This international standard specifies requirements for an asset management system within the context of the organization.

This international standard can be applied to all types of assets within organizations of all types and sizes.
This international standard is particularly intended for use in managing physical assets but can also be applied to other types of assets.

This international standard does not specify financial, accounting, or technical requirements for managing specific types of assets.

For the purposes of ISO 55000, ISO 55002, and this standard, the term "asset management system" is used when referring to a management system for asset management.
Certain organizations strive for optimal asset management that requires all people, processes, and information to be synchronized, including the extended supply chain, business partners, and other stakeholders.

The standard is intended for any organization aiming to:

•  establish an asset management system to manage its assets throughout their life cycle or for a specific period of time;
• reduce the risk associated with asset ownership;
• implement, maintain, and improve the management of its assets;
• ensure that a defined asset management policy and the organization's objectives are being carried out;
• demonstrate conformity to this international standard in its operations.