ASSET MANAGEMENT OPPORTUNITY I SO 55000 enhances the possibility of becoming a globally recognised asset management practitioner
Multidisciplinary and professional services engineering company Smec is encouraging its clients to acquire ISO 55000 certification, as it will enable companies to realise enhanced value from their assets.
Smec explains that good asset management maximises value for money by ensuring sustainable reliability, availability and satisfaction of stakeholder expectations.
The certification involves coordinated and optimised planning, asset selection, acquisition and development, utilisation, care (maintenance) and ultimate disposal or renewal of the appropriate assets and asset systems.
“The certification is set up in such a way that a company is forced to ask a number of difficult questions and go through difficult processes to ensure that its assets can support the operation requirements now and in the future. It is about finding that balance between risk, cost and opportunity,” Smec South Africa new asset management division GM Tom Burge says.
Smec’s impressive global experience and asset management capabilities are now available in Africa as a reuslt of the certification. It points out that the ISO 55000 support capability is one of the aspects of the standard that will expand the company’s service offering and support for both the public and private sectors.
As the ISO 55000 certification is a relatively new standard, published for the first time in 2014, a lack of demand for certification is a challenge in industry.
“Many businesses are sceptical of implementing ISO 55000. The potential value to the organisation seems unclear; companies are not taking into consideration the long-term benefits of implementing the standard,” says Burge.
He explains that the intrinsic benefits of ISO 55000 for optimised asset management include the creation of a transparent audit trail explaining when the audit was completed, when and why; a better understanding and use of data and information to provide informed and consistent decisions; improved planning, especially of capital expenditure; consistent, prioritised and auditable risk management; alignment and coordination of existing initiatives, including competency development and greater engagement of the workforce through leadership training, communication and cross-disciplinary teamwork.
“The business case for ISO 55000 is ultimately reduced downtime, dissolved silos, extended useful life of assets, improved decision-making, increased workforce productivity and, ultimately, higher returns on companies’ investment in physical assets,” he says.
Burge also mentions that managers who have ahered to the ISO 55000 standard find an unexpected benefit. They are able to use the certification process as a positive motivator to bolster their case for change, ensure executive support and motivate behavioural change in the workplace.
“ISO 55000 [incresaes] the possibility of becoming a globally recognised asset management practitioner who provides the focus and leadership often needed to achieve success in multidisciplinary companies,” he says.
Smec’s professional approach is based on a core service offering, which it has refined to best serve its clients. These services cover the life cycle of a project; from initial concept, feasibility, planning and design through to construction, commissioning, and operation and maintenance.
The company notes that its consulting services combine in-house expertise with high-quality systems to deliver innovative solutions to a range of industry sectors, including transport, water, environment, the built environment, energy, resources and industry, education, governance and government advisory.