Every organization wants to achieve more with its physical assets. But asset management is a large and complex undertaking. If you want consistent and sustainable improvement, you need a structured program that connects the dots between the different parts of the operation and directs the effort.

Understanding the ISO 55000 approach

ISO 55000 was designed to help any organization where physical assets play a key role in achieving business goals. It offers a proven system for creating value through effective asset management.

The central recommendation of ISO 55000 is that a business should establish a structured program for managing its physical assets. In ISO terminology, this is called an asset management system. An asset management system is not software. Rather, it’s a system of processes that an organization implements to achieve its objectives.

Why the ISO 55000 approach works so well

An ISO 55000 asset management system provides the organizational framework that is needed to manage physical assets effectively. It introduces order, discipline, and structure into chaotic asset management operations.

An ISO 55000 asset management system gets everyone on the bus. It establishes an executive mandate for how the organization’s assets will be managed, translates that mandate into specific activities and performance measures, and coordinates the operation across business functions to make it happen.

This structured approach is exactly what is needed to increase equipment uptime, eliminate wasted resources, and improve service delivery in an asset-intensive business. It provides a stable foundation for long-term improvement.

Creating business value with asset management

Successful asset management takes a combination of management systems and technology systems. Technology systems like IIoT and EAM deliver the data and boost efficiency, while an ISO 55000 management system like SynergyTM provides the foundation of business goals, processes, and structure that are needed to run the operation. Together, the two allow an organization to gain insights and then take action to create business value.

Value Pyramid

Taking an ISO 55000 approach means (a) understanding the power that assets have to impact business goals and (b) leveraging that power to maximize business value. It represents a strategic way of thinking about and governing the asset management operation—a way that starts with a structured program and leads to value creation.

Benefits of the ISO 55000 approach

Taking an ISO 55000 approach to asset management can help any organization, public or private, get more value from its physical assets. An asset management system:

  • Helps an organization “turn things around” through disciplined practices, long-term planning, and effective change management.
  • Demonstrates to customers, owners, employees, regulators, and other stakeholders that the organization’s assets are in good hands.
  • Provides assurance that an organization’s objectives for its physical assets can be achieved consistently and sustainably over time.
  • Enhances customer satisfaction through improved performance, reputation, and control of service delivery.
  • Improves risk management, HSE performance, and corporate governance – while leaving a clear audit trail.
  • Optimizes return on investment for physical assets, capital projects, and asset management technologies (EAM, CMMS, IIoT, etc.).
  • Speeds up improvements in the short term while laying a solid foundation for future success.

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ISO 55000, IIoT, and EAM: Solving the asset management puzzle

An asset-heavy organization needs three major pieces to manage its physical assets successfully: industrial internet of things (IIoT) and enterprise asset management (EAM) technology, plus a “management system” approach, such as the one that ISO 55000 offers. IIoT and EAM technology deliver the information and boost efficiency, while an ISO 55000 management system provides the foundation of business goals, processes, and structure that are needed to run the operation and create value.

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The ISO 55000 approach is creating big value for our clients.

Increase uptime and lowering costs at Chiquita

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Realizing hard and soft savings at Delek US

Delek

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Improving service delivery at Des Moines Water Works

Water

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Start turning asset management into a profit center.

Contact SwainSmith today for a complimentary consultation about how an ISO 55000 approach could benefit your organization.

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