The proper management of assets is the most critical part of any business and is arguably the most difficult. It is, in itself, quite tricky, and can become problematic without a unified framework and asset management strategies that will guide it throughout the entire process.
About three years ago, the Publicly Available Specification 55’ or PAS 55 was the default global standard for the best practice in the realm of asset management. Said standard, however, has replaced with a more comprehensive set of international standards: the ISO 550000
The Importance of a Unified Process
Physical asset management is in a state of rapid evolution and improvement, and many companies are scrambling to find out if the new set of standards is actually worth looking at. Ultimately, the main goal of companies transitioning to the new standards is to get an advantage over competitors, and it does not disappoint.
One of the key features of the ISO 55000 is that unlike its predecessor, it is adaptable to any type of asset regardless of size or from which organisation it originates from. Additionally, it offers a more unified framework that serves as a guide for almost any organisation, focusing on strict but versatile processes, proper handling of resources, and maintaining functional business units that ultimately drive more productivity to the business.
Evolving Standards and Strategies
The biggest challenge for any business regardless of industry background is actually ‘evolving’ or progressing in the realm of asset management. Because the ISO 55000 is unified, any changes can easily be implemented, allowing businesses to easily adapt and improve their assets and strategies.
Finally, the least-known advantage of shifting to this set of standards is integration with other standards within the confines of each industry. As mentioned before, strategies in the realm of asset management are in a constant state of improvement and being part of this set of standards means more opportunities to learn more effective strategies when developments arise that will ultimately benefit the business as a whole.
The leap towards ISO 55000 may seem like a big challenge for most business, particularly small business owners, but it is ultimately a necessity in order to stay relevant and progressive in an increasingly competitive world.