ISO 5500X Series Breakdown
Last week our blog focused on the overview of ISO 5500X series. This week we’ll go more in-depth on the 3 standards that make up the series. To give a quick recap of what ISO 5500X is, it guides companies on how to merge asset management, corporate financial and operational objectives together. It drives improved production through asset failure predictions, creating the best value for money.
The series is comprised of three international standards each having their own purpose (ISO 55000, 55001 and 55002). All three standards are important because they represent a global consensus on asset management and what it can do to increase the value generated by all organization managing assets.
- ISO 55000:2014 Asset Management – Overview, principles, and terminology
- ISO 55001:2014 Asset Management – Requirements
- ISO 55002:2014 Asset Management – Guidelines on the application of ISO 55001
ISO 55000 gives an overview of what asset management consists of, the principles and terminology used and what the benefits are. It converts an organization’s objectives into asset-related decisions, plans, and activities, using a risk analysis approach. The standard can be applied to every type of asset, regardless of their size. This particular standard may be described as the parent document of ISO 55001. The definitions of terms used in the ISO 55000 series of standards have been created over many years. This is necessary as the subject of asset management has accumulated a mass amount of words and phrases with different meanings. The ISO 55000 standard aims to establish a clear and consistent understanding of the principles and requirements which must be applied when developing and implementing an Asset Management System in accordance with ISO 55001.
ISO 55001 is a framework for an asset management system that will help your business to pro-actively manage the lifecycle of your assets, from acquisition to decommission. The standard helps you to manage the risks and costs associated with owning assets, in a structured, efficient manner that supports continuous improvement and on-going value creation. The requirements in the system are expressed to enable the standard to be applied in the best possible way in many different types and sizes of organizations. ISO 55001 states what is to be done, not how it is to be done. Therefore, to use the standard effectively it is necessary to design unique processes which are specific to the organization and its environment.
The ISO 55002 standard offers guidance on implementing ISO 55001. It consists of statements from the ISO 55001 requirements, as well as practical examples, which will improve the understanding of the process. ISO 55002 replaces the old PAS 55-2, a document that gave guidance on the application of PAS 55-1, both of which have now been retired.
How NRX AssetHub Can Help
Aligning with the ISO 5500X series can help any organization, public or private, get more value from its physical assets. If you would like to learn more about how NRX AssetHub can help align your business with the ISO 5500X series contact us today and we’d be glad to help!
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