Asset management strategy, objectives and plans (PAS 55 / ISO 55000)

As discussed in our introductory Sabisu & PAS 55 / ISO 55000 post, here at Sabisu we understand that our software is only as valuable as the actions it drives in the physical world. The act of managing an asset is what Sabisu is all about; how it adds value, reduces costs, increases production efficiency.

It’s this physical world where best practice physical asset management is defined by PAS 55 and the forthcoming ISO 55000/1/2 standard.

Establishing, documenting, implementing and maintaining a long-term asset management strategy is a key part of meeting the standard (Asset Management Strategy, Objectives & Plans, section 4.3 of the PAS 55:2008 standard). Of course, the exact method of doing this will vary according to your requirements.

However, there are certain elements which will be common across all implementations of the standard and we think Sabisu can help.

Documenting your asset management strategy

Within section 4.3.1, Asset management strategy, the standard sets out the various needs of the strategy; it’s clear that this strategy in intended as a valuable, living document which needs operational relevance.

How does Sabisu support the strategy?

Sabisu feeds this process with the data required to make the strategy an appropriate fit for the realities of your operation, allowing you to:

  • easily get real data to play into any considerations of the life cycle management requirements of the assets
  • source clear evidence to support anecdotal or conventional organisational views of asset-related risks, asset and asset system criticalities when formulating strategy
  • identify incontrovertibly the functions, performance and condition of existing asset systems and critical assets
  • bring asset management strategy obligations directly into daily operations procedures with appropriate calculations and alert limits to indicate divergence from a particular strategy; this fulfils communication requirements even when asset management responsibilities are outsourced

Sabisu also forms part of the asset management strategy itself, providing the key platform for the measurement and management mechanism required to support the strategy.  In PAS 55:2008, clause 4.3.1 (h) specifically identifies sustainability, methods of optimisation and decision-making; all areas where Sabisu has a significant contribution to make.

Asset management objectives

Section 4.3.2, Asset management objectives, focuses on measurement and improvement; two subjects where Sabisu excels;

How does Sabisu make this happen?

Sabisu excels in these areas in the following ways;

  • in terms of setting measurable objectives as defined in the standard, Sabisu allows you to define appropriate KPIs which can include data from any source, along with alert limits based on historical evidence.
  • as with section 4.3.1., Sabisu handles the communication requirements totally, particularly with respect to making asset managers aware of their responsibilities, even when outsourced to a third party
  • review of performance against objectives is a core capability of Sabisu; not just the routine review required by the PAS 55 standard, but real-time awareness of potentially divergent asset behaviour

Contingency planning

How does Sabisu ensure compliance?

Sabisu ensures compliance with other areas of asset management strategy, such as:

  • setting limits so as to alarm users to asset-related risks, which, if realised, could result in incidents (PAS 55:2008, section 4.3.4, clause a)

  • arrangements for internal and external communication, where Sabisu provides built-in, cross-organisational data exchange as standard (PAS 55:2008, section 4.3.4, clause 2)
  • recording of essential information whilst responding to and managing emergencies and incidents (PAS 55:2008, section 4.3.4, clause 5)

This adds up to PAS 55 / ISO 55000 being a great fit for Sabisu; all the required functionality is in place already, simply awaiting configuration.

We hope this has been useful and we’ll be exploring other areas of PAS 55 / ISO 55000 in forthcoming posts.

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