Generating Business Value Through an Optimised Asset Management Methodology

How does an entity get a clear view as to where they sit in terms of maturity to the ISO 55001 Asset Management Standard?

There is an underlying vulnerability for entities not understanding two key elements associated with Asset Management:

  1. Have I allocated and forecast sufficient funds to?
    • maintain my assets at optimal working efficiency;
    • address asset health risk; and
    • deliver asset capability to meet customer demand and business objectives?
  2. Have I in place the appropriate asset management governance, processes, systems and people capability to consistently and sustainably deliver my business objectives and provide maximum value through effective and efficient management of my assets?

The first step in addressing these questions if your answer is “I don’t know”, is to have an Asset Management Maturity review carried out. This maps your current asset management maturity against the ISO 55001 standard and develops an improvement plan and roadmap to address any gaps, risks and opportunities for improvement to move closer to best practice using the ISO 55001 Standard framework.

ISO55001 is about the management of risk, cost and performance in a balanced manner that seeks to unlock business value from the utilisation of your assets. While ISO55001 does not dictate how to undertake specific asset management tasks, it does specify the key elements that should be present.

The paper written by Dr R A (Bob) Platfoot, Principal and MD of Covaris provides a detailed overview of the steps required to address these concerns. In addition, it provides explanation around the real value to organisations in starting the asset management improvement journey.