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The International Standards Organization (ISO) has just published on January 23 a set of three standards to help companies and organizations get value from their assets.

ISO 55000 - Gives an overview of the subject and sets out principles and terminology.
ISO 55001 - Sets out the requirements of an asset management system
ISO 55002 - Provides additional useful guidance for applying ISO 55001

The ISO 55000 asset management standard provides an overview of asset management, its principles and terminology, and the expected benefits from adopting asset management. It can be applied to all types of assets and by all types and sizes of organizations. The two other standards, ISO 55001 and 55002 provide the system requirements and provide additional guidance.

Asset Panda, LLC, a software company based in Frisco, TX, is a developer of Asset Management software that is helping companies with the implementation of ISO 55000. Asset Panda is a revolutionary new system that automates and simplifies the job of tracking and managing fixed assets – notably industrial equipment, tools, information technology and office equipment.

Asset Panda is the easiest, most intuitive mobile system to track and manage your fixed assets. It is typically used for either replacing spreadsheets used to maintain asset inventories, or as a complement to financial/accounting systems that have limited asset management and tracking capabilities.

Asset Panda solves that problem quickly and easily, and gives an organization control over its assets with its integrated asset management system that combines the use of apps, the cloud and barcode scanning using mobile devices that employees already have with them. What this means is anybody with a mobile phone can conduct audits or equipment searches in the field and that you do not need to purchase expensive dedicated barcode scanners.

Starting with an app downloaded to a smartphone, tablet or other enabled device, Asset Panda’s system allows for the storage, sharing, aggregation and manipulation of data and protection of information about fixed assets. Asset Panda can store data in forms such as bar codes, videos, photos, receipts and lease and warranty information. This data is stored and managed in the cloud, where it is safe and accessible via any web browser and mobile devices no matter where users are.

Asset Panda has just launched a new audit feature to help with the creation and maintenance of accurate asset inventories to prepare for the ISO 55000 standard. This new feature gives Asset Panda users the ability to conduct fast and easy asset audits using mobile devices. The new audit function of the iOS and Android apps allows the users to carry out onsite field audits via barcode scanning, automatically update location and area information and generate audit exception reports. By reducing the level of effort, simplifying the audit process, and empowering all users to assist in audit compliance, companies find that audits are performed more frequently in less time and with less resources. This means more accurate asset information and cost savings in property taxes, insurance and reduction of asset losses.

In addition to the ISO 55000 asset management standard, Asset Panda supports the IFRS 13 fair value measurement process, FASB 144 impairment of assets calculation and compliance with the new ISO 27001-2013 risk assessment standard.

Asset Panda gives organizations a simple way to solve their big problem of tracking and managing information about the assets they own. More information is available in Asset Panda’s website http://www.assetpanda.com

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