ISO 55000 has been released

January 23, 2014

With the release of ISO 55000 this week, asset management is a hot discussion topic and at Pragma we are equally excited about this historic moment.

You may also be wondering what the hype is all about and how it will affect asset management in your organisation.

But let’s first put ISO 55000 in perspective: ISO 55000 is an international standard for the management system, for asset management, in other words an asset management system.

Like all ISO standards for management systems such as ISO 9000, it is based on Deming’s PDCA cycle, which is Plan, Do, Check and Act.

ISO 55000 specifies that your organisation needs to have

  • clear asset management objectives,
  • a strategy and detailed plans to achieve it, and
  • a scorecard to measure it.

These processes and plans then need to be implemented and executed, with sufficient records to show that they are in use. The results of these activities need to be reviewed regularly in order to identify areas for improvement.

Unfortunately the standard does not give any guidance on what asset management best practices are. The diagram below illustrates the concept clearly. As you can see, the management system is a sub-set of the full asset management function. It is important for sustainability and certification, but in itself it will not guarantee effective and successful asset management activities which lead to bottom-line results.

So we need to look beyond ISO 55000 for best practices. The Global Forum on Maintenance and Asset Management has issued a document called The Asset Management Landscape, which defines asset management in terms of 39 subjects. These subjects cover both the asset management system and the best practices during an asset’s life cycle – acquisition, operation and maintenance, and decommissioning. It also identifies the need to manage and balance your portfolio of assets to meet the demands of your customers.

The challenge, however, is that the Landscape document is at a very high level, defining each of the 39 subjects in a paragraph without any details on the best practices or implementation steps.

With Pragma’s involvement in the development of ISO 55000, our research and development team has been proactive in formulating a unique offering that addresses both of these frameworks with one methodology. We have developed a road map for your asset management journey consisting of

  • an initial assessment,
  • a strategic planning exercise,
  • detailed business processes and tools to support the implementation of each of the 39 subjects, and
  • a comprehensive training programme to up skill your team along the way.

This journey will ensure that you implement sound asset management practices with associated results, but it will also ensure that the management system is in place for ongoing sustainability and ISO certification.

Companies interested in sustainable asset management practices and or ISO 55000 certification are welcome to contact Pragma to discuss the development of a customised road map. Visit www.pragmaworld.net for more information.

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