First published in Jan 2014, this quick read might be useful if you are hearing about ISO 55000 and wondering just what it is or what the fuss in all about. Here are some of the basic facts about ISO 55000.
There are a number of blogs that I’ve written on the topic here.
The ISO 55000 series is actually 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 assets.Note: 55001 defines requirements for a management system, in the same way as ISO 9001 specifies a quality management system, and ISO 14001 covers an environmental management system. ISO 55001 is not, therefore, a specification for an asset information management system (sometimes called “enterprise asset management” system). Such software systems are, however, recognised to be useful aids (‘enablers’) for good asset management.
- IS0 55002 provides guidance for the implementation of such a system.
ISO 55000: Some Definitions Worth Knowing
- An Asset is something with potential value to an organization and for which the organization has a responsibility.
- Asset Management enables the realization of value from assets.
- Value Realization is achieved through the use of analytical approaches and implementation processes that have similar core characteristics, no matter what the industry.
- An Asset System is a group of assets that interact and/or are interrelated so as to deliver a required business function or service.
The details of ISO 55000 are of course not yet published (they will be officially published on January 15th, 2014), but we believe key concepts are unlikely to significantly change.
What ISO 55000 Means for Asset Management Professionals
The new ISO 55000 Asset Management Standard provides a management framework for managing assets throughout their various lifecycle phases in support of the Organizational Strategic Plan (OSP).
Many companies are proactively preparing for the publication of this standard to avoid the type of reactive responses that occurred with the introduction of ISO 9000. Although this Asset Management Standard will add value, it focuses on the “what” of asset management and does not address the “how-to” part of actually accomplishing the tasks … and that is where Conscious Asset can help.