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06 Feb 2014

What Does Asset Master Data Have to do With ISO 55000?

February 06, 2014Blog

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If your Asset Portfolio is at the heart of ISO 55000, what steps are you taking to get it right? From the perspective of ISO 55000, your Asset Portfolio encompasses the realm of assets in your organization that are within the scope of your asset management system. My experience over the years is that many organizations, whether privately held or public, struggle to create and maintain a trustworthy registry of assets that make up their Asset Portfolio.

There are many reasons organizations do not have a properly defined and documented Asset Portfolio, most of which revolve around time, money, and conflicting priorities. Despite interference from competing interests, shouldn’t this have always been a priority? How can a company establish a safe and effective asset management system if they don’t know exactly what assets are covered? How do they assess risk? How do they determine operational safety requirements? How do they know they have put the right asset management activities in place to optimize things like asset performance and asset life?

The answer? They probably can’t.

I am curious to learn how much focus will be placed on establishing the asset portfolio when companies embark on the ISO 55000 journey. Will they take it seriously? Or will they jump to the more interesting aspects of ISO 55000 like developing the asset management system and defining the coordinated activities that must take place to realize value from assets? Better asset management practices make our businesses more competitive, our operations safer, and keep our taxes and infrastructure costs lower. I am curious about the role that sensors and the promise of the Internet of Things (IoT) will play in the future. Will asset audits be a thing of the past? Until then, I hope that our businesses and our public sector infrastructure managers take the time to get their asset portfolio right.

 
Jeff Bonnell
Vice-President, Corporate Development & Marketing
 

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