Skip to main content
Facilitate Magazine: Informing Workplace and Facilities Management Professionals - return to the homepage Facilitate magazine logo
  • Search
  • Visit Facilitate Magazine on Facebook
  • Visit Facilitate Magazine on LinkedIn
  • Visit @Facilitate_Mag on Twitter
Visit the website of the Institute of Workplace and Facilities Management Logo of the Institute of Workplace and Facilities Management

Main navigation

  • Home
  • News
    • Comment
    • People
    • Reports
    • Research
  • Features
    • Analysis
    • Features
    • Round Tables
    • Webinars
  • Outsourcing
    • Contract Finder
    • Contracts
    • FM Business Models
    • Interviews
    • Mergers & Acquisitions
    • Opinion
    • Procurement
    • Trends
  • Know-How
    • Explainers
    • Legal Updates
    • White Papers
  • Jobs
  • Topics
    • Workplace Services
      • Hospitality
      • Catering
      • Cleaning
      • Front of House
      • Grounds Maintenance
      • Helpdesk
      • Mailroom
      • Manned Guarding / Security
      • Pest Control
      • Washroom Services
      • Disaster Recovery
      • Specialist Services
    • Professional Performance
      • Behavioural Change
      • Continual Professional Development
      • Education
      • Management
      • Recruitment
      • Training
    • Workplace Performance
      • Benchmarking
      • Health & Wellbeing
      • Operational Readiness
      • Procurement
      • Security
      • Workplace User Experience
      • Workplace Culture
    • Compliance
      • Health & Safety
      • Risk & Business Continuity
      • Standards
      • Statutory Compliance
    • Building Services
      • Architecture & Construction
      • Asset Management
      • Building Controls
      • Building Fabric
      • Drinking Water
      • Fire Protection
      • HVAC
      • Landscaping
      • Mechanical & Electrical
      • Building Security
      • Water, Drainage & Plumbing
    • Technology
      • Building Information Modelling
      • CAFM
      • Data & Networks
      • Document Management
      • Information Management
      • Internet of Things (IoT)
      • Software & Systems
    • Energy management
      • Energy Management Systems
      • Electricity
      • Gas
      • Solar
      • Wind
    • Sustainability
      • Environmental Quality
      • Social Value
      • Waste Management
      • Recycling
    • Workspace Design
      • Agile Working
      • Fit-Out & Refurbishment
      • Inclusive Access
      • Lighting
      • Office Interiors
      • Signage
      • Space Planning
      • Storage
      • Vehicle Management / Parking
      • Washroom
    • Sectors
      • Corporate Office
      • Education
      • Healthcare
      • Manufacturing
      • International
      • Retail
      • Sports & Leisure
      • Regions
  • Buyers' Guide
Quick links:
  • Home
  • Sections
  • Topics
Know How
Sections
Compliance
Health & Safety

ISO 55000 — Asset management

Open-access content Tuesday 15th April 2014 — updated 3.30pm, Tuesday 26th May 2020
From the archive:  Just so you know, this article is more than 3 years old.
he introduction of ISO 55000 as a replacement for PAS 55 makes this a good time to assess the structure of an organisation's asset management strategy, suggest Peter Scuderi and Alastair Jackson.


15 April 2014

If this is the first you've heard of ISO 55000, you are probably not alone.


But even if the January launch of the new international standards framework for asset management passed you by, it would be a mistake to think that it isn't relevant.

In essence, ISO 55000 creates a framework for all of the elements that organisations need in place to manage their assets effectively and economically. The framework includes areas such as:

  • The nature and purpose of the organisation; 
  • Its operating context; 
  • Financial constraints and regulatory requirements; and 
  • The needs and expectations of the organisation and its shareholders.

 

Over time, companies may want to achieve certification to prove that their management systems meet best practice.


Where is it from?
Not so long ago asset management was largely a tactical discipline, focused on tasks like maintenance and renewal of assets like buildings, roads, bridges and rail infrastructure. It relied heavily on the experience and the professional judgment of people who knew the tangible assets inside out.

Today, asset management much more strategic, relying on business strategy, KPIs and sophisticated IT tools to assess assets' performance. 

But businesses can't ignore the people aspect of asset management. Those involved need to be experienced, show sound professional judgment and get behind the aims of the business's strategy.

