ISO 55001 specifies requirements for establishing, implementing, maintaining and improving an asset management system that manages the lifecycle of assets in the organization, no matter the type of the asset held. It is intended to be used by those involved in the establishment, implementation, maintenance and improvement of an Asset Management System and can be applied to all types of assets by all types and sizes of organizations.

Through good asset management business objectives can be achieved to their maximum potential, along with a significant increase of customer and stakeholder satisfaction and confidence. Certainly, it is becoming more important than ever to have a mutual asset management language for enhanced communication throughout the organization. Thus, harmonized implementation strategies will result in greater improvements and increased productivity and returns.

Benefits of ISO 55001 Asset Management:

• Development of viable and predictable cash flows.
• Ability to manage asset’s lifecycle.
• Ability to ensure that assets fulfill their necessary function.
• Support improvement and business growth.
• Support an organization during the process of establishing, implementing, maintaining and improving an Asset Management System.
• Increase profitability.
• Manage risk related to asset ownership.
• Enhance brand reputation.

In today’s world outsourcing has a significant role and value in organizations since it helps them to increase their efficiency, to mitigate risk and reduce their costs. Outsourcing refers to the acquisition of an organization’s products or services from external third-parties. ISO 37500 includes the main processes and phases of outsourcing, despite the size and sectors of the operating industry. The main aim is to provide an establishment to enable organizations to successfully outsource arrangements within the contractual phase.

Benefits of Outsourcing:

• Increased business efficiency.
• Help the organization to manage costs.
• Identifying threats involved with outsourcing.
• Achieve better outcomes.
• Provide continued value.