In January 2014, the International Organization for Standardization issued the ISO 55000 series of standards for Asset Management Systems. Among them, ISO 55001 Asset Management Systems specifies requirements for establishing, implementing, maintaining and improving an asset management system, referred to as the "Asset Management System".
By establishing and implementing the ISO 55001 Asset Management System, organizations can build a relatively sound full-lifecycle asset management system and comprehensive asset management mechanism. In accordance with the requirements of the asset management system, organizations can identify gaps by combining current status, analyze causes and propose solutions, so as to reduce asset management risks, continuously improve performance, better achieve business objectives and gain recognition from interested parties. This is particularly vital for all types of organizations, especially asset-intensive organizations.

Managed objects include tangible assets and intangible assets. Tangible assets generally refer to equipment, inventory and real estate owned by the organization. Intangible assets include lease rights, trademarks, data assets, usage rights, licenses, intellectual property rights, reputation or agreements. 

The asset management system aims to maximize the value of organizational assets. Based on the analysis of the organization's internal and external environment, the organization formulates policies and strategic asset management plans, defines asset management objectives on the basis of risk identification, makes asset management decisions by balancing risks, costs and performance throughout the full asset lifecycle, and develops asset management plans. It allocates resources to execute such plans, monitors the implementation of plans and the achievement of objectives, verifies the conformity and effectiveness of the system through internal audits and management reviews, and revises policies and strategic asset management plans in response to changes in internal and external conditions to start a new cycle, so as to create greater value for the realization of organizational objectives.