We know – better than most – just how much work is involved in submitting an effective bid on a tender. Today we’re going to check out the tender development checklist, and outline major elements that are often glossed over – even forgotten – in a bid. The agency putting out that bid wants your tender response to encompass all their criteria- and that’s just the beginning. Keep reading to find out what makes up the tender development checklist.

The first step is to outline a definition of your business, and establish the scope of your operations. This will help signify whether or not your business is eligible to qualify for the tender on offer. If your business has only worked on small-to-medium-sized projects, it’s unlikely you’ll get the tender if other organizations have completed large-scale projects in the past. It may seem disheartening, but taking a realistic view of projects you bid on will save you countless hours and effort of submitting a bid that ultimately you’re unqualified for. Also important in this phase is to outline both your unique selling points, and your points of difference over your competitors. This can be an opportunity to advertise your ISO certifications, or leveraging testimonials from previously completed projects.

Now, moving on, we’re starting to address the tender requirements. This is where you’ll need to outline how your business addresses the strategic aims and objectives of the tender. The organization putting out that tender wasn’t just trying to fill up the page by including its aims and objectives, so you’ll need to make sure you address these directly.

Consider whether you’re addressing any of the supplementary strategic aims and objectives, how you can compete on costs – example, sourcing locally can be a good tactic in this regard – as well as advertising what skills and expertise specific to your organization that could put your bid ahead of the competition. Can you provide evidence to show that your business can respond quickly to events and carry out effective decision making? Something like ISO9001 ties in neatly here.

Summing up your tender requirements, you’ll want to provide more evidence to show you’ve built relationships in the past with your customers; referees are the most effective way of presenting this, as well as strengthening your skills if the project was completed on time, on-budget and to a high standard. Do you have any documented evidence to show your business is flexible, and can adapt when something goes wrong? Do you have innovation products or services that service certain specific market niches? Consider all of these when addressing the tender requirements in the bid you eventually submit.

The next step addresses your business’ capabilities. A self-checklist here is one of the more effective ways to measure how your organization stacks up to the competition. Consider things like: what are your main business activities? What industries do you supply to? What are your key products and services? What specific equipment can you provide? Leverage key people in your business that can attest to the specialized capabilities of your operations; provide evidence of their training and skill assessment if applicable. Throughout this checklist, you’re trying to – objectively as possible, in the interest of saving time – assess your organization’s suitability for the tender on offer, to make sure you can provide the level of quality the tender requires.

The next step in this process is formulating a checklist that assesses whether or not you’ll be able to deliver the right tender outcomes. Tenders are high-stake, multi-million-dollar projects that don’t accommodate for mediocrity. In this stage of the process you’ll want to clearly sketch-up plans to address things like: How will you deliver the tender’s outcomes? Who are the tender’s end customers and how will they benefit from the delivery of the tender contract? What specific delivery objectives will you focus on, and how will you achieve them? How will you measure performance and ensure success? What would your business requirements be as part of delivering the tender?

It’s also important to consider things like: how much it will cost to deliver the specified outcomes/specification requirements. Who can provide strong references in order to demonstrate that you have a track record of successful delivery? What other businesses could collaborate on the tender as part of a consortium or subcontractor?

Ensuring you’ve taken into consideration these elements of the process will put you in a much better stride as you approach your tender bid. Often business neglect to address several of these points, and for those in the decision-making process, it doesn’t reflect well on the organization. With large-scale contracts on offer, they’ll look to the most thorough tender application, that touches on all their required points and provides more information that is needed for the job. If you were in their position, you would too – so don’t underestimate the importance of having a tender development checklist outline for you to refer to early in the process of forming your bid, and refer to it consistently as you’re forming your bid.

For more business related tips and answers frequently asked questions, check out our News page.

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If you have certification, or are in the process of gaining certification, you may be asking “How do you get the most out of your internal audits, and how can you make them more simple and easy to conduct?”. With the help of Best Practice CEO, Kobi Simmat, we’ll give you tips and tricks to help you conduct internal audits efficiently, and what the internal audit functions are. We even have an invitation for a FREE webinar on Internal Auditing – keep reading for more information!