Asset management can help you to find the right balance between three crucial business drivers - cost, risk and performance. If you need to reduce cost, for example, you need to understand the level of risk you're taking and the impact it has on performance. 

By developing a fully integrated asset management strategy, you align your strategic direction with what is happening on the ground in your company.


Who's doing it?
Within the regulated utilities - such as rail, energy, water, and gas - asset management is now a well-established part of business processes. Regulators like asset management because it provides them with clarity on business spending and a framework for testing whether investments are delivering as expected.

A good example is the water industry, an early adopter of strategic asset management that has enjoyed real performance and efficiency gains as a result. The recent high levels of rainfall also point to another useful aspect of asset management - once you have your assets assessed, valued and documented you can then interrogate the performance of those assets based upon a number of different scenarios. 

In the water industry's case, many of its assets are designed around the threshold of one-in-50-year rainfall levels. With the increase in rainfall- perhaps to 1-in-200-year levels - there's a clear decision-making framework to act upon.

Outside of the regulated industries strategic asset management is increasing, although take-up is closely related to each company's commercial drivers.


Sounds easy, but…
To properly implement asset management, companies must make sure it is embedded across the whole of the business, beginning with their people and without exception.

Too frequently, business leaders think that with the right processes and right software, the programme will take care of itself. Companies must give people enough time to become familiar with technical asset management tools before they are implemented, as well as incorporating their needs within the system.


Theory meets practice

Business leaders need to understand that the strategy is more than a piece of software and the sole responsibility of the IT department. Many large organisations go through cycles every five or six years of doing something new, which then often fails. One long-standing client of ours had delivered an asset management project successfully, but there was no evidence of it being embedded in the business. Why? Because the business had not made sure that there was a "people imperative" to keep the work current.

We also know of businesses that have gone to the market saying they wanted an asset management solution. But they approach suppliers with no strategy in place, no register of assets, no condition reports, and no asset management plans.

To succeed, asset management should be treated less as a tick-box exercise and more as just a good way to run your business. 

You may also be interested in...

Solar charged battery-powered equipment

In our 27 March issue we looked at the benefits of FMs using solar charged battery-powered grounds maintenance tools. The jury is still out in some quarters, but green power is already paying dividends for some.

Wednesday 23rd April 2014
Open-access content

Non-toxic options for controlling pests

Maintaining a pest-free environment doesn't necessarily mean 'going nuclear' with pesticides. It can be achieved naturally with a combination of simple preventative actions, says Roger Moseley.

Wednesday 23rd April 2014
Open-access content

Solar-powered grounds maintenance equipment

The grounds maintenance team at Liverpool ONE is using solar-powered equipment to combat noise pollution. But is the technology up to the required standard? Jamie Harris reports.

Monday 24th March 2014
Open-access content

New TUPE - what do you need to know?

Amended TUPE regulations came into effect on 31 January. Here, Felicity Gemson of Allen & Overy highlights some of the main changes as they affect FMs.

Tuesday 15th April 2014
Open-access content

EU cyber security strategy

Government figures estimate the cost of cyber crime to the UK economy at £27 billion a year. To address this, the EU has set a deadline of mid-2016 for each member state to develop a national cyber strategy.

Wednesday 23rd April 2014
Open-access content

Compulsory equal pay audits - what's the big deal?

If businesses do not close the gender pay gap voluntarily, the government will soon force them to - and FMs must take heed.

Monday 24th March 2014
Open-access content
Also filed in
Topics
Know How
Content
Compliance
Health & Safety
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

 

Latest Jobs

Interim Head of Health & Safety

Suffolk
£250.00 - £300.00 per day (premium day rate)
Reference
59637

Contracts & Senior Estates Project Manager

North West England
£29.53 per hour
Reference
59633

Facilities Manager

London (Central)
up to £43,000 + excellent benefits including car
Reference
59631
See all jobs »

 

 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to print

Sign up to receive our bi-monthly magazine

Subscribe
Facilitate magazine cover, June 2020
​
FOLLOW US
@Facilitate_Mag
Facilitate Magazine
Facilitate Magazine
CONTACT US
Contact us
Tel: 020 7880 6200
​

IWFM

About IWFM
Become a member
Qualifications
Events

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to Facilitate Magazine
Write for Facilitate Magazine

General

IWFM Jobs
Help

© 2023 • www.facilitatemagazine.com and Facilitate Magazine are published by Redactive Media Group. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