This website provides a rapid introduction to the ISO 55000 series of standards for asset management and the sorts of services (education, implementation guidance, assessment and strategic planning), that are available to assist you in improving the management of business assets.
This website is owned and maintained by The Woodhouse Partnership Ltd, one of the leading international authorities and sources of training and support on the subject.
In 2004 the UK Institute of Asset Management, in conjunction with British Standards Institution, developed PAS 55, the first publicly available specification for optimized management of physical assets. This has proven very successful, with widespread adoption in utilities, transport, mining, process and manufacturing industries worldwide. The 2008 update (PAS 55:2008) was developed by 50 organisations from 15 industry sectors in 10 countries. The International Standards Organisation (ISO) has now accepted PAS 55 as the basis for development of the new ISO 55000 series of international standards.
What is ISO 55000?
The ISO 55000 series will comprise three standards:
> ISO 55000 provides an overview of the subject of asset management and the standard terms and definitions to be used.
> ISO 55001 is the requirements specification for an integrated, effective management system for assets.
Note: 55001 defines requirements for a management system, in the same way as ISO 9001 specifies a quality management system, and ISO 14001 covers an environmental management system. ISO 55001 is not, therefore, a specification for an asset information management system (sometimes called "enterprise asset management" system). Such software systems are, however, recognised to be useful aids ('enablers') for good asset management.
> IS0 55002 provides guidance for the implementation of such a system.
The development of these standards is ongoing, through ISO Committee PC251, with 26 countries participating. The standards have an expected publication date of 2014.
Click here for more information on the three standards and the progress of the development project.
What is Asset Management?
Assets, and value realized from them, are the basis for any organisation delivering what it aims to do. Whether public or private sector, and whether the assets are physical, financial, human or 'intangible', it is good asset management that maximises value-for-money and satisfaction of stakeholders expectations. It involves the coordinated and optimized planning, asset selection, acquisition/development, utilization, care (maintenance) and ultimate disposal or renewal of the appropriate assets and asset systems. Insights into the integration and optimization of asset management have developed since the 1990s (from the North Sea oil & gas industry and the Australian public sector), to identify a range of essential business processes, alignment activities and system integration features that yield very significant performance benefits.
Click here for more information about PAS 55 and the history of developing and implementing this standard for asset management.
Benefits of optimized asset management
The tangible results of joined-up, risk-based, whole life cycle asset management are increasingly proven around the world. They include:
There is a great deal of useful information about asset management, the underlying concepts, the practical implications and business benefits being obtained. The Woodhouse Partnership Ltd (TWPL) has been intimately involved with this emerging business discipline since the 1980s, and has published many papers, case studies and guidance material on the subject.
TWPL also offers a wide selection of training and education programmes, ranging from personal coaching to short courses, workshops, e-learning developments and full academic certification, diploma and MSc material.