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How do you maximize asset life and improve service quality while balancing costs, risks, and compliance? ISO 5500X compliance series holds the answer. It provides a roadmap for taking control of your asset management operation and creating value on a sustainable basis. The ISO 5500X series provides terminology, requirements, and guidance for implementing, maintaining and improving an effective asset management system.

 

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 can be a key driver in moving your organization to excellence with a set strategic asset management plan. Even top-performing companies can realize big improvements in system reliability, reduced unplanned downtime and operating costs

 

The series has three international standards (ISO 55000, 55001 and 55002). Which are all 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. Next week we will go more in depth on each of the three standards in the series.

  1. ISO 55000 Asset Management – Overview, principles, and terminology
  2. ISO 55001 Asset Management – Requirements
  3. ISO 55002 Asset Management – Guidelines on the application of ISO 55001

 

Key benefits of the ISO 5500X Series 

Having Aligned Objectives

When your objectives are aligned, everyone in the organization is moving in the same direction and there is complete clarity of what the company is trying to achieve. Thus, not wasting any resources on projects that are not aligned with the company objectives.

 

Transparent and Consistent Decision-making Rules

Having transparent and consistent decision-making rules applied consistently and uniformly across the organization allows for a better understanding of the company. Employees will understand how decisions are made and how the business got to a verdict. Also, allowing people to see why money was spent in certain locations.  It entails wise decisions of investment for your limited resources to take you further.

 

Taking a long-term strategic view

A strategic view allows for conscious decision making over a certain time frame. You can save money today, just stop maintaining your assets but come tomorrow it will hurt your business. Having a long-term plan over a set timescale will allow you to save while still maintaining profits and have a far greater output

 

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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