ISO has just published a set of three standards to help companies and organizations get value from their assets and can be applied to all types of assets and by all types and sizes of organizations:

ISO 55001 - sets out the requirements of an asset management system

ISO 55000:2014 provides an overview of asset management, its principles and terminology, and the expected benefits from adopting asset management.

ISO 55002 - provides additional useful guidance for applying ISO 55001

ISO 55001:2014 specifies requirements for an asset management system within the context of the organization.

ISO 55000 - gives an overview of the subject and sets out principles and terminology.

ISO 55002:2014 provides guidance for the application of an asset management system, in accordance with the requirements of ISO 55001.

What are the benefits of using this standard?

The major benefit is of course being able to realize value from your assets, and one of the great things about this approach is that there are many quick wins early on in the process. Some are related to the improved knowledge of assets, as I have already mentioned. In addition, the approach can help improve the relationship with stakeholders. Value doesn't necessarily mean monetary gain and defining what the value is for an asset is often a conversation that happens with people outside the company or organization.

For example, there has been a lot of interest from cities in this standard. The notion of value from a public park will not be expressed in monetary terms and defining it will mean getting closer to those using the public park. This is very beneficial for many organizations.

Who is this standard for?

This standard can be used by many types of organizations and companies, public or private. Everything from a city or local service provider to a supermarket chain can benefit from good asset management.