ISO 55000 and continuous asset monitoring

The ISO 55000 group norms requires special attention from those responsible for implementing, maintaining, and improving asset management.

ISO is an organization with the objective of establishing international standards through technical norms, procedures, and processes, in order to promote good management practices and technological advancement.

Among its extensive range of standards is “ISO 55000,” which refers to asset management, released in 2014.

The importance of asset management involves creating value and decreasing the risks of a business.

Thus, the ISO 55000 group of norms standardizes procedures and policies for efficient asset management to ensure that these goals are achieved.

The norm – applicable to all types of organizations – is structured as follows:

• ISO 55000: provides the basic fundamentals of asset management;
• ISO 55001: addresses the requirements for implementing an asset management system; and
• ISO 55002: determines guidelines for putting ISO 55001 into practice

ISO 55000 AND THE ASSET MANAGEMENT SYSTEM

The asset management system involves integrated policies, plans, and business processes to ensure effective asset management.

Organizations certified with ISO 55000 are structured to promote continuous improvement and constant value creation from their assets. This is achieved by managing the cost, performance, and risks associated with the assets.

THE REQUIREMENTS FOR IMPLEMENTING AN ASSET MANAGEMENT SYSTEM

ISO 55001 has the following requirements for implementing an asset management system:

• Organizational Context: determine how the organizational strategy assists the asset management system.

You need a plan that outlines the objectives of the asset management system and supports the organization’s goals.

• Leadership: define the role and responsibilities of the managers who control the asset management system.

They must ensure that the system is compatible with the strategic direction of the organization and that it is integrated with the processes.

• Planning: specify how the asset management objectives will be achieved, paying attention to risks and opportunities.

At this point, the strategic plan for asset management is developed, mainly considering its life cycle, the organization’s risks and priorities, the necessary information and knowledge, and special tools for asset maintenance.

• Support: considers the resources and skills to establish, improve and maintain the asset management system.

To do this, it is necessary to ensure that the employees involved have knowledge, skills, and experience in their roles.

• Operationalization: ensuring the efficiency of the asset management system to achieve the established results.

It involves management policies, technical standards, plans, and processes.

Ensuring operationalization includes controlling changes to the asset management plan and frequently performing risk analysis.

• Performance Analysis: optimize the efficiency of the asset management system by applying monitoring, measurement, and analysis methods.

Performance indicators should be used to measure efficiency, and can be quantitative, qualitative, or financial.

Performance analysis involves the management of risks and opportunities.

Improvement: continuous improvement of the asset management model, improving performance and adding value.

It is necessary to identify, avoid, and prevent operational failures in order to ensure constant improvement of the system.

WHY KNOWING AND ADOPTING ISO 55000?

Companies and industries always seek to be ahead of their market and efficient asset management has become a competitive advantage for business sustainability.

By incorporating the requirements of ISO 55001, organizations can:

• Improve management of risks and opportunities;
• Optimize the use of assets: extending their useful life, reducing costs, and improving ROI;
• Improve planning;
• Improve quality of products and services;
• Upgrade security in activities and processes.

These are just some of the advantages represented by the standard.

It is not necessary to be certified to use the best practices determined by ISO 55001, and thus promote an efficient asset management system, ensuring continuous improvement and continued generation of asset value.

THE ROLE OF MAINTENANCE IN THE ASSET MANAGEMENT SYSTEM

Since the efficient management of assets has been recognized as strategic in industries, maintenance management has become more relevant.

Maintenance contributes directly to the reliability and availability of assets as well as to the quality of production.

The continuous condition monitoring of industrial assets, a factor provided in ISO 55000, optimizes the maintenance process, allows the detection of failures, prevents accidents, facilitates action planning, and influences the organization’s opportunities for improvement.

In addition, the standard also approaches the importance of continuous analysis of asset data in order to assess whether the expected results are being achieved.

This can be easily done with predictive maintenance solutions, which collect data and provide diagnostics of asset operation on an ongoing basis.

A good practical example is the Solution, which enables continuous monitoring and collection of vibration and temperature data from assets, including spectral analysis.