Asset Management | ISO 55000

The ISO 55000 standard, developed on the basis of the British PAS 55 standard in the field of asset management, establishes a general overview of asset management, defining its principles and terminology: in support of this standard, ISO 55001 defines the requirements of an asset management system, while ISO 55002 provides a useful guide to the application of ISO 55001.

The objective of the regulatory complex is to help make the best use of a company's resources, to protect an asset and to create value from an activity, where "good" is to be understood as something that has a potential or real value for an organization, and can be anything, from a tangible and material element (for example a rail, a train, a wagon) to an immaterial element, such as the reputation or image of an organization.

Each asset can bring value to an organization and to optimize that value, management must be effective.

Although the assets of an organization are extremely diversified, the basic principles for taking care of them are the same with different actions, albeit aimed at avoiding the degradation of the potential value of the asset: it is necessary to assess the risks associated with an activity, then plan a long-term strategy to define how to achieve an objective of asset management and how to achieve it with available resources.

In order to properly evaluate the strategic management plan, it is necessary to deepen the knowledge of the life of an asset, taking into account its life cycle, in order to be more aware of all the elements that have or can create value in our organization.

The main advantage is obviously to be able to realize value (whether it be organizational value, quality, production, value of the level of service or technical value) through a better knowledge of the assets, or aiming at improving the relationship with stakeholders, because the value of a good is not to be understood as the mere monetary quantification, but the appreciation of external parties to the organization.

In summary, ISO 55000 states that Asset Management must create value in all its facets: organizational, qualitative, productive, service level, technical, etc.

The Asset Management must be structured in a flow that starts from the company policy and goes to the actions passing through the strategies, practically from the top to the bottom.

The Asset Management must therefore:

  • Be compatible with company strategies;
  • Be integrated with the company processes;
  • Provide resources to implement a system of continuous improvement;
  • Ensure that the system achieves its expected objectives;
  • Ensure alignment between the company's strategic plan and objectives.

In this respect, the standard is addressed to all types of organisations, public or private, interested in good asset management.

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