The formula is simple: management system + software system = effective, efficient, information-driven asset management.
To support this approach, we offer comprehensive management system design, consulting, and auditing services for clients’ physical assets.
ISO 55000: international standard for asset management
In the last few years, management systems have increasingly been recognized as a best practice for enterprise asset management.
The ISO 55000 series of standards, published in 2014 by the International Organization for Standardization, provides recommendations and requirements for an asset management system – i.e., a management system used to administer and maintain a portfolio of physical assets. With ISO 55000, the international community of asset management experts issued a clear statement: if a company is serious about asset management, it needs a management system for its assets.
A management system brings together and coordinates all the elements of the asset management operation
Because of ISO 55000, asset management systems are quickly becoming the standard in highly regulated industries, such as public utilities and food manufacturing, where companies need to demonstrate good stewardship to customers, stakeholders, insurance agencies, and government regulators. Asset management systems are also being used increasingly in other industries, such as oil and gas, where managing the health and cost of physical assets is vital to companies’ profit margins.
But asset management systems aren’t just for big, highly regulated businesses. A management system for assets makes maintenance, storeroom, procurement, and related business functions operate more effectively and with greater consistency. Any business – even a small one – can benefit from establishing formal policies, processes, and procedures for asset management. This is especially true for businesses that have implemented, or are thinking about implementing, an EAM software system.
What are the benefits of establishing an asset management system?
In addition to improving EAM software performance, the establishment of a management system for assets produces many other benefits for a business. For example, a management system:
- Helps deliver the goods by laying out the required steps to perform common tasks.
- Provides processes and benchmarks for measuring employee and department performance.
- Serves as a training tool by thoroughly describing policies, tasks, and responsibilities.
- Improves data output quality by establishing consistent practices for data input.
- Facilitates change management by providing documentation for new processes and procedures.
- Delivers an executive mandate for how the organization’s assets will be managed.
- Conveys that a business is serious about implementing effective asset management practices.
- Makes the EAM system easier to use by providing a template for configuring the software.
- Maps out a direction for the business by defining the desired end state and objectives.
- Replaces chaos with order by formalizing how the maintenance operation does business.
Bringing structure and discipline to your asset management operation makes sense.
Asset Management Systems Explained
SwainSmith helps clients get the most out of their EAM software by “systematizing” the asset management operation. Our ISO 55000 asset management systems reduce MRO costs, improve asset performance, and help you access the EAM information you need on a long-term, sustainable basis.
Management system design, consulting, and auditing services
SwainSmith helps EAM software customers get better information and create more value with their EAM products by establishing management systems to govern maintenance, storeroom, and MRO procurement activities. We provide a comprehensive portfolio of services to help organizations establish, maintain, and improve ISO 55000 compliant management systems. We’re proud of our clients’ results, which include an average 10–30% reduction in maintenance costs and 3–5% improvement in machine availability.
We facilitate the management system design process with Synergy, a proprietary model for ISO 55000 management systems that is unique in the industry.
Synergy: Our Best Practice “Management System” for Physical Assets
Synergy jump-starts the development of your asset management system. It reduces development time and costs so you can create more value sooner. But it doesn’t just speed up the process – it also provides a best-practice foundation.