Corporations spend billions to design, buy, operate, and decommission production equipment and other physical assets. In many cases, managing these assets to get the most value from them is critical to business success. And as a result, such assets are under the ever-watchful eyes of top management, shareholders, and regulators. But how can you be confident that your asset management practices are maximizing return on assets consistently and sustainably?
Guidelines such as the Publicly Available Specification (PAS) 55 were a first step toward helping companies put structured, good-practice-based discipline around their asset management capabilities to optimize asset uptime, reliability, and overall performance. This discipline is being embedded into organizational strategies, corporate governance, and day-to-day activities, helping companies gain more value from their assets and increase the sustainability of their enterprise. PAS 55 was widely recognized as a framework for achieving good asset management practices across industries
and regions, laying the foundation for the ISO 55000 suite of standards, which was published in January 2014.
From an asset management and company perspective, staying competitive and providing excellent customer service is of incredible value. But this requires access to relevant and real-time asset lifecycle information at any time, regardless of asset location or ownership. On-premise and cloud applications working together – and combined with asset-specific content and orchestrated by a cloud platform – form the basis of any asset intelligence initiative.
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. Please review the new SAP Thought Leadership Paper “Enable Asset Management Systems with Integrated
Enterprise Information Solutions” which provides you with insights how SAP solutions can support requirements outlined in ISO 55001.
Looking ahead, the future of asset management relies on a network-based asset management solution orchestrated by an Internet of Things (IoT) platform that brings together the manufacturers, services and logistics providers, and operators of the world. This network will be the key to maximizing asset value, increasing asset uptime, and improving customer service.