Asset Management

Help Is on the Way

Consult Specification 55-1:2008 for Asset Management

If all this talk of upgrading to next-generation asset management practices leaves you feeling lost and confused about even how to get started, help is available. Publicly Available Specification 55-1:2008 for Asset Management, commonly known as PAS 55, a joint development of the Institute of Asset Management and the British Standards Institution, provides, according to the IAM website, "clear definitions and a requirements specification for establishing and verifying a comprehensive, optimized management system for all types of physical assets across their lifecycle."

PAS 55 is based on the Plan-Do-Check-Act (PDCA) steps for continuous improvement. You set your plans, establish a strategy, objects and performance measures. Then you make sure you have the proper tools, for example, EAM software, and find out other essential requirements, such as meeting industry regulations, and implement the plan. This is followed by monitoring for results and then going back to re-evaluate the process and seek out further areas for improvement.

John Benders, vice president of asset intensive industry solutions at Mincom says, "It's a good practices mechanism for getting started. It’s not prescriptive—it describes what to do, not how to do it—but it’s a good place to start discussions. It's based on the idea of continuous improvement. How do we do this better?"