In simplest terms, an Asset Management System (AMS) is a structured framework aiming to track, control, and optimize a business’s physical and intangible assets. The key is ensuring their returns are maximized with effective management during their lifecycle. ISO 55001 is the internationally accepted standard for an AMS, so it defines the regulations that organizations should meet while implementing their AMS. ISO 55001 certification is crucial in asset management as it helps validate your AMS and ensure its effectiveness in managing assets.