Improve operating performance with ISO 55000 for asset management

At Royal HaskoningDHV we not only work in accordance with this standard in projects, but are also directly involved in its continued development. In May our asset management expert, Dimitri Koenen, is representing the Dutch ISO standard committee during an international event to discuss how to improve this standard.

In this article we examine ISO 55000 in more detail, its benefits, how organisations can comply with the standard and what the limitations are.

What is the difference between ISO 55000 and ISO 55001?

ISO 55001 is often mentioned when it comes to professionalising asset management, in addition to ISO 55000. However, what is the difference? Put briefly, ISO 55000 relates to the basic principles and guidelines for asset management, while ISO 55001 contains specific requirements and prerequisites for implementing, evaluating and improving an organisation's asset management system. For example, ISO 55001 examines issues such as:

1. Planning: The organisation makes plans to manage operating assets and align these plans with the strategic objectives.
2. Implementation: The organisation implements an asset management system and manages the performance of the operating assets through risk analysis, maintenance, monitoring and improvement.
3. Evaluation: The organisation regularly evaluates the asset management system and assesses whether it meets the set goals and requirements.
4. Improvement: The organisation works continuously on improving the asset management system by identifying and managing discrepancies and by drafting and implementing plans for improvement.

Would you like to know the current status of your organisation when it comes to the ISO 55001 standard? If so, take advantage of our free online quick scan.

What are the benefits of ISO 55000?

1. Although certification is not obligatory, the use of standardised processes and procedures can contribute to an organisation's long-term success.
2. Improved operating performance: ISO 55000 helps improve the efficiency of the asset management process and that, in turn, can lead to an improved operating performance. For example, you can improve the uptime of operating assets, extend working life, reduce energy consumption and bring down maintenance costs.
3. Increased customer satisfaction: Improved asset management enables you to align the organisation's activities with the needs and expectations of your customers and/or users and that will then lead to increased customer satisfaction and retention.
4. Increased reliability and safety: ISO 55000 also focuses on improving the safety of operating assets and the reliability of processes. By managing risks more effectively you can, as an organisation, reduce the chance of incidents or malfunctions and improve the safety of your employees and the environment they work in.
5. Increased profitability: ISO 55000 can also help raise an organisation's profitability. By improving the efficiency of the asset management process, you can save costs and improve profit margins. What is more, by improving customer satisfaction and the safety of operating assets, an organisation can attract new customers and increase turnover.

Who requires ISO 55001 asset management certification?

There is no specific body that requires ISO 55001 certification, but that does not mean that organisations should not opt for certification, for example to improve their reputation, demonstrate their capacity to meet the requirements of the ISO 55000 and ISO 55001 standards, improve the performance of their operating assets and reduce risks.

In some cases, customers or other stakeholders may require ISO 55001 certification as a condition for cooperation. This may be the case primarily in sectors such as the energy sector, transport sector and mining sector, where operating assets play a crucial role in business operations. In such instances, certification can provide security with regard to performance and reliability.

What are the limitations of the ISO 55000 standard?

Although the ISO 55000 standard offers a useful framework for organisations to improve their asset management processes, there are a number of limitations which organisations should be aware of.

For example, the standard has not been designed for a specific industry or sector. Due to its generic character, it will therefore always have to be adjusted in practice to the requirements and context of the industry in which the work is being performed.

What is more, there is only a limited focus on human factors and it is aimed primarily at the physical aspects of asset management, such as maintenance, replacing equipment and process-based improvements. Less attention is paid to factors which influence the performance of the operating assets, such as conduct and culture within the organisation.

At Royal HaskoningDHV we therefore focus extra attention on the human factors when professionalising an asset management organisation. In addition to determining and recording tasks and responsibilities, we also help the organisation to start working in accordance with that approach.

Due to the emphasis on the economic perspective, minimising costs and maximising performance, less attention is paid to the impact of the asset management on the environment and sustainability of the operating assets in the long term unless this is, of course, part of the organisation's strategic objectives.

Updates to ISO 55000 and ISO 55001

The first editions of ISO 55000 and ISO 55001 were published in 2014. Despite the success of these standards in international use, the need for a revision arose. In May 2024, our asset management expert Dimitri Koenen represented the Dutch ISO standards committee at an international event where this revision was discussed.

The new version of ISO 55000 and ISO 55001 was published in July 2024. It incorporates new findings and further develops elements such as the strategic asset management plan, information and knowledge management and risk management. Requirements around decision making have also been better described.

Would you like to know more about how ISO 55000 and 55001 can help your organisation professionalise asset management? Get in touch with our experts.