What is ISO 55091:2018?

ISO 55091:2018 is an international standard that provides guidelines for organizations to establish, implement, maintain, and improve an Asset Management System (AMS). This standard aims to optimize the value from assets by aligning organizations' activities with their objectives. ISO 55091:2018 has been developed in response to the growing recognition of the importance of managing assets effectively.

Main Components of ISO 55091:2018

The ISO 55091:2018 standard consists of various components that organizations need to consider while implementing an effective AMS system:

1. Context establishment: Organizations are required to define their asset management context, including internal and external issues relevant to their goals and objectives.

2. Leadership and commitment: Top management should demonstrate leadership and commitment towards asset management, ensuring resources are available for implementation and improvement of AMS.

3. Planning: Organizations must develop a comprehensive asset management plan that outlines their approach, objectives, and necessary actions to achieve those objectives.

4. Support: Resources, competencies, and any required information must be made available to support the implementation of the asset management system effectively.

5. Operation: This component focuses on the execution and control of the asset management system processes, ensuring proper operation and maintenance of assets.

6. Performance evaluation: Organizations must evaluate the performance of the asset management system, including monitoring, analyzing data, conducting audits, and reviewing its effectiveness.

7. Improvement: Continual improvement through setting objectives, taking corrective actions, and optimizing the asset management system is a critical element of ISO 55091:2018.

Benefits of Implementing ISO 55091:2018

Implementing ISO 55091:2018 offers several benefits to organizations:

1. Improved asset performance: By following the guidelines of ISO 55091:2018, organizations can enhance their asset performance, leading to increased efficiency and productivity.

2. Reduced risks: Effective asset management can help organizations identify and mitigate risks associated with assets, thus minimizing the likelihood of failures and disruptions.

3. Better decision-making: The standard promotes data-driven decision-making processes by providing a framework for capturing, analyzing, and utilizing asset-related information.

4. Regulatory compliance: Compliance with ISO 55091:2018 ensures organizations meet relevant legal and regulatory requirements related to asset management.

5. Enhanced stakeholder confidence: Implementing this standard demonstrates an organization's commitment to responsible asset management practices, thereby instilling confidence in stakeholders.

Conclusion

ISO 55091:2018 is an essential standard that provides guidelines for organizations to establish and improve an effective Asset Management System. By implementing this standard, organizations can optimize the value of their assets, reduce risks, make better decisions, comply with regulations, and enhance stakeholder confidence. It is crucial for organizations to understand the components and benefits of ISO 55091:2018 to achieve sustainable success in asset management.