Why ISO 55000 is Important?

When I came across an article on how some organizations are pursuing ISO 55000 for the sake of getting the prestige and using it for marketing purposes, my thought was these organizations are missing a lot.

I can see two significant values you are investing on with ISO 55000:

1. You are adding value to your infrastructure assets.
2. You are creating the best asset management practice in your organization.

What makes the ISO 55000 uniquely important is because it is an international standard, a collaboration between the Institute of Asset Management (IAM) and the British Standards Institution (BSI).

The IAM gives the background:

“ After the launch of BSI PAS 55:2008, the IAM worked hard with the British Standards Institution (BSI) to explore the best way to produce a formal International Standard, through the ISO.

Our aim was to increase the degree of international and cross-sector participation in the development of asset management good practice and application in many more parts of the world.

Through the significant ISO membership, the IAM sought to encourage the inclusion of other relevant documents as well as PAS55 in our search for improvements.

In late July 2009, BSI submitted a proposal to form a “Project Committee” to develop an International Standard. This ISO Standard would be based upon the good work already captured in PAS55 as well as seeking input from other industries and learned societies from around the world.”

I have discussed ISO 55000 in my two lectures at the Univesity of Auckland, presenting the diagram on my first lecture then providing the strategy in my second lecture.

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For smaller organizations that may not wish to adopt a formal ISO registration and audit process, there are still multiple gains to be made by using ISO 55000 for guidance and good infrastructure asset management practice evaluation.