ASSET MANAGEMENT STANDARDS
Providing information on ISO 55000, PAS 55, maturity assessments, classroom courses, online-learning, implementation and strategic asset management planning
What is Asset Management?
Assets are the basis for any organisation delivering what it aims to do. Whether in the public or private sector and whether assets are physical, financial, human or ‘intangible’, it is good asset management that maximises value-for-money. It involves coordinated and optimized planning, asset selection, acquisition/development, utilization, care and ultimate disposal or renewal of assets and asset systems. Insights into the integration and optimization of asset management have developed since the 1990’s to identify a range of essential business processes that yield significant benefits.
What is ISO 55000?
The ISO 55000 series comprises three standards:
- ISO 55000 provides an overview of the subject of asset management and the standard terms and definitions.
- ISO 55001 is the requirements specification for an integrated, effective management system for asset management.
- ISO 55002 provides guidance for the implementation of such a management system.
55001 defines requirements for an asset 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 a specification for an asset information management system (sometimes called “Enterprise Asset Management” or EAM system). However, such software tools can be useful aids (‘enablers’) for information management and work control elements of good asset management.
The development of these standards was achieved by ISO Committee TC251, with 31 countries participating. The standards were published in February 2014 and are available from national standards bodies such as BSI.
The 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:
- Alignment of processes, resources and functional contributions (instead of departmental silos and competing, short-term priorities).
- Creating a transparent audit trail for what is done, when and why.
- Better understanding and usage of data and information to provide informed and consistent decisions.
- Improved planning (especially capital expenditure).
- Consistent, prioritised and auditable risk management.
- Alignment and coordination of existing initiatives, including competency development.
- Greater engagement of the workforce, including leadership, communications and cross-disciplinary teamwork.
There is a great deal of useful information about asset management, the underlying concepts, the practical implications and business benefits. 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, online learning developments and full academic certification, diploma and MSc material.
Strategic Asset Management Planning (SAMP)
This website introduces the standards, the basic concepts of asset management and some of the options for assessment, training and using the standards to improve business performance. The site is owned and maintained by The Woodhouse Partnership Ltd, (TWPL) one of the leading international authorities and sources of training, assessment, facilitation and support in the management of business assets. TWPL is a BSI Affiliate and an Endorsed Assessor and Trainer for the IAM.
STRATEGIC ASSET MANAGEMENT PLANNING (SAMP); Developing and Maintaining a Strategic Asset Management. Want to find out more about creating and using a SAMP in your organisation? Buy a copy of this new guide and explore more here