Best Practice Founder, Kobi Simmat’s Top Tips for Internal Audits:​

• Plan- Build a roster as part of your audit plan and determine the business processes that require internal audits. i.e. purchasing, design & development, warehousing etc.
• Involve all internal stakeholders in the process to get their buy in and make the process easier.

Divide your internal audits into three sections:

• Desktop assessment – Look at the standards and your procedures and map whether they comply.
• Onsite assessment – Discuss your procedure documents with your team members. Observe how they use the procedures and whether they are being implemented as they were intended.
• Evaluation – Record your observations in a standardised document and discuss these at the Management Review as opportunities for improvement and determine internal controls that can be implemented.

Ensure your observations are recorded in your internal audit report with a positive spin! Internal auditing is all about the cycle of self-evaluation on the business and looking at how your business can improve.

For some quick tips and tricks on Internal Auditing you can implement right away, subscribe to our YouTube Channel, @BestPracticeTV. Below, Kobi talks you through the process of Internal Audits.

Click Here for Your Free ISO Gap Analysis Checklist

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What is an Asset?

An asset is a valuable item or piece of property owned by an individual or company. Assets can be tangible or intangible. They include resources, inventory, estates, equipment and tools, and other valuables. However, when it comes to asset lifecycle management, we generally focus on physical assets, such as tools and equipment, that require ongoing maintenance to stay in good condition.

Asset Management

Asset management or asset life cycle management is a structured process that maintains and tracks an organisation’s items of value. It involves knowing what you have, its quantity, quality, and condition, which helps you plan for future assignments and fulfil business demands. Through asset management, you can account for what you have and advocate for optimal utilisation to avoid wastage. Here are the main asset management stages.

1. Plan – The planning phase begins when you realise that the current assets are not meeting your business needs. When you start to research the equipment or machinery that can fulfil business needs, you’re already planning.
   Your procurement staff might liaise with other departments to determine the company’s requirements. It’s recommended not to rush through the planning stage. Take your time to compare the available options to find the best match for your business and budget needs.
2. Acquire – After you develop a robust plan and identify the ideal asset, you can move to the second step, acquiring the asset. This phase entails purchasing the asset, transporting it to your facility, and installing it.
3. Using the Asset – After the new asset has been installed on your premises, you can start to use it. The utilisation stage is the longest of all the asset management phases. During this time, the asset is put to good use before any maintenance is needed.
   Meanwhile, it’s expected to generate output that generally contributes to the company’s profitability. Remember that the period an asset operates without needing initial maintenance depends on various factors, including the type and complexity of the asset, how often it is used, and the kind of maintenance plan deployed.
4. Maintenance of the Asset – Once you put the asset into use, you should start creating a maintenance plan to ensure the asset is repaired whenever the need arises. There are different types of maintenance plans a company can perform on its assets, including:
   • Preventive maintenance – This is a proactive type of maintenance scheduled frequently to prevent potential interruptions or failures during production.
   • Corrective maintenance – The purpose of corrective maintenance is to correct a problem to get the asset functioning as it should.
   • Emergency maintenance – This is a combination of reactive and corrective maintenance often done when an asset runs into a problem that must be corrected instantly.
5. Disposal of the Asset – When additional maintenance is no longer needed, you will need to dispose of the asset. It will be best to do a cost-benefit analysis to identify the costs related to extra maintenance against buying a new asset. Check if it can be resold or refurbished, and consider any environmental restrictions before eventually removing the asset.

How Best Practice Biz Can Help

Best Practice Biz offers excellent online resources that can help you learn how to properly care for your business assets. We can also help you achieve ISO 55001 Certification, which will enable you to manage your resources effectively. Contact us today to get started.

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The asset management strategy also specifies an organisation’s approach to conform to the identified asset management objectives. Read on to discover more details about strategic management plans and how they can help you achieve your organisational goals.

SAMP Model & ISO 55001

A good place to start is always the requirements or guidance. ISO 55001: Asset Management standard provides the key requirements for the details of a SAMP. ISO 55002 asset management system outlines the specifications for the application of ISO 55001.

