All organisations need to possess assets and realise the value behind each of them. Thus, managing them is the key to helping organisations see through their mission and vision. In other words, asset management, when done properly, will give these organisations a solid foundation.
Asset management and what it involves
There are many aspects involved in asset management, including coordinating and optimising planning, selection of assets, acquiring and developing them, maintaining them, utilising them to their maximum value, and lastly, disposing those without any value anymore and renewing them.
How proper asset management becomes the foundation of every organisation
With properly managing your assets, you will see tangible results including correctly aligned processes; functional resources and contributions; audit trail transparency for what the organisation is currently doing; as well as better grasp and use of information and data for making consistent and correct decisions.
Asset management also has a lot to do when it comes to improving capital expenditure planning. It also aids in consistent management of auditable and prioritised risks. Competency development and improvement is another aspect of asset management. Lastly, it helps in creating more engage workforce, improving leadership skills and inter-communication.
Where ISO 55000 comes into play
Because asset management is complex and expensive, it requires in-depth knowledge that one can achieve through the ISO 55000 series.
Comprised of three standards, including 55000, 55001, and 55002, it delivers an overview of setting about in achieving proper asset management. It is also one of the mandated specifications for acquiring a management system for proper asset management.
Whether your organisation falls under the private or public sector, and whether these assets take the various forms of financial, physical, intangible, and human resources, you need to properly manage your assets. This way, you can maximise not only value for money, but satisfy the expectations of your stakeholders as well.