PAS 55 is becoming quickly the recognized standard for a modern, integrated and optimized asset management practice. It was developed to describe and define essential key attributes and good practices for the management of physical assets such as “systematic and coordinated activities and practices through which an organization optimally and sustainably manages its assets and asset systems, their associated performance, risks and expenditures over their life cycles for the purpose of achieving its organizational strategic plan”.
While PAS 55 isn’t a certification of software applications, it brings up the need for a holistic, cross-department and integrated enterprise asset management solution only SAP can provide.
CLP Power operates a vertically integrated electricity generation, transmission and distribution business in Hong Kong providing electricity to over 5.7 million people and is one of the thousands of companies using SAP EAM (SAP Enterprise Asset Management) in order to have real-time visibility into asset performance and asset lifecycle activities with the goal of reducing operating costs, managing capital expenditures, and improving asset use and productivity.
PSBG (Power Systems Business Group) of CLP Power Hong Kong uses SAP solutions extensively, with SAP EAM at its core. The Woodhouse Partnership Ltd who provided asset management expertise, training, road mapping and an independent audit of PSBG’s PAS 55 compliance commented that “PSBG are a shining example of outstandingly good asset management practices and processes”). PSBG became the first Asian electric utility company to receive the PAS 55 compliance certificate.
This case study gives you an inside view about the challenges, critical success factors, and business benefits of CLP Power’s pursuit for excellence in asset management – guided by PAS 55.