A properly designed SAMP should help readers understand the following:

• What the organisation’s asset management objectives are, and how to identify them. This is usually backed up by the company’s context, priorities, goals, and values.
• How to align asset management strategies with organisational objectives and attain consistency.
• The general principles of developing asset management plans (SAMPs).
• Provides ways the asset management system will transform your strategic plan into improvement activities, delivery plans, and resourcing.

Typical SAMP Content

• Scope: Gives an overview of the assets an organisation is involved with.
• Setting: The kind of setting the company operates in and how it impacts asset management. This can be environmental, political, economic, social, or technical.
• Stakeholders’ needs, requirements, and expectations regarding the operational and financial performance of the asset management system
• Asset management policy should be integrated with related management policies to provide an accurate framework for the asset management objectives.
• Changes: The SAMP plan highlights potential changes and how they may affect asset management. Some of these changes can include the setting, environment, or stakeholders.
• Asset status: This involves an in-depth evaluation of the current performance, risk, and cost of assets. This helps determine how the existing asset management strategy relates to the overall asset management objectives.
• Performance management: Provides documented information on how the asset management strategy will be monitored and modified for continual improvement. 
• Asset management strategy: This shows the efforts of an organisation to make sure the asset management objectives are accomplished, considering the possible changes and trade-offs made during the creation of the strategy.
• Asset management system: Provides the typical model for asset management planning and components required, including communication, information management, roles and responsibilities, internal audit, resources, change management, risk and opportunity management, outsourcing, and more.
• Evaluation: This answers the question of who, how, and when to evaluate your SAMP.

Contact Best Practice for Help

If your current approach to asset management does not deliver results according to your business expectations and you need help developing a systematic solution, we can help you at Best Practice Biz. Our team will work with you to create an asset management system aligned with your organisational objectives. Contact us today to get started.

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But first, here’s a brief review of the basics of ISO 55000 and its three parts.

The ISO 55000 series is the international standard for asset management. It guides the principles and framework necessary to establish, implement, maintain, and improve an asset management system. The series consists of three parts:

Part 1: Introduction and Overview

The first part of the ISO 55000 series provides a high-level overview of asset management and its principles. This part is intended for those new to asset management or want to learn more about the basics.

Part II: Guidelines for the Application of ISO 55000

The second part of the series offers guidelines on applying the principles of asset management when establishing, implementing, maintaining, and improving an asset management system. This part is intended for those responsible for designing, implementing, or auditing an asset management system.

Part III: Requirements for the ISO 55001 Asset Management System

The third part of the series provides a set of requirements for an asset management system. The requirements in this part are generic and can be applied to any organisation, including public, private, and nonprofit organisations.

The ISO 55001 Audit Checklist

Now that we’ve reviewed the basics of ISO 55000, let’s take a closer look at the ISO 55001 audit checklist. The ISO 55001 audit checklist is divided into two sections:

Section I: General Requirements

The general requirements section includes a list of items that must be addressed to comply with the standard. These items include:

• The establishment of an asset management policy
• The development of an asset management plan
• The identification and assessment of risks
• The identification and assessment of opportunities

Section II: Specific Requirements

The specific requirements section includes items that must be addressed to comply with the standard. These items include:

• Development of an asset management system
• Establishment of asset management objectives
•  Identification and assessment of risks and opportunities
• Selection and implementation of controls
• Monitoring and review of the asset management system

As you can see, the ISO 55001 audit checklist is quite comprehensive. And complying with all of the requirements in this standard can be a daunting task for organisations. However, it’s important to remember that the benefits of an effective asset management system far outweigh the costs.

An effective asset management system can help organisations optimise their asset portfolios, improve decision-making, and increase transparency and accountability. It can also help to reduce risks and improve organisational performance.

Best Practice is Here to Help with Your ISO Certification Journey!

If you’re thinking about implementing an asset management system in your organisation, we encourage you to contact Best Practice. We offer a range of customised services that can help you get certified quickly and efficiently. In addition, we’ll help you assess your needs and determine the best approach for your organisation. Contact us today to learn more!

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ISO 55001: Asset Management System (AMS) – What Is It?

ISO 55001 is a standard written for organisations or people involved in asset management. It enables companies to integrate and align their asset management systems with the necessary management system requirements. It also helps organisations manage their assets responsibly throughout the assets’ lifecycle.

