Launched in 2014, ISO 55000 series was considered a landmark in the history of asset management, setting a global standard that enables consistent and sustainable asset management over time, reducing costs with maintenance, downtime and increasing the operational effectiveness.
Besides ISO 55000, that presents the general concepts of asset management, two other standards – ISO 55001 e ISO 55002 – complete the series. The first one specifies the requirements to set, implement and maintain the asset management system of an organization, as long as the second one provides guidelines for the application of the system.
This set of standards will be the guidance for an efficient asset management, enabling the company to implement a systematic and coordinated process to manage in an optimized and sustainable way its assets, assets systems, performance, risks and life cycle.
The Asset Management System
The implementation of all elements of standard ISO 55000 follows a methodology and processes compounding the asset management system, providing an integrated structure establishing the critical connections among all the elements.
See the steps which are part of the implementation of an asset management system:
1 – Policy
It combines the publication of the asset management policy, statement that establishes the principles to be observed by the organization to align the management objectives with the business objectives.
2 – Objectives
The management objectives must be Specific, Measurable, Attainable, Realistic and Time-bound – the so called SMART objectives – assessing matters such as asset productivity; asset sustainability; compliance, life cycle and costs rationalization.
3 – Strategy
The strategy shows how the business objectives will be changed into asset management objectives, defining goals and deadlines that must be reached from the management activities.
4 – Documentation
All the assets management activities must be documented, including operational and maintenance plans, capital investment plans – revision, renovation, replacement and improvement – and resources. This document must be periodically revised to assure that all the objectives are aligned.
5 – Leadership
The Board of Directors must support and approve this asset management policy, setting its applicability and reach, deadline and responsibilities. This group must assign an employee to supervise the development, implementation, operation and continuous improvement of the asset management system, but the Board of Directors must keep being responsible by it.
6 – Planning
In this step, all the short and long-term risks and opportunities are assessed, and how the asset management is integrated to other business processes.
7 – Support
It identifies resources and people necessary to the operation, besides aiding on the commitment of all the collaborators and widening the communication and collaboration among different sectors of the company.
8 – Operation
It assesses the implementation, controls processes, monitors risks and supports the change management.
9 – Assessment
It identifies metrics to measure the financial performance of the asset management, performing audits.
10 – Improvement
It corrects the non-compliance and establishes continuous improvement practices.
Asset Management Benefits
The implementation of an asset management system based on ISO 55000 is a strategic decision to the company, balancing costs and risks and increasing the quality of the service and the operational cost. See some of the benefits that may be reached with the asset management implementation:
Improvement of the financial support: the improvement in the return of the investments and the costs reduction can be reached, preserving, at the same time, the value of the asset without sacrificing the short or long-term performance of the organizational objectives.
Best decisions of asset investment: it enables the organization to improve its decision making and efficiently balance the costs, risks, opportunities and performance
Management risk: reduction of financial losses, improving the mental health and the safety, goodwill and reputation, minimizing the environmental and social impacts, possibly resulting in reduced liabilities, such as insurance premiums, fines and penalties costs.
Services improvement and way out: assuring the assets performance can lead to services or products that consistently meet or surpass the clients’ and stakeholders’ expectations
Demonstration of social responsibility: improving the organization’s capacity for, as an example, reducing the emissions, preserving the resources and adapting to climate changes, allowing to demonstrate socially responsible business practices and ethical administration
To show the compliance: offering transparency in the compliance with the legal, statutory and regulatory requirements, as well as adhering to the standard asset management, policies and processes.
Better reputation: through the improvement of the customer’ and stakeholders’ satisfaction and increased reliance.
Improvement of the organizational sustainability: the efficient management of short and long-term effects, expenses and performance can improve the sustainability of the operations and the organization
Better efficiency and effectiveness: reviewing and improving processes, procedures and asset performance can improve the efficiency and effectiveness, as well as reaching the organizational objectives.
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