ISO Asset Management

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.

ISO 55000: The Future of Asset Management

There is a quiet revolution taking place in enterprise asset management. It’s driven by ISO 55000.

ISO 55000 History

In 2002-2004 the Institute of Asset Management (IAM) in conjunction with British Standards Institution (BSI) developed PAS 55, the first publicly available specification for optimized management of physical assets. This has become an international bestseller, with widespread adoption in utilities, transport, mining, process and manufacturing industries worldwide. The 2008 update (PAS 55:2008) was developed by 50 organizations from 15 industry sectors in 10 countries. The International Standards Organization (ISO) then accepted PAS 55 as the basis for development of the new ISO 55000 series of international standards.

What is ISO 55000?

The ISO 55000 series comprises three standards:

>ISO 55000 provides an overview of the subject of asset management and the standard terms and definitions to be used.

>ISO 55001 is the requirements specification for an integrated, effective management system for asset management. 

> IS0 55002 provides guidance for the implementation of such a system.

THOUGHT LEADERSHIP

Since Fulcrum’s founding in 1998 we have successfully navigated governance, risk and compliance (GRC) regulations on behalf of our customers.

Today we are members of the United States advisory team working with twenty-eight other nations in defining the new international performance standard for enterprise asset management: ISO 55000.

Based on the successful British PAS 55 standard, initially developed primarily for the utilities industry, ISO 55000 will help companies be more successful by providing a common, world-wide approach for improving key processes while increasing trust and communication between business partners and suppliers who support the standard. 

BY INDUSTRY, FOR INDUSTRY

The thought leaders developing the ISO 55000 standard recognize that today’s successful enterprises must address aspects of corporate performance that go beyond traditional metrics which are often too narrowly defined by current short-term expenditures.

For businesses to remain healthy and profitable over the long term, ISO 55000 not only provides the mechanisms to measure and improve a company’s profitability but also its role in health and safety as well as its environmental impact and long-term sustainability. 

COMMON LANGUAGE, COMMON STANDARDS

In contrast to government regulations, the ISO 55000 standard is a cooperative, cross- industry effort to build a common frame- work with a common language.

This approach not only helps individual organizations realize increased value from their assets, it helps companies identify, develop and maintain business relation- ships with partner companies from across the globe who have also elected to work in accordance with ISO 55000 principles. 

As a contributing member to the development of the ISO 55000 standard, Fulcrum is uniquely positioned to help customers prepare for and take advantage of the new opportunities that will arise when ISO 55000 goes into effect in early 2014.

Visit www.fulcrum.net to keep up with the latest news and developments on the future of Asset Lifecycle Management.