Although many organizations still have doubts about the feasibility of implementing an asset management system, after the publication of ISO 55000 in 2014, the market came to better understand the benefits in this area. With this new understanding, the issue is evolving rapidly.
Asset management guides the actions to manage vehicles, machinery and equipment, among other assets, throughout their life cycle. It organizes the processes, procedures and technical activities that involve the assets, with the objective of achieving the results and business objectives.
Despite every company having unique characteristics, some common benefits can be achieved through asset management:
Better financial performance:
Asset management enables you to improve return on investment. This reduces the different costs inherent to the asset and preserves its value.
It allows the organization to improve decision making, avoiding mistakes, deviations and risks for the business.
Better risk management:
Reduces financial losses and improves the health and safety of collaborators. It improves the company image in the market, minimizes environmental and social impacts and avoids fines and penalties.
Higher quality products and services:
Ensures better asset performance. It can generate products and services that meet and even exceed customers’ expectations.
Guarantees transparency with regard to legal and regulatory requirements. It also simplifies compliance with asset management standards, policies and processes.
Improves organizational sustainability:
It manages the short and long term effects, expenses and performance, and can improve the sustainability of operations and the organization.
Greater overall efficiency and operational efficiency:
Reviewing and improving processes and procedures increases asset performance and can improve efficiency, effectiveness and facilitate the achievement of goals.
In summary, asset management supports value creation while, at the time, balancing financial, environmental and social costs, risk, service quality and asset-related performance.