What is Asset Management Best Practices?
Asset management is a set of coordinated activities, involving the balancing of costs, opportunities and risks against the desired performance of assets to achieve an organization’s objectives.
Asset management is the art and science of making the right decisions and optimizing the delivery of value. A common objective is to minimize the whole life cost of assets but there may be other critical factors such as risk or business continuity to be considered objectively in this decision making.
Asset Management Best Practices are the compilation of a group of processes that allow companies to reach world class results.
What is Asset Management?
Asset management is a set of coordinated activities, involving the balancing of costs, opportunities and risks against the desired performance of assets to achieve an organization’s objectives.
Asset management is the art and science of making the right decisions and optimizing the delivery of value. A common objective is to minimize the whole life cost of assets but there may be other critical factors such as risk or business continuity to be considered objectively in this decision making.
What is ISO 55000?
The ISO 55000 consists of three standards that represent a global consensus on asset management and what it can do to increase value generated in all type of organizations:
- ISO 55000 Asset Management - Overview, principles and terminology
- ISO 55001 Asset Management – Requirements
- ISO 55002 Asset Management - Guidelines on the application of ISO 55001
ISO 55000 series provides terminology, requirements and guidance for implementing, maintaining and improving an effective asset management system, that can be applied to all types of assets and by all types and sizes of organizations.
Asset Management transformation plan
Aligned with your company goals, an asset management transformation plan can bring together maintenance, operations, and engineering to develop a Asset Management Best Practices Program and implement the required processes and organization, using the gap analysis and best practices based on ISO 55001, to continuously improve the value return on assets with a lower risk to the Business and Stakeholders using the correct asset information.
