What You Need to Know About ISO 55000

Asset ManagementThe ISO series of quality certifications are among the world’s best benchmarks of organisational performance. Of this roster, the ISO 55000 asset management standard is the first of its kind to cater to the overseeing of physical organisational assets. But, what is it in its entirety, and what does it entail?

The Basics

According to the official ISO website, ISO 55000 (official name: ISO 55000:2014) deals with a direct overview of asset management, as well as its principles and terms and the expected benefits of adopting proper asset management practices. It can be to all assets regardless of types and organisation size.

Organisations looking to get ISO 55000 certified need to consider a number of factors. Those who contemplate on it for the first time must establish a connection between two factors. These are the organisation’s foremost targets and goals, and the delivery of their work in practice. Experts believe that doing this requires a comprehensive planning process, as well as a clear idea on how asset management would be used.

Industry-specific Benefits

ISO 55000 is still young, having been introduced just two years ago as an offshoot of the British PAS 55 standard. While any type of organisation will reap rewards from it, specific industries, professionals and other niches stand to benefit more.

Case in point, plant management and managers. Writing for PlantServices.com, industrial and technical writer Sheila Kennedy believes that anyone whose responsibilities involve asset reliability must understand the basics of ISO 55000. By doing so, they’ll be prepared to tackle whether there are steps that must be taken to comply with the standard’s recommendations.

A study from the University of Twente in the Netherlands also notes its merits concerning the road infrastructure niche. While it is noted that the standard is still ‘too general’ for the Dutch road infrastructure sector, the study still considered the standard enough for usage in the development of various systems (i.e. AM system of a tunnel).

The ISO 55000 standard is still new, and it will surely see several changes. What the world’s industries must do is wait for its further improvement as a system.