Today’s asset management challenges
In any asset-intensive business, minimizing downtime and optimizing performance over the asset’s lifecycle is the key to business success. Yet many organizations struggle to balance the need for maximum asset value with business, financial and operational objectives. The reason for the struggle is not uncommon; in fact, you may recognize some of these in your own organization…
- Lack of clear asset management policy, strategy and plan
- Difficulty quantifying the value of proposed work or the impact of not performing it
- Increasing operational inefficiencies and "fire-fighting" despite increased asset spending
- No single “source of truth” regarding asset inventory, condition or function
- Inconsistent risk assessments, and available data is fragmented, dated or not trustworthy
- Competition for resources that make comprehensive long-term investment planning difficult
Organizations are increasingly aware that active asset management has significant benefits for improving business performance and driving down costs. The ISO 55000 asset management standard demonstrates the importance of having an integrated and sustainable asset lifecycle management strategy.
The ABB ISO 55000 Gap Assessment
Conducting a gap assessment is the first step to understanding the existing maturity level of your organization. This assessment is best performed by trained consultants with deep domain knowledge, diverse industry experience and a strong business acumen.
ABB’s assessment process is based on the requirements of the ISO standard and is calibrated to a standard, recognized maturity scale. Our team conducts detailed interviews, reviews documented processes and procedures, and records findings for traceability.
ISO 55000 can bring immediate and obvious benefits such as improved communications, common goals, and consistently-applied risk assessment. Other benefits, while more difficult to measure, are equally important to revenue generation, such as improved reputation, customer satisfaction and stakeholder support.