ISO 55001:2014 – Make a systematic process of maintaining, upgrading and operating physical assets.
Asset management is the maintenance of a desired level of performance in what you want your assets to provide, at the lowest life cycle cost. Lowest life cycle cost refers to the optimum necessary cost for maintenance, repair or replacement of an asset. Asset management is implemented through an asset management program and typically includes a written asset management plan. An Asset Management in accordance with ISO 55000 is a management system designed to maximize the effectiveness of assets, and increase the efficiency of operation.
The Benefits of an Asset Management System
- Clear definition of objectives, roles, responsibilities and performance indicators in relation to asset performance
- Reduced risks for assets and their performance
- Improved efficiency and streamlining of operations
- Improved quality assurance for customers where assets play an important role in the provision of services and products
Improving Performance with an Asset Management System
In their paper “Quantified Benefits from Asset Management – The Sodexo Journey”, Peter Jay, Principal Consultant at the Woodhouse Partnership Ltd, and Keith Hamer, Group VicePresident, Asset Management & Engineering, at Sodexo, explain how the company implemented ISO 55001 and transformed their business, to enable growth and improve value to their customers. The report concludes that the implementation of an asset management system in accordance with ISO 55000 included the following tangible benefits:
- Operational efficiency through improved asset management planning of 20 %
- Total cost of operation reductions of between 7 % and 12 % per annum
- Increased reliability of asset infrastructure by between 10 % and 25 %
ISO 55000 Standard Family
ISO 55001 – sets out the requirements of an asset management system
ISO 55002- provides additional useful guidance for applying ISO 55001
ISO 55000 – gives an overview of the subject and sets out principles and terminology.