The Requirements of ISO 55001

• Context of the Company

You should consider the different factors that affect your organisation, including internal factors such as organisational culture and objectives. The external context constitutes economic, social, cultural, and physical environments.

You will also need to take into account the financial, regulatory, and other external forces. Understanding these contexts is crucial because it can help you balance performance risks and cost while ensuring your team meets those requirements.

• Planning

The goals and objectives of the company are drafted during the planning phase and included in the organisation’s plan. The plan is further used to craft the Strategic Asset Management Plan (SAMP) that guides the creation of asset management objectives. The SAMP then guides the development of asset management plans for significant assets. Keep in mind that the asset management plan’s goals must be aligned with the company.

• Leadership

An effective AMS should be led and controlled by the top management. Leaders at different levels within the organisation must continue to communicate the objectives of the asset management system and live it every day. Without effective leadership, the AMS will not provide the expected benefits of ISO 55001 to the company and stakeholders.

• Service Delivery and Operations

You will have to determine service delivery and future operations of the asset management system. During this phase, changes may occur to risk profiles and funding, and these issues should be addressed.

• Support

To successfully implement the asset management plan, you need the right support in place. Your support could include people, systems, and information. This generally requires you to have the resources, capabilities, and competencies that can allow for the proper management of assets.

• Performance Evaluation

You need to conduct a performance evaluation to see if the objectives set in the asset management plan are being met. This helps your team to continually improve the ASM performance to meet long-term objectives. In addition, the performance evaluation report should be submitted to the top managers to be used during management review.

• Improvement

The report obtained from the performance analysis promotes improvement on asset and asset management. However, you must ensure that the ASM is being followed efficiently, so you should be conducting regular internal audits. Your team should be able to detect and document any discrepancies and correct them in time. 

Like ISO 14001 and ISO 9001 management systems standards, ISO 55001 provides a framework for asset management systems to ensure assets add value to businesses.

Reach Out to Best Practice Biz for ISO Certification

If you have trouble keeping up with the requirements of ISO 55001, Best Practice Biz has the best support systems to help your organisation understand and implement the standard. We are a JAS-ANZ accredited certification body committed to assisting businesses worldwide to become certified. Contact us today for further information on ISO certification.

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What are the benefits of having an Asset Management Plan?

• Tracking Assets Becomes Easier- An Asset Management Plan helps you track an organisation’s items by providing details on where and how they are used. Keeping track of the assets a business owns helps to streamline operations. A plan also eliminates the chances of recording ghost assets since all items are accounted for.
• Enhances Operational Efficiency- Asset Management involves aligning the company’s needs with the existing capabilities. A good Asset Management Plan will entail evaluating what you can leverage before spending more or the type of assets processes you can eliminate to save more money. Ultimately, this improves operational efficiency.
• Enhancing Reliability- Having a good Asset Management strategy allows you to pay more attention to the assets’ condition. This means that you will have fewer unexpected failures, reduced emergency repairs, customer relations issues and costly lawsuits. Highlighting potential threats in a plan helps to boost your risk management efforts and allows you to focus resources on priorities.
• Financial Planning- Accounting for the acquisition, usage, and disposal of assets allows you to plan for the funds you need. The financial summary section of an Asset Management plan includes cash flow estimates for one to five years. It also details how expenses should be treated to determine the best funding strategies and timing.
• Cost Savings- There is evidence that a strategic Asset Management plan allows you to maintain assets in a reliable and sound condition. The plan aims at reducing maintenance and operating costs, which means that you will save more and get more value out of your assets.

Critical Aspects of Asset Management Planning

• Levels of Service- It is essential to ensure that the level of service provided by particular assets is commensurate with the customers’ expectations. Some of these service levels include quality, cost, efficiency, safety, and quantity.
• Lifecycle management of assets- The asset lifecycle management section on your Asset Management Plan should detail how the assets should be operated and managed at the specified service level. Some of the subsections to add are; background information, risk management plan, operating plan, recapitalisation plan and strategies, capital planning and strategies and disposal plan. It is worth noting that the asset lifecycle management segment forms the most critical part of the Asset Management Plan.
• Continual improvement- This section focuses on current and future Asset Management practices. It should also detail monitoring developed management plans and modifications added to the systems.

