Is your company already ISO 55001 certified?

This represents billions of euros in replacement investments. As you know, industrial activity in Europe is still under great pressure from countries with lower costs for labour, energy, etc. This means that we are facing an exciting period in the near future.  Will (the relevant part of) the plant be closed down? Will we reinvest in a new installation? Or will we opt for a life-time extension? In many cases, extending the lifespan of installations through a targeted but limited renewal combined with thorough maintenance makes for an interesting business case. The risks are smaller. Investments are a lot lower. The installation quickly becomes profitable again. In any case, this situation encourages owners of industrial and infrastructural assets to think and plan at a higher level. That is why Asset Management will play an increasingly important role in the near future.

Asset Management

In the financial services sector, the term 'Asset Management' has been around for years.  It refers to an asset management with maximisation of return as its objective. Today, the term 'Asset Management' is also used for the professional management of tangible and intangible fixed assets.  These are usually physical assets, such as infrastructure, rolling stock and production facilities. 

Asset Management focuses on keeping performance, costs and risks in balance throughout the entire lifecycle. Better decisions are made by working together across silos in an enterprise. This allows assets to contribute maximally to business objectives. The ISO55000 series was launched in early 2014, making asset management gain in importance and popularity.  

Maintenance in the context of asset management

Although maintenance plays a crucial role in asset management, the term 'maintenace' appears only a few times in the ISO 55000 series. Maintenance managers who want to know how they can organise their maintenance processes within a global asset management approach should use the EN 16646 guideline on Maintenance in an Asset Management context. This European standard is not a competitor of ISO 55000, but rather an addition. EN 16646 zooms in on how to organise maintenance in function of the strategic plan within a company and goes deeper into the interrelationship between the maintenance process and all other asset management processes, such as engineering, procurement and operations.

Benefits of an ISO 55001 certificate

With an ISO 55001 certificate, organisations can demonstrate to regulators, investors and customers that assets perform as expected, for example in terms of performance, capacity, availability and safety.  The certificate also guarantees that the organisation concerned is working to minimise life cycle costs and that all business risks associated with the operation of the assets are being properly managed.
Aquafin, responsible in Flanders for the management of the infrastructure for water treatment, was the first in our country to obtain the ISO5001 certificate for asset management. They consider it (rightly) an important quality label for the entire company, so that the management of the assets is always optimally attuned to the needs of the stakeholders.  Aquafin also uses the certificate as an important argument to convince municipalities to work with them for the maintenance and management of sewer systems. I am just quoting their website: Have you ever thought about the consequences of an unexpected sewer breakage? The repairs can quickly mount up to tenfold of a preventive intervention. Not to mention the social impact when an important crossroads sags or the ecological consequences of overflowing untreated wastewater. With an asset management plan from Aquafin, you know the critical points in the sewer system and you have the risks under control...'.

In your company as well?

In many organisations, however, there is still plenty of room for improvement by avoiding sub-optimisation within individual departments.  The introduction of Asset Management must therefore ensure that all departments within the company are committed to the optimal use of the company assets.  In addition, it guarantees transparency and correct reporting on the condition and value of the important (physical) assets managed by the company. Asset Management and the ISO 55001 certificate therefore have great added value. What stops you from implementing it in your company?

Wim Vancauwenberghe