Coordinating the many and complex facets of asset management, including managing large numbers of assets with their accompanying diversity of characteristics and systems, requires a system of direction and control – an “Asset Management System”.
An Asset Management System (i.e., Business Model) provides a systematic and comprehensive approach to managing the organization’s physical assets.
Organizations can now look to an international standard, PAS 55 and the forthcoming ISO 55000, to further support and validate the importance of an Asset Management System. The first requirement of PAS 55 states, “The organization shall establish, document, implement, maintain and continually improve an asset management system.”
Specifically, an Asset Management System is a documented, operational framework grounded in both industry-accepted and client-specific practices. These practices establish organizational standards around key asset management elements such as:
- Business Process
- Roles and Responsibilities
- EAM Technology
- Performance Management
These critical elements help drive efficient and effective asset management operations.
An Asset Management System provides a disciplined approach to generating the information required to drive informed and educated asset management business decisions. Contact us to learn more about how a PAS 55/ISO 55000 compliant Asset Management System can bring structure and form to your asset management operation.