The development of ISO 55000 brings in a host of improvements in asset management for any business. Also known as ISO 55k, the standardised international tool for productivity is a transformation from the previous PAS 55.

1. 10 Things that
Explain ISO 55000

2. The development of ISO 55000 brings in a host of improvements in asset
management for any business. Also known as ISO 55k, the standardised
international tool for productivity is a transformation from the previous PAS
55.
ISO 55000 series contains three documents (55000/01/02) that put greater
emphasis on long term strategic planning for management systems. The
following explains what are new, and which items are improved in this
release:
1. ISO 55000 includes of
organisational context,
leadership, plans, support,
operation, performance
evaluation, and improvement in
the structure.
2. Existing Management Systems
Standards that have not yet
updated their structure will
follow the new standard in its
next revision.

3. 3. ISO 55000applies to any
asset that creates value for
an organisation based on
legal responsibility. This is
not confined to physical
assets in production. It
focuses more on risk and
value management to
stakeholders than on the
management of the assets.
4. This is based on the
elements found in the parts
1 and 2 of the British
Standards Institute
Publically Available
Specification 55’ (BSI PAS
55).
5. Change management plays a
role in implementing this
standard to ensure clear
executive sponsorship
subsists. It treats the people
and technical side of change
as factors in a change
management plan and
integrated project
management.

4. 6. The visual phases required to ensure the substructure exists
to leverage this standard through the implementation model
of the Risk-based Asset Management.
7. It aims to navigate this transformation with the Reliability
Excellence Model giving the visual model of the building block
requirements.
8. Emphasises the asset management system components:
policy, objectives, plans, and strategic plan.
9. It proposes 4 key relationships, including the asset portfolio
and the assets in the management system.
10. Improves an organisation’s ability to develop the
adequacy, suitability, and effectiveness of its asset
management and the asset.
ISO 5000 compliance plays an important role in ensuring the
productivity of a company or organisation by means of standards for
best practices around the world. With this, the competition in the
globalisation is levelled out for the better.
Resources:
http://www.mainpac.com.au
http://www.fmmagazine.com.au/blog/fm-industry/iso-55000-
standards-implications-for-australian-fm/#.Ve_EpNKqqko
https://theiam.org/knowledge/What-ISO-55000?