A Guide to ISO 55001 for Asset Management

Best Practice Guide

A guide to understanding the requirements for asset management systems

Lifecycle asset management isn’t easy, even in the best of times. And nowadays, physical asset-reliant industries (think, mining, oil, and gas, transport and logistics, utilities, airports and aviation, etc.) are more likely than not to find themselves in the midst of fundamental change: new imperatives for safe, high-quality service by hyper-engaged consumers and aggressive regulators.

Of course, the ramifications of this disruption are currently affecting companies on the ground – not just market incumbents but newcomers, as well. After all, many of these businesses are already overseeing vast stockpiles of aging infrastructure, which must remain available and reliable. The simple question is how.

Firstly, it will take a cool appraisal of the myriad, thorny issues facing asset owners; assets are not just things that you can purchase, see or use, they can also be intangible things such as a right of way, a brand, a business relationship, an organization’s culture which fosters innovation, opportunities or a license to operate. Foremost among those core business challenges: the necessity to maintain, if not increase, operational effectiveness, revenue, and customer satisfaction, while simultaneously reducing capital, operating, and support costs.

Indeed, many physical asset management programs have been architected around these maintenance management goals – after all, asset management is less about what to do with assets and more about extracting value and helping an organization achieve its business objectives. Yet, they haven’t been successful, especially on the cost side, where costs get fixed in at the design and acquisition (not maintenance) stages: an estimated 65 percent when it comes to facility lifecycle costs.

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