LogoPrincipalRoxo

Understand the differences between ISO 55000 and ISO 55001

Share on facebook
Share on google
Share on twitter
Share on linkedin
Share on email

The more a company grows, the greater the amount of assets to manage. As obvious as this may seem, it is very important for administrators to be aware of good practices to prevent equipment, software and other items from not being used correctly. This is one of the factors that strengthens the need to adopt standards, such as ISO 55000 and ISO 55001.

There is no way to ignore that the improvement of asset management is essential to follow the best market practices in Brazil and worldwide. Adopting international standards that are a reference is certainly an aspect that attracts investors and consumers, in addition to enabling a strengthening of the brand.

In this article, we are going to present several details that will help you understand the striking points of what is involved in ISO 55000 x ISO 55001.

Gerencialmento de Ativos - ISO 55000

Understand asset management from an ISO 55000 perspective

First, it is worth noting that the asset Management involves several segments, such as financial activities, operations, maintenance, risk management, among others. In other words, it is a very strategic action for a company to identify bottlenecks and opportunities for improvement.

With proper asset management, it is possible to raise the level of competitiveness and minimize the effects related to economic turmoil that, unfortunately, affect many companies worldwide.

To improve asset management, a good way is to bet on ISO 55000, because it provides an overview of the ideal standards to keep available resources performing within or above expectations. 

The lack of updating a system or the absence of an equipment maintenance schedule are actions that are easily fought, from the moment a company follows specific rules to be recognized in the market for the institutional organization and the quality of services.

All this shows how investing in ISO 55000 is a highly recommended practice, especially for companies that are looking for a more solid maturity in asset management.

Assimilate the dynamics of ISO 55001

One of the main characteristics of this standard is to determine the ideal parameters for a management system for asset management. In this way, it generates a framework for the definition of governance, policies and asset management processes that enable a company to be more connected with strategic objectives.

Based on good planning and a focus on continuous improvement, ISO 55001 can promote the continuous improvement of asset performance. This is a point that should be part of the mindset of managers, because the lack of a strategic view harms not only finances, but also the ability to adapt to new scenarios. 

With digital transformation in evidence, it is very important to comply with a standard that allows for more efficient management of assets and an evolution of organizational culture.

It is certainly an initiative that also contributes to improving the relationship with stakeholders (regulatory bodies, consumers, clients, etc.). After all, ISO 55001 indicates that a company follows performance, cost and risk parameters aimed at improving the management of assets and services.

It is worth remembering that ISO 55001 is a globally recognized standard that reflects the need for companies to prioritize efficiency, cost reduction and a more rational use of available resources.

View differences between ISO 55000 x ISO 55001

With ISO 55001, there is a closer look at how to apply asset management within the international arena. Undoubtedly, it is an action that must involve the entire organization to know how to manage assets and make them have greater added value.

That said, let's now detail aspects that differentiate ISO 55000 from ISO 55001. Read carefully, because it's a way to clear your doubts.

Scope

ISO 55000 has a direction that involves physical assets as a priority for a company. Of course, it is valid to take care of equipment very carefully, because they influence the performance of a team.

On the other hand, it is a considerable failure not to prioritize the importance of systems for a company to be more connected with digital transformation. As a result, the implementation of ISO 55001 emerges as an interesting demand, as it reinforces the need to take proper care of digital tools, a very relevant factor due to the urgency of adopting good information security practices. 

Context

One of the striking pillars of the issue involving ISO 55000 x ISO 55001 is the organizational context. Depending on the size and business segment, ISO 55000 can provide more effective asset management in the first place.

With technological evolution and a more effective digitalization of processes, a company needs to have a more attentive view of the advantages of ISO 55001, which is more suited to international standards to generate all assets linked to the Information Technology segment.

goals

What is the organization's objective with asset management? Depending on the case, the priority to reduce costs with physical assets may justify a greater interest in opting for ISO 55000.

On the other hand, digital transformation requires companies to make a great effort to keep up with new trends. This influences the search for continuous improvement, which involves the use of advanced technological tools.

In this scenario, it is interesting to adopt a standard that is more focused on the use of advanced solutions (software, hardware, etc.), because it contributes to a more complete and consistent management of assets, something that can be achieved with ISO 55001.

Planning

Because it is smaller in scope, ISO 55000 requires more focused planning for physical assets. Even so, there must be criteria for the steps linked to obtaining certification to be completed in an exemplary manner. After all, an institution is investing time and money to be more suited to the best market procedures.

With the evolution in institutional management, a more favorable scenario is created to bet on ISO 55001. In this case, good planning has a great weight to overcome obstacles in search of a differentiated standard of excellence in asset management.

