Realizing Commercial Value From ISO55001 Aligned Asset Management

Article  By: Dr Robin (Bob) Platfoot

This article was published in Uptime® Magazine  – August – September 2017

This article demonstrates the commercial value for an organization improving its entire enterprise asset management approach in line with the ISO55001 standard. An organization implementing ISO55001 must first come to terms with clear asset management objectives, a planning process that optimizes the investment portfolio which, in turn, is delivered by efficient lifecycle processes, and a persistent and comprehensive continual improvement process that is documented and controlled.

Commercial value is realized by the removal of waste in asset management delivery so that the investment is prioritized in accordance with measured business outcomes. An organization must be efficient in determining what it must invest in and then deliver this work in a cost optimal manner that maximizes outcomes for the available resources and budget. The outcomes may be valued in terms of performance and capability or risk mitigation.