Across almost every asset-intensive industry, organizations are challenged with how to maximize the value of assets throughout their lifecycle. As well as capital constraints, aging assets/systems/workforces, complex regulations, there is also increased demand and growing expectations of what organizations and assets will deliver.
More than ever – when organizations address the importance of risk, availability or cost of their most critical corporate assets, there is interest in the Board Room to improve control and visibility of all these resources through the best in asset management practices. They often ask, “How can I…”
The need for a common asset management framework clearly exists and many industries have welcomed the initiative of an asset management standard and are pushing their management to adopt ISO 55000.
In January 2014, the International Organization for Standardization (ISO) released the ISO 55000 series of standards for asset management. As the successor to the 2008 PAS 55 industry standard, ISO 55000 is the result of a three-year collaboration of hundreds of people worldwide. Because of the 100% focus on business value, the standards are being used by more and more organizations.
According to ISO 55000, an asset is a “thing, item or entity that has actual or potential value.” This includes all types of assets from physical assets, to your Maximo data, to human assets such as the knowledge in your maintenance technician’s head! ISO questions whether you are managing these as you would a physical asset and sees asset management as a coordinated set of activities to realize that value for the business.
The objective of the ISO 55000 framework is “to optimize the delivery of performance of all physical assets”. When talking about the value of implementing this standard, the benefits are clear:
- Alignment of processes, resources and functional contributions,
- Creation of a transparent audit trail for what is done, when and why
- Better understanding and usage of data and information to provide informed and consistent decisions
- Improved financial planning (capital expenditure)
- Consistent, prioritized and auditable risk management (in conjunction with IS0 31000)
- Alignment and coordination of existing initiatives, including competency development
- Greater engagement of the workforce, from the “shop floor to the top floor,” including communications and cross-disciplinary teamwork
- Simplified audit process
- More confidence at the shareholder level
- Improved reputation in the marketplace
IBM Maximo and ISO 55000
As the market leading EAM product, the IBM Maximo Asset Management solution enables a natural alignment with ISO 55000 and provides capabilities that allow you to leverage the implementation of this standard. With a single version of the truth for all asset-related information and a powerful workflow engine to model key business processes, Maximo users can achieve alignment with:
- The company’s overall business goals
- The objectives and behaviour for asset management in general
- For specific activities such as capital investments, operations, maintenance and contracting.
Combining the software with the standard can become a sustainable business strategy for operational excellence. Some of the more common benefits companies can gain from a standardized asset management system approach include:
Your Asset Management Maturity Journey
We are noticing an increasing interest in adoption of the ISO 55000 standards as our assets become more intelligent and interconnected.
It’s certainly an important standard to pay attention to and the objective of this post is to bring awareness to an important topic for the EAM community.
For those running their EAM processes in IBM Maximo, the good news is you have what it takes to get there once your processes match the ISO55000 pre-requisites. However, even with technology where it is today, it does not mean all maintenance organizations are at the same point of evolution. It depends on the maturity of an organization and their ability to apply the technology effectively.
For further discussion on how we can help you implement IBM Maximo as per the ISO 55000 framework in your organization, contact us at [email protected]