With a more focused look at various items (machines, systems, etc.), a company is better able to identify what can be done not only to keep up with the market, but also to innovate and consolidate sustainable growth.

See who needs ISO 55001 certification

Today, it is practically impossible to have a company that does not need to manage and add value to its assets. The digital transformation showed how automating processes and improving service are fundamental to expanding the customer base and raising the level of loyalty, an essential aspect for a brand to be more recognized among stakeholders.

These factors justify the interest of organizations from various sectors (health, human resources, marketing, finance, purchasing, industry, among others) in improving asset management from the implementation of ISO 55001.

However, it is very important to assess at what level the assets are currently being managed. Thus, it is possible to choose a certification that is best suited to the needs of your business. Therefore, it is very important to know in depth issues related to ISO 55000 x ISO 55001, in order to choose the most suitable certification for the organization.

Historic

PAS 55 was originally produced in 2004 by various organizations under the leadership of the institle of Asset Management . It then underwent a substantial review with 50 participating organizations from 15 industry sectors in 10 countries. PAS 55:2008 (available in English and Spanish versions) was released in December 2008 along with a toolkit for self-assessment against the specification. 

PAS provided guidance and a checklist of 28-point good practice requirements in asset Management physicists ; typically this was relevant to gas, electricity and water utilities, road, air and rail transport systems, public facilities, process industries, manufacturing and natural resources. It was equally applicable to the public and private sector, regulated and unregulated environments.

The standard is divided into two parts:

  • Part 1 – Specification for the optimized management of physical infrastructure assets;
  • Part 2 – Guidelines for the application of PAS 55-1.

It was also accompanied by a comprehensive Competency Framework for asset managers.

The ISO 55000 series

Established in August 2010, the ISO 251 Design Committee held its first plenary meeting in Melbourne, Australia, in early 2011; its final meeting was in Calgary in early 2013. After nearly four years of development, three international standards (55000/1/2) were released in London on February 5, 2014:

  • ISO 55000:2014 Asset Management – Overview, principles and terminology;
  • ISO 55001:2014 Asset Management – Management Systems – Requirements;
  • ISO 55002:2018 Guidelines for the application of ISO 55001 (see below for the 2018 update).

These standards are available in English, French, Spanish, Russian, Chinese, Japanese, Dutch, Swedish, Danish, Portuguese (Brazil) and Portuguese (Portugal), Farsi, Serbian and Finnish. In 2015, the ISO 251 Technical Committee was created to continue working on the Asset Management standards and evolving the three existing standards. In 2016, the formal review process of ISO 55002 was launched. In 2017, two new projects were launched:

  • ISO/TS 55010: Guidance on Aligning Asset Management, Finance and Accounting (published September 2019, see below);
  • ISO 55011: Guidance on the development of government asset management policy (2021 target).

ISO 55002:2018

In November 2018, a revised and expanded version of ISO 55002:2018 was released. General improvements include expanded detailed guidance for each clause in requirements document 55001 and clarification of each requirement's contribution to the four 'building blocks' of asset management: Value, Alignment, Leadership and Assurance. It also describes how to apply ISO 55001 requirements to key asset management domains:

  • The concept of “value” in asset management;
  • The scope of the Asset Management System;
  • The Strategic Asset Management Plan;
  • Asset management decision making;
  • Risk management in the context of asset management;
  • Finance in asset management;
  • ISO 55001 scalability for organizations of all sizes.

ISO/TS 55010:2019

In September 2019, ISO/TS 55010:2019 was released. This Technical Specification is a guideline that allows organizations to better understand why and how alignment between financial and non-financial functions is important to realizing asset value.

endorsed evaluators

Institute of Asset Management developed endorsement schemes to recommend competent evaluators and training providers. You Worldwide Partners in Asset Management developed a Certified Asset Management Assessor (CAMA) certification scheme based on the Global Forum Competency Specification on Asset Maintenance and Management for an ISO 55001 Asset Management System Auditor/Appraiser.

If you have any questions about this topic, please leave a comment. We are here to share knowledge and exchange experiences!

Tags: ServiceNow, Snow Software, Software Asset Management, Software Asset Management, SAM, FINOps, ITAM, ITSM, Flexera, Cloud Management governance framework, asset management system, software licensing, software asset, software asset management, lifecycle management, this standard, cost reduction, talk to us, organizational sustainability, stakeholders, defining assets, management practices, your company's assets, internal audit, asset performance, best decisions, international standards, international organization, various sectors, business, ethics channel, efficient asset management, business processes, social networks, decision making, maintenance management, social responsibility, life cycle, financial performance, organizational objectives, facilities management, cost risks, improve processes, model reference, assets in organizations, fleet management, maintenance management, management process, ISO certification, best practices as, information security, decision making, iso series.

Related Posts