The International Organization for Standardization has released an asset management handbook to help organizations maximize the value of their assets using the approach of the ISO 55000 family of standards.
The handbook: “ISO 55000: Asset management – What to do and why?” offers practical examples to help organizations develop their own asset management systems.
“The handbook has been designed to support the use of the ISO 55000 standard by any organization in getting the best value from any types of assets,” author of the handbook John Woodhouse said.
According to Woodhouse, asset management involves taking a strategic and holistic view of assets.
“So, rather than just looking at how much performance (or cost savings) we can get out of our assets this year, it helps us to think about their whole life cycle,” he detailed. “This affects decisions such as what to buy in the first place, how to use it, how to look after it, and how long to keep it.”
In the handbook, Woodhouse also underlines the important role ISO 55000 can play in ensuring that people within an organization see objectives, risks and value in the same way.
“There is often a tension within an organization between those who use assets to do something (e.g., provide a service or make a product) and those who are tasked with maintaining them,” Woodhouse said. “Similarly, those who design or acquire assets often have conflicting priorities with those who use them (operators) or look after them (maintainers). ISO 55000 helps to get everyone on the same page.”
The handbook also aims to support organizations to understand what is possible and how to reach these goals.
“The handbook contributes explanations and illustrations that are not always possible to include in a formal standard. For example, it is important to recognize what the organization already does well (and should be protected or exploited more widely) as well as what could and should be improved.”