Best Practice Biz Can Offer The Training & Certification You Need

Best Practice Biz is a JAS-ANZ accredited body that aims at offering quality in-house training and support systems to companies across the world. Do you want to obtain the ISO 55001 certification? We can offer a solution.

Our training services will boost your knowledge in Asset Management planning, thus giving your business a competitive edge and enhancing customer confidence. Contact our team at Best Practice Biz to learn more about how we can help you grow your business.

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At Best Practice, we can help you implement an efficient and effective AMS if you’re starting your journey to obtain optimum value from your assets.

What Is ISO 55001?

ISO 55001 defines requirements for implementing, maintaining, and improving an asset through a comprehensive asset management system. It offers a framework to create asset management processes and governance, policies, and organisational objectives. The international standard for AMS features three documents, namely:

• ISO 55000 – Outlines the Overview, Principles, and Terminology for an Asset Management
• ISO 55001 – Defines Management System Requirements
• ISO 55002 – Provides guidelines for Management Systems used in the applications of ISO 55001

Getting Started

Whether you’re looking to improve an existing system or starting your ISO 55001 journey, Best Practice Biz has the right resources and tools to help fulfil your asset management plans. However, to ensure better results, you need to:

Understand ISO 55001 and prepare: The first most important step is to understand the content of your AMS and figure out how it will drive value for your business. An excellent place to understand this standard is to learn its fundamental principles, which are:

• Value: understand how your assets will provide value to your organisation, stakeholders, and employees.
• Leadership: Your asset management efforts should allow management to show commitment and take the lead.
• Assurance: AMS provides assurance that an asset will serve the intended purpose and meet its asset management objectives.
• Alignment: This defines plans and measures implemented to ensure the organisational objectives are translated into technical and financial activities and decisions.

Prepare your team – You should ensure your team understands the principles and requirements of ISO 55001 and are ready to adopt it. Define the roles employees will need to play in the processes and activities against the standard.

Management review – Before you eventually get certified, ensure the management is ready. You should also have the right people for internal audits, gap analysis, and other performance measures. Then contact Best Practice for assessment and ISO 55001 certification.

Benefits of ISO 55001 Certification

Implementing a mature AMS can drive significant value to your business. Here is what you can gain from applying this standard.

• Enhanced efficiency and effectiveness
• Improved reputation
• Better services and increased outputs
• Better risk management
• Improved asset investment decisions
• Proves compliance

Contact Best Practice Certification

As a JAS-ANZ accredited certification body, Best Practice Certification is dedicated to helping you walk through your ISO 55001 implementation journey. We offer various resources, including in-house training and support programs to help you understand asset management principles. Contact us today to get the help you need.

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This standard can be applied by companies of any type or size regardless of their industry of operation. It’s also an excellent tool for managing the lifecycle of all types of assets. By implementing an AMS, your organisation can improve effectiveness, reduce costs, and ensure continual improvement.

Components of an AMS

ISO 55001 defines various components of an effective asset management system, which are:

• Planning – This is important as it helps identify and address risks and opportunities for an AMS.
• Operation – The Strategic Asset Management Plan SAMP specifies the process and controls necessary for success
• Leadership – Defines the role of leaders, their commitment, and involvement in the asset management system.
• Support – This defines support requirements for an effective AMS. These components include communication, resources, awareness, and documented information.
• Organisational context – This framework describes an organisation’s stakeholders and the SAMP.
• Performance evaluation – This module helps measure the performance of both an asset and SAMP. These performance evaluations may include internal auditing, monitoring, management review, and analysis.

ISO 55001 Certification – What Is It?

Achieving ISO 55001 compliance demonstrates that your business can develop a practical approach to lifecycle asset management. Moreover, this certification demonstrates your ability to manage an organisation’s assets effectively, reduce and manage risk, make informed decisions, and improve your company’s financial performance.

ISO 55001 certification is crucial as it can give you a competitive advantage, differentiating you from other businesses involved in asset management. In addition, this certification can improve your ability to run a more effective operation and boost your reputation in the ever-changing financial marketplaces.

