduct an audit of your assets including tangible as well as intangible assets and document their details including name, cost/value, where they are used/installed, estimate lifecycle and any related regulatory information. 2. Properly Classify the Assets An appropriate asset classification helps in making your AMS successfully. It implies collecting and keeping a vast amount of data on the assets, including their attributes, risks, and opportunities. When you verify data for consistent asset classification, it helps you in determining standard actions or practices for their management. 3. Decide the Key Performance Indicators (KPIs) For every category or type of assets, you need to decide their performance indicators which provide a direction to your AMS. Some KPIs to consider are average downtime of asset, running costs of assets, availability, average time for asset repair work, etc. 4. Determine the Maintenance Strategy One of the biggest objectives of your AMS is to add structure to it and ISO 55001 certification helps in that. It provides a structured framework i.e., a set of requirements to implement your AMS. 5. Conduct Reviews The last step to ensure successful AMS is to conduct frequent periodic assessment of your assets and get predictive insights on your assets. The ability to predict an asset’s conditions will help you to make improvements in your management strategy and keep off any risks to their value.

5. Support your asset management system with the right strategy i.e., ISO 55001 certification. If you want to monitor your assets, reduce any inconsistencies in their functions and values, and get everyone responsible for their management, getting an ISO certified AMS is more effective. These five key steps are imperative for implementing your asset management system with less confusion and mistakes. Key Takeaway Key Takeaway

6. About the Company Compliancehelp is a trusted ISO consultancy in Australia that houses a team of experts who provide assistance to businesses in various certifications. The key services offered by them to help businesses get certified seamlessly are premium consulting, gap analysis, certification readiness review, and compliance audits.

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