This is a guest contribution from James Reyes-Picknell, a leading authority in physical asset management, uptime and ISO 55000.
As awareness of ISO 55000/1/2 grows, more are seeking to learn: What is it? Why do we have it? What’s in it? What does it require? How does it impact me and my business?
The impacts can be huge as the implications of the new standard’s 72 specific requirements become evident in organizations seeking to comply. Most asset intensive organizations are very likely doing many of the good management practices that ISO 55001 describes but they may be missing a few key aspects:
- they may or may not have their practices well documented
- those practices may not be consistent across the organization
- they may not have good documentary evidence of having done what they say they are doing.
All too often, well intentioned risk management programs don’t quite have the impact they should in making asset related decisions—often because risk management and asset management (or its components) exist in separate departments. Asset related information is often inconsistent, out of date or inaccurate. What engineering has in its records often differs from the information used by maintenance, operations and supply chain managers. Which version is accurate?
ISO 55000 isn’t about doing new things and adding burden, it is about doing what you’ve been doing (or should have been doing) well and being able to prove it. It’s about implementing good management practices where they may be missing, incomplete or having less impact than desired.
To explain the new standards in simple terms, we’ve created an e-book titled ISO 55000 – What You Need To Know available free for download.
I also participated in a webinar, alongside Boudewijn Neijens from Copperleaf, that explains why Asset Investment Management and Planning, or AIPM, is integral to good asset management. To put it simply:
- we invest in assets to create value
- risks will grow as asset condition deteriorates
- maintenance and modification can improve the situation but replacement or major restoration will eventually be needed
- therefore, both short- and long-term perspectives are needed to secure funding.
AIPM provides a rigorous framework and process to make decisions that impact the lifecycle of physical assets and how well their functionality will be sustained over time. I am a firm believer that without AIPM, your AM program will be at risk; with AIPM, your AM program can succeed!
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