ISO 55000 – International Asset Lifecycle Management Standards

ISO 55000 is a set of international standards focusing on Asset Management, and originating from the British Standards Institute’s ‘Publicly Available Specification 55’ (PAS 55). The ISO Standard which was released on January 15, 2014, has now largely replaced PAS 55 as the default global standard for best practice in Asset Management.

The Standard itself is comprised of three components:

ISO 55000 – Provides an overview, key concepts and terminology in asset management.
ISO 55001 – Defines the requirements of an asset management system
ISO 55002 – Details how such an asset management system can be implemented

The ISO 55000 set of standards can be applied to all types of assets and by all types and sizes of organizations.

Why is this standard important?

Unified Process

The ISO 55000 framework guides organizations into developing a unified Asset Management Framework that aligns processes, resources and functional business units. A unified approach to Asset Management drives productivity and business performance.

Compliance

The ISO 55000 standard provides a consensus on what Asset Management is and how it can generate benefits for all organizations, which in turn ensures that organizations are both effective and reliable. Subsequently, businesses are increasingly seeking suppliers and partners that comply with the ISO 55000 standard.

Continuous Improvement

Regardless of Industry, Business Size or Asset Structure, Continuous Improvement is a critical mechanism in ensuring optimized productivity and controlling costs. There is always room for improvement, particularly within asset intensive organizations, and an effective Asset Management system designed around the ISO 55000 framework is essential in driving this process.

Integration with other Industry standards

ISO 55000 integrates with other management standards such as: ISO 9001 for quality management, ISO 14001 for environmental management, OHSAS 18000 for occupational health and safety, and ISO 31000 for risk management. This enables company-wide improvements and inter-organizational synergy.

How does Fulcrum CATS enable ISO 55000 Compliance?

Fulcrum recommends a free consultation to explore how ISO 55000 compliance can be supported by CATS Asset Lifecycle Management solutions.