On June 8th, the Mainstream conference hosted the expert panel discussion on Asset Management and ISO-55000. This was a lively discussion with differing perspectives on ISO-55000 and asset management. The moderator began by asking for opening statements from each of the panelists, which led to a series of questions about the impact of asset management on an organization’s profitability. The answer to this issue was highlighted in ISO-55000, section 2.2 where the value derived from achieving the organization’s business plan. In this section of the standard, it also highlights the point that return on investment can be achieved without sacrificing short term or long term organizational objectives.
This means that short term gains can be achieved without pure “cost-cutting”, which typically disables potential future gains by reducing resources to a “survival” mode. By the discussion, it was apparent that there are many opportunities for improving an organization’s services and production outputs short term, and still be able to preserve the long term asset value. This alignment (line of sight) to the business will provide significant financial benefits to the organization.
There are many enablers that an organization must have in place to accomplish this financial goal, such as properly structured organizations, clear roles, responsibilities and authorities. All of these enablers must be focused on short and long term goals of the organization.
In addition, there was considerable discussion as to the rate at which companies will adopt and implement ISO-55000. It appeared to be a consensus that ISO-55000 would likely follow the same pattern of implementation as did ISO-9000. This likely means that the standard will see adoption by international companies first, followed by companies in North America later. Even then it is likely to be regulatory, insurance, and legal pressures that will move North American companies to adopt ISO-55000.
It will be interesting to watch the development of the implementation trends of the ISO-55000 standard.