ISO 55000 Asset Management — Vocabulary, Overview & Principles

ISO 55000:2024 Asset management — Vocabulary, overview and principles (Second edition) provides an overview of physical asset management, its principles and terminology, and the expected benefits from adopting it. The standard an be applied to all types of assets and by all types and sizes of organizations. It provides the context for ISO 55001 asset management systems.

Who should use the standard?

ISO 55000 is primarily intended for use by anyone:

• considering how to improve the realization of value for their organization from their asset base;
• involved in the establishment, implementation, maintenance and improvement of an asset management system;
• involved in the planning, design, implementation, and review of asset management activities.

What does it cover?

Introduction

1 Scope

2 Normative references

3 Terms and definitions

3.1 Terms relating to assets

3.2 Terms relating to asset management

3.3 Terms relating to asset management system

4 Overview of asset management

4.1 General

4.2 Principles of asset management

4.2.1 General

4.2.2 Value

4.2.3 Alignment

4.2.4 Leadership

4.3 Outcomes and benefits from asset management

4.4 Relationship between asset management, asset management system and assets

4.5 Asset management improvement and maturity

Applying the guidance for organizations on the principles of asset management in ISO 55000 involves several key steps aimed at effectively managing assets to achieve organizational objectives.

1. Understand ISO 55000 Principles

• Familiarize yourself with the principles outlined in ISO 55000.
• Understand the key concepts, principles, and requirements for effective asset management.

2. Define Organizational Objectives

• Clearly define the organization’s objectives, goals, and strategic priorities.
• Ensure that asset management objectives are aligned with overall organizational objectives and support the achievement of desired outcomes.

3. Establish Leadership Commitment

• Obtain commitment and support from top management to prioritize and invest in asset management initiatives.
• Leadership involvement is critical for setting direction, providing resources, and driving cultural change.

4. Identify Assets

Identify and inventory all assets owned or operated by the organization. This includes physical assets (e.g. infrastructure, equipment, facilities), intangible assets (e.g. intellectual property, software), and human assets (e.g. knowledge, skills, expertise).

5. Assess Asset Criticality

• Assess the criticality of assets based on their importance to achieving organizational objectives, potential consequences of failure, and associated risks.
• Prioritize asset management efforts based on criticality assessments.

6. Establish Asset Management Policy

Develop an asset management policy that outlines the organization’s commitment to managing assets effectively and efficiently. The policy should define roles, responsibilities, and accountability for asset management activities.

7. Develop Asset Management Strategy

Develop an asset management strategy that outlines how the organization will achieve its asset management objectives. The strategy should address asset lifecycle management, risk management, performance optimization, and resource allocation.

8. Implement Asset Management Processes

Implement processes and procedures to support asset management activities throughout the asset lifecycle. This includes processes for asset planning, acquisition, operation, maintenance, disposal, and performance measurement.

9. Optimize Asset Performance

Implement strategies to optimize asset performance and reliability while minimizing costs and risks. This may include preventive and predictive maintenance, condition monitoring, asset utilization optimization, and reliability-centered maintenance.

10. Ensure Compliance and Risk Management

• Ensure compliance with regulatory requirements, industry standards, and internal policies related to asset management.
• Implement risk management processes to identify, assess, and mitigate risks associated with asset operation and maintenance.

11. Monitor and Measure Performance

• Establish key performance indicators (KPIs) and metrics to monitor the performance of assets and asset management activities.
• Regularly assess performance against targets and benchmarks to identify opportunities for improvement.

12. Continual Improvement

• Foster a culture of continual improvement within the organization by regularly reviewing and optimizing asset management practices.
• Encourage feedback, innovation, and knowledge sharing to drive ongoing improvement in asset management performance.

Some further words of advice…

By following these steps, organizations can effectively apply the guidance provided in ISO 55000 to achieve effective and efficient asset management, leading to improved performance, reliability, and sustainability of assets while maximizing value for the organization.

ISO 55000 can be purchased through the ISO.org website. See also ISO 55001 asset management systems.