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Benefits
Asset Management
An Asset Management System supports systematic coordination of connections, individual and organisational learning and continual improvement.
Benefits
Asset Management
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With the increasing proliferation of options, and interchangeability of internal and external asset options including outsourcing and ‘managed services’, how does a critical mineral company know where next to invest its resources, efforts, and set, monitor and revise its objectives?
The ISO 55001, ISO/IEC 27001, and ISO 22301 standards provide effective pathways and incentivisation for companies to generate greater value from their physical and intangible assets.
Why critical minerals companies should consider ISO55001 for Asset Management:
An Asset Management System supports systematic coordination of connections, individual and organisational learning and continual improvement.
Asset management enables critical minerals and mining companies to better realise value from their assets. What constitutes value depends on their organisational objectives, the nature and purpose of the organisation and the needs and expectations of its stakeholders.
Sometimes organisations may have asset targets to “align with good practice” without specifying what that means. Their efforts to improve asset management therefore suffer from confusion, misalignment, and excessive dependency on external expertise not under their direct control. Comparing your systems and processes with guidance and requirements in ISO 55001, and embarking on a certification journey, provides your critical minerals organisation with a solid foundation to attain greater value from your assets. It’s an investment in your people, processes, and company first and foremost.
The principal benefits of an ISO 55001-compliant Asset Management System are:
- An overarching ‘lens’ by which you can consider physical and intangible assets, including reputation, data/information, personnel, equipment, facilities, and risks to these from potential disruptive internal and external factors;
- A common language for your organisation, to enable effective communication;
- Collaborative behaviours – breaking down silos internally, externally and in the supply chain;
- Greater understanding and alignment of risk and assurance that it is appropriately managed;
- Awareness and understanding of how the assets support business objectives;
- Structured decision-making that balances performance, risk and cost and helps align short- and long-term business objectives;
- Assurance of performance, learning, and continual improvement;
- Enhanced internal and external stakeholder confidence in the organisation’s capabilities and future performance;
- Significantly improved financial performance resulting from all of the above.
Source: ISO/TC 251
Any critical minerals and mining organisation can gain value by using ISO 55001 to establish its asset management system.