Benefits of ISO 55001 Certification

• Supports international business development: Implementing a robust AMS gives you an international competitive edge. Furthermore, this certification supports improvement with prioritised, formalised, and harmonised implementation plans that your company can relate to and commit to.
• Improved financial performance: The primary purpose of implementing an AMS is to improve ownership of assets. Ideally, proper management of assets can facilitate improved asset management and reduced costs, leading to an enhanced output.
• Better decisions: The ISO 55001 compliance allows you to understand the critical metrics associated with costs, risk, and performance, enabling you to make better decisions. Additionally, the improvement of an asset ensures it meets the necessary safety and performance requirements.
• Improved reputation through compliance: The ISO 55001 certification is a great way to ensure your organisation complies with the necessary asset management policies, processes, and standards. Ensuring transparent compliance with regulatory requirements can improve customer satisfaction, products and services, and stakeholder confidence.

Contact Best Practice for Assistance with ISO 55001 Certification

If you need help with ISO 55001 certification, Best Practice can handle all your asset management requirements. As the leading ISO standards certification provider, we have built an impressive portfolio of asset management services that focus on certification and gap analysis. We take time to learn your organisation’s needs and circumstances and act with care and sensitivity.

As a JAS-ANZ accredited ISO certification body, we aim at providing certification internationally. In addition, we also offer various in-house training programs and support systems to help organisations gain a competitive edge and inspire stakeholder and customer confidence. Contact us now to get started.

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1. Economic Objectives

These goals aim to achieve improved financial performance, fiscal stability and safeguard the organisation’s investment. External aspects like inflation and internal factors like staff efficiency can affect your organisation’s economic goals. The goals help you invest in quality infrastructure and optimise the lifecycle costs of your assets.

Some of the advantages of economic objectives include:

• A Higher resale value of assets
• Efficient use of resources
• Reduced cost of operating the business

2. Social Goals

These objectives relate to community and cultural factors like population growth, age and gender distribution, and staff attitudes. For instance, you can develop a goal to create a succession plan for retirees within your organisation. This helps to establish a mindset of sustainability while protecting the community and the organisation’s property.

3. Technological Objectives

These goals aim at maximising the full potential of technological resources like software or hardware to improve an organisation’s effectiveness and efficiency. For example, you can develop a plan to equip your staff with the state of the art technology by investing in asset management software or establishing a database for asset records.

4. Environmental Goals 

Environmental objectives aim at reducing your organisation’s impact on the environment. For example, you can create a goal to prevent assets like vehicles from polluting onsite water sources. Examples of environmental asset management objectives include:

• To reduce dependence on fossil fuels
• Maintaining a healthy ecosystem
• Reducing energy consumption
• Eliminating carbon emission

Coordinating Asset Management Objectives

It’s essential to streamline your objectives to achieve the best out of your asset management. ISO 55001 states that organisations should include the asset management objectives in the strategic asset management plan. You can coordinate these objectives by communicating them to all stakeholders within the organisation. Integrating the strategic asset management plan with other organisational planning activities like financial planning is critical to achieving the set objectives.

Benefits of Aligning Asset Management Objectives

• Enhancing the Asset Lifecycle

Most organisations without asset management objectives do not use their assets to their full potential. The objectives ensure that assets are appropriately managed, leading to increased asset life.

• Complying with Regulatory Standards

Coordinating asset management objectives allows you to comply with your industry’s policies, regulations, and standards. Remember that legal actions can be taken against an organisation that violates the laid down rules. Complying with regulatory standards is a critical step towards improving customer acquisition and retention and staying ahead of your competitors.

• Improving Operational Performance and Efficiency

Organisational objectives help managers identify areas where assets are utilised to their full potential and where assets sit idle. These insights aid in planning and re-designing asset allocation to improve your business’s asset utilisation, performance, and efficiency.

How Best Practice Can Help

ISO 55000 and ISO 55001 training and certification helps organisations to develop quality asset management systems to maximise productivity. If your organisation is at the asset management planning stage, consider acquiring business coaching and online training from Best Practice today.

We will evaluate the current state of your organisation and offer the solutions you need to take your asset management system to the next level. Contact us today to learn more about our services.

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