Maximizing return on investment of physical assets, while at the same time operating safely and in an environmentally responsible manner is now more critical than ever for organizations within the heavy process industries. While many facilities can successfully achieve these goals individually, oftentimes the efforts to maintain uptime, improve safety, and ensure compliance lack alignment with each other. As a result, facilities can waste precious time, funds and resources accomplishing each effort individually.
By aligning these efforts under a common, comprehensive asset management system as outlined in the International Organization for Standardization (ISO) 55000, facilities can experience greater return on asset investment. This article provides an overview of the new ISO 55000 family of standards and the requirements facilities must follow to meet this standard’s criteria.