ISO 55000 and SAP:Realizing the Value of Asset Management
Profound shifts in society, business, and technology suggest that a new industrial revolution is under way. Manufacturers and companies in asset intensive industries must adapt to continuous change and find innovative ways to compete in global markets while achieving value out of their investment in assets. Technological innovation can help them optimize existing processes and build new services and business models. Operational excellence focused on asset management requires processes and collaboration that span organizational and geographic boundaries, enabled by the right technology infrastructure.
The ISO 5500X suite of International Standards addresses these issues and describes a management system for asset management with the framework on how to establish, implement, maintaining, and continually improve it. Especially in asset intensive industries such as oil&gas, utilities, mining, and telco management of assets is an essential part of running a corporation.
ISO 55000:2014 talks specifically about an integrated management approach touching upon other systems for quality, environment, health and safety, and risk management. Given the integrated, holistic approach to asset management described in ISO 5500x, companies will succeed best by taking a systematic, IT-enabled approach to asset management. Businesses can certainly choose to run an asset management organization using paper-based records, spreadsheets, and disparate systems. But in practice, they can realize greater efficiency and effectiveness if they use a single, centralized asset registry and automated system that updates and disseminates information in real time and enables departments to work from a single source of truth.
Looking at the SAP solutions supporting such an integrated approach makes you see a scope that goes beyond SAP EAM and SAP’s solutions for Operational Excellence. Corporate processes for governance, risk, and compliance, performance management, corporate finance, human capital management, talent management, and even social collaboration come into play. This strengthens even more the case for running a corporation on a fully integrated suite of business applications.
Companies can start small, one plant or site at a time on their ISO 55000 journey. ISO 55000 is not a checklist how to implement an integrated system such as SAP. However, in your quest to realize the value of asset management in the sense of a management system, you want to provide real-time visibility and transparency across all organizational entities to all involved stakeholders and SAP provides the platform for achieving this goal.