Modernising Asset Management
The Industry Wide Impact of ISO 55000
Mainpac
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Managing physical assets has been a constant challenge since the first businesses, and it has only grown more difficult in the 21st century. With the vastly complex systems that large companies now have to deal with, inefficiency, mistakes, and oversights are almost unavoidable. A comprehensive strategy is necessary in order to keep track of equipment, facilities, and everything else the company possesses. Enterprise asset management is still a relatively young discipline, but its prominence has increased rapidly over the years. Companies continue seeking better ways of handling their physical assets, in an attempt to reduce costs and improve the bottom line. The release of ISO 55000 in early 2014 only served to magnify this further.
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Making an Impact on Companies of all Sizes The asset management principles of ISO 55000 are applicable to businesses of every size in a wide range of industries. It contains practical guidance on optimising the entire asset life cycle, from acquisition to renewal or disposal. In addition, the standards cover managing asset systems and the asset portfolio as a whole. Following the standards result in better risk optimisation, lower operating costs, and more sustainable planning. ISO 55000 also has a heavy emphasis on aligning the organisation’s strategic goals with asset management, making efforts more focused and structured. What truly sets it apart from PAS 55, its predecessor, is that the ISO standards are applicable to all asset types, not just physical ones. It also standardised the industry’s terminology, facilitating easier communication and interpretation within different contexts.
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Changing the Industry as a Whole The release of ISO 55000 has brought asset management into the spotlight, and over the past year, there have been significant changes throughout the industry. Being an internationally recognised standard, it lends weight to asset management as a discipline, raises awareness of it, and makes it a key factor in doing business. Insurers, governing bodies, shareholders, and clients are starting to include ISO 55000 certification on their list of prerequisites, leading to many companies adopting asset management and developing strategies of their own. As time goes on, the discipline as a whole will continue to grow more sophisticated and advanced, thanks in large part to these standards.
Sources: http://www.mainpac.com.au/ISO-55000-asset-management http://www.iso.org/iso/catalogue_detail?csnumber=55088 http://www.assetmanagementstandards.com/
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