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ISO 55000

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 by all 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.

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.

 

Asset Management Model

ISO 55001 international standard are much more than a set of requirements to be met in order to obtain certification. They include the implementation of an effective asset management system that minimizes costs and risk, in which an organization’s certification is a guarantee of robust and sustainable asset management to its multiple stakeholders, and a real economic advantage for shareholders and investors.

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Asset Management

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Asset Management Model

Implementing ISO 55001 as an Integrated Management System

Since the publication of Annex SL - the standard that defines the high-level structure for all ISO management systems standards - all ISO management systems must be developed following this structure:

  1. Scope
  2. Normative references
  3. Terms and definitions
  4. Context of the organization
  5. Leadership
  6. Planning
  7. Support
  8. Operation
  9. Performance evaluation
  10. Improvement

So, if your company have already a management system implemented don’t forget that clauses 4, 5, 7, 9, and 10, have a similar text, so it can be unified without compromising the individual standards. It is the beginning of integration!

 

Benefits of an Optimized Asset Management System

It is no longer possible to think that carrying out maintenance plans (preventive or corrective) to repair or maintain the equipment is enough.

The efficient management of assets, based on proper use, supported by processes and procedures, allows the organization to function efficiently to ensure its sustainability and brings benefits:

Cost reduction

Effective cost reduction that translates into results for the company (value for money)

Minimising Risk

Ensure that all the risks inherent to the management of assets are identified, minimised and contained

Increased efficiency

Ensure through the reorganization of the layout of the plants and/or reduction of set-up change times

Equipment reliability

Ensure that the asset is able to function without compromising the goals that have been defined

The ISO 55000 family of standards is applicable to any organization regardless of its dimension and assets to manage. 

 

Asset Management transformation plan

Aligned with your company goals, an asset management transformation plan can bring together maintenance, operations, and engineering to develop a Strategic Asset Management Plan and implement the required processes, technology and organization, using the 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. 

g3p consulting’s added value is the integrated and cross-sector approach, that allow fast identification of equipment performance level, measuring potential benefits, areas of expertise and development of an action plan ensuring the implementation of ISO 55001 standard requirements, by using the best international practices. Organizations now have an essential tool to achieve balance between cost, risk and performance.

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