ISO 55000 Training

ISO 55000

 

ISO 55000 is one of the latest new ISO standards. This is focused on best practices in the area of Asset Management. ISO 55000 is a continued development of the PAS 55 (Public Available Specification developed by the British Standard Institute). ISO 55000 was launched as planned in February 2014 and has since seen the fastest adoption rate globally of any new ISO standards.

 

What is it and why should it support your organization?

 

ISO 55000 describes the following structure in Asset Management:

1. Align your Assets to your strategic business plan

2. Manage the performance of your Assets over their lifetime

3. Manage the cost of your Assets over their lifetime

4. Manage the risk of your Assets over their lifetime

5. Implement a continuous improvement model around Asset Management.

 

There are many deeper considerations in the above statements and requirements. One of the key areas is that ISO 55000 requires a fully integrated approach from the organization towards the business goals. This requires for many companies a significant change process. It is not the optimum of the department, it is the optimum of the entire organization that counts.

 

While this is for executive management even today a given, many organizations are aligned towards department and even individual goals, leading to sub-optimization.

 

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A second important element is the financial view of Asset Management. This is focused on the performance over the lifetime of the Assets, which is often measured against quarterly targets. A new way of measuring and reporting business results should be implemented.

 

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ISO 55000 requires the three main goals performance, cost and risk of the organization and through the organization of the Assets to be managed. This creates a focus on the Asset performance and as a result on Asset Performance Management, an up and coming area in the application world, with modern forecasting tools and real use of Internet of Things, real-time information leading to real-time decisions, with impact on the lifetime Asset performance.

 

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With Asset Investment Planning the organization implements a way of working taking in account Life Time Management and Life Time Costing. Another significant change, moving away from Capex and Opex to Totex and again a change to the overall performance of the organization and away of sub optimizations where trade offs are made to stay in one budget to be later compensated at (much)higher cost from another budget.

 

Many organizations today already have a kind of work order management, or Enterprise Asset Management in place to support the activities required to make the Assets available.

This is now supported by Asset Performance Management and aligned with Asset Investment Planning to make the best decisions against an Asset Management goal and objective.

 

IBM is one of the front runners with a full tool set supporting industry goals in these areas.

 

Amosa is well aligned in understanding the Asset Management requirements to support this with the right information possible to make the best decisions.

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