Assets define the value of an organization. An effective Asset Management program must aim to maximize the value of its assets and reduce the risk/incidents while meeting the expectations of the stakeholders and investors. But keeping all this in check and dealing with changes in the business environment can be difficult.
To address this, the International Standards organization (ISO) has introduced the 55000 series that describes the asset management best practices for asset maintenance. ISO 55000 series comprise three standards to strategize an asset management plan boosting overall improvements and expenditure:
1. ISO 55000 gives you an overview of the concepts and principles of asset management.
2. ISO 55001 defines all the requirements for a management system.
3. ISO 55002 guides you through the process of implementing a suitable management system for your company.
Once the standards and the uses are clear, you can implement them into your asset management system. Here are some of the best practices:
1. Record Asset Data: To begin with, record all the assets data owned by the company and their current state of performance and other necessary information about each of them that will help assess it. This way, areas of improvement are observed and can help reach an ideal asset condition.
2. Identify Risk: Create a set format for managing assets while considering the risks and costs. Risk management is a crucial factor in predictive maintenance, for which it is necessary to identify risks beforehand to prepare for any shortcomings.
3. Improve Data Quality: Your asset management software is an important factor if the data is captured and structured well for analysis. An effective Mobile EAM solution helps your business capture accurate and structured data by capturing important data such as measurement readings, meter readings, failure type, damage & cause analysis, equipment history, asset changes, and equipment parts. This information can be accessed anytime-anywhere on a mobile device. The more information you capture about equipment performance and functioning, the more convenient it proves to be during failures or repairs. This data can help you prepare ISO 55000 management plan that provides a tactical direction during an emergency.
4. Automate Workflows: Automated workflow of performing tasks and operations based on priority makes time for asset rejuvenation; reducing maintenance costs, and improving capital investments.
5. Create a Timeline: Create a timeline of goals to be achieved and the progress made to set a clear vision that resonates with everyone involved.
6. Sustainability: A good asset management plan promises sustainable asset performance in the long run. It provides an essential condition over the years that also considers other sustainable measures identified by the company.
7. Continuous Improvement: Creating an ISO 55000 asset management plan is not a one-time task but rather a continuous process that should evolve over time.
ISO 55000 certification process is rigorous and time taking. Whether an organization, pursues the formal certification or not, your company will certainly benefit by aligning your asset management processes with ISO 55000 requirements. An effective asset management approach that aligns with ISO 55000 standards will significantly improve asset uptime, enhance operational excellence, and reduce risk incidents.
At Unvired, we have been providing Connected Worker solutions for over 10 years with in-depth experience in mobile asset management/plant maintenance, field service, digital forms, and inventory /warehouse management-related business processes. Unvired’s SAP-Certified Mobile EAM app helps companies capture structured asset data in real-time and helps the stakeholders make an informed decision by providing dashboards and data analytics.
Would you like to learn more? Let’s schedule a call to discuss your asset management plan and how we can align to achieve your asset performance and productivity goals.