In January 2014, the International Organization for Standardization issued the ISO 55000 series of standards for asset management systems. Among them, ISO 55001 specifies requirements for the establishment, implementation, maintenance and improvement of an asset management system, which is referred to as the “Asset Management System”.
Through the establishment and implementation of the ISO 55001 asset management system, organizations can build a relatively sound full‑life‑cycle asset management system and complete asset‑management mechanisms. In accordance with asset‑management‑system requirements, organizations shall identify gaps by combining current status, analyze causes and put forward solutions, so as to reduce asset‑management risks, continuously improve performance, better achieve business objectives and gain recognition from interested parties. This is particularly important 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. Examples of intangible assets: leasehold 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, it defines the organization’s policy and strategic asset‑management plans, sets asset‑management objectives on the basis of risk identification, makes asset‑management decisions by balancing risks, costs and performance over the full asset life‑cycle, and formulates asset‑management plans. It allocates resources to implement such plans, checks the implementation of asset‑management plans and the achievement of objectives, verifies the conformity and effectiveness of the system via internal audits and management reviews, revises policies and strategic asset‑management plans according to changes in internal and external conditions, and initiates a new round of cycles, so as to create greater value for the realization of organizational objectives.