If you aren’t already following the standards set by ISO 55000 then it is time to sit up and take notice. This isn’t just a new addition to PAS 55, it is an innovative change that’s designed to work across companies with large assets, small businesses and even service companies.
One of the biggest changes is that assets no longer need to be physical, but can include ‘any asset that has potential value’. This means that any company can utilise ISO 55000 across everything from desktop PCs to intranet databases, helping to reduce costs through effective managing of all the business’ assets.
Increased Strategic Management
Unlike previous ‘best practice’ standards, ISO 55000 provides a professional opportunity for top management to set out strategic management plans that are integrated with their business processes. By taking this strategic approach, asset managers will undoubtedly become more important in the progress of the business, giving them greater weight in boardroom discussions.
Doing More with Less
Gone are the days where companies had more money than they knew what to do with; in these times it is more of a case of wanting more for less. Here is where the benefits of the ISO 55000 really stand out as it allows you to:
- Get the best value from assets across their lifecycle
- Reduces operational and financial risk
- Can make portfolio and investment decisions simpler to understand
- Make sustainable decisions based on maximising long-term value that benefits the company, shareholders and customers
These benefits mean that your assets will be working harder than ever in the most efficient way possible. This in turn lets you know the second issues arise, allowing you to make the repairs or investments needed in the fastest possible time frame.
Greater Efficiency Equals Less Waste
Wastage is something that everyone from consumers to producers are concerned about, but for a variety of different reasons.
Over the last decade or so there has been a big push for companies to be more environmentally conscious, which in turn has driven more consumers to also take this approach. The ISO 55000 provides new standards that ensures your assets are as efficient as possible, reducing the overall carbon footprint.
Assets that are not running efficiently are extremely costly and this is something that most companies are concerned about, rather than the impact they’re having on the environment. Utilising this standard effectively can save thousands, possibly even millions, in running costs every year.
Accreditation for Efficiency
Already running your business as efficiently as you possibly can? Then why not become ISO 55000 accredited? Many businesses are already halfway there in terms of following best practice standards, so why not take the next step in gaining accreditation.
For most companies this does not mean that you have to undergo a full overhaul or even undergo any expensive changes. If you’re already running an efficient business then chances are that everything you need to gain certification is in place. It may simply be the case that you need to align your business practices to the standards set aside in the ISO 55000.
How to Get Started?
Every journey starts with a single step. This can be a very daunting process, but luckily it is very straightforward making it much easier to get the ball rolling.
You simply commission a two or three day assessment to find out where you currently are. From here you are given a step-by-step accreditation that allows you to integrate the company into new ways of doing things at a rate that suits you.
About the Author – David Gazda is Principal Consultant, of the Strategic Asset Management Team at EA Technology and co-author of The Anatomy of Asset Management by IAM. (David.Gazda@eatechnology.com)