ISO 55000

ISO defines an asset as an item, thing or entity that has potential or actual value to an organization. ISO asset management standards have been written to apply to tangible assets (e.g. equipment, property, inventory, infrastructure, IT, human resources, etc.) and intangible assets (e.g. leases, options, brands, digital assets, intellectual property, legal rights, reputation, and agreements). Simply, asset management helps organizations better achieve organizational objectives while realizing greater value from their assets.

ISO stated asset management fundamentals are summarized as follows:

• Value: asset management does not focus on the asset itself, but on the value the asset can provide to the organization.
• Alignment: asset management translates organizational objectives into technical and financial decisions, plans and activities.
• Leadership: asset management seeks to enable leadership and organizational commitment at all levels to help realize value enabled by assets.
• Assurance: asset management gives assurance that assets will fulfill their required purpose.