PAS-55, Impact and Support from Maximo Asset Management
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This is a blog posting from Eric Luyer, Market Manager for IBM Asset Management, Industrial Manufacturing.
It is almost one year ago (July 2010) that I was talking on PAS-55 and since then, this new asset management standard has been overwhelmingly adopted and is seen as very valuable, certainly in industries where complexity in assets management is high and asset life cycle management information is very important. Link to July 2010 blog.
For those who are not so familiar with PAS 55: It defines Asset Management 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” (defined in the Publicly Available Specification (PAS) PAS 55-1:2008, BSI Sept 2008)
The standard PAS 55 provides many advantages for companies operating with complex business processes in manufacturing or around asset management services that need structure and guidance by an overarching asset management framework. Over the last few years these are clearly the advantages based on feedback from different companies worldwide:
Since its conception and practical use of this practical asset management framework, it showed that a growing number of companies have adopted PAS 55 and are “PAS 55 certified”. They have been clearly demonstrating that they have an up-to-date asset management system in place.
By using PAS 55 as the standard it improves their “way-of-working” and optimizes the use and understanding the impact of asset management throughout the total enterprise and the related information chain and not just within their own organization. With these effects in mind, companies are able to clearly outline that their strategic goals and objectives are in line with other current management standards as ISO 9001:2008, ISO 14001:2004 or OHSAS 18001:2007
Today PAS 55 has developed a great momentum within several types of industries such as Energy & Utilities, Transportation Infrastructure, Oil & Gas and Manufacturing Industries. Why is that?
The answer is that PAS 55 is an asset management framework providing a total and integrated view on the key processes around the business, the directly related asset strategy and with the related maintenance strategy, all compliant with the overall company goals and objectives, but also very much relevant to and compliant with guidelines from the industry and governmental regulations.
Companies and their customers have the confidence that effective asset management processes are well established which will deliver optimum life and or capacity from existing assets, optimizing capital asset expenditure and thereby minimizing associated costs being passed on, in the form of increased bills.
Another important advantage of working with PAS 55 is that this is viewed by investors and other external stakeholders as a measure of good management practice with the PAS 55 framework being widely acknowledged as a structure which facilitates better decision making and execution within all operations.
Also we see benefits in the area of effective services management. The standard outlines requirements for information management practices that enable integration of service- management capabilities, providing access to information to external contractors relevant to support their activities and accountabilities in asset management. These requirements, in turn, provide a means to manage and document information shared with third-party contractors and to track the activities of those third-party contractors, showing they are following established asset management protocols.
For sure there are advantages that – using a systematic approach of collecting transactional information from all available dimensions, analyzing it for performance trends, directions, and issues is beneficial to executive management. This will lead to performance assessment and improvement. Without this, management decisions would be based on best guesses only. And in my view another major benefit is around collaboration: The PAS 55 specification is very clear in its requirements for information stewardship: it states that whether one or multiple systems are used to track asset information requirements only one version of asset data must be maintained -- one version of the truth that is available to all application views and to all stakeholders. It also requires support of the entire asset life cycle, including the upfront initial planning, engineering design, construction and commissioning phases, key to having information available for operations and maintenance - and later in performance assessment initiatives.
I ask your attention to the LinkedIn group on PAS-55, where you can follow interesting discussions around this topic. Another source of information is the website of the Institute of Asset Management.
Thanks for reading and hope you enjoyed it. Look forward to my next blog where I will pick another topic around Asset Management in Manufacturing.
Eric Luyer, Market Manager Asset Management (Industrial/Manufacturing), IBM - Tivoli