What is ISO 55017:2014?

The International Organization for Standardization (ISO) sets forth a wide range of standards that are used globally to ensure uniformity and consistency in various industries. One such standard is ISO 55017:2014, which focuses on asset management. This technical article aims to provide an easy-to-understand explanation of this standard.

Understanding Asset Management

Asset management refers to the systematic approach taken by organizations to optimize the value of their assets throughout their life cycles. It involves establishing processes, policies, and procedures to acquire, operate, maintain, and dispose of assets effectively. ISO 55017:2014 provides a framework for implementing asset management systems, helping organizations improve their decision-making processes regarding asset maintenance, replacement, and investment.

The Key Components of ISO 55017:2014

ISO 55017:2014 consists of three key components:

Asset Management Policy: This component outlines the organization's commitment to managing its assets efficiently and effectively. It defines the objectives and scope of the asset management system and establishes clear roles and responsibilities.

Asset Management Objectives: These objectives should be aligned with the organization's overall goals and provide a strategic direction for effective asset management. They serve as a roadmap for decision-making processes related to asset acquisition, operation, maintenance, and disposal.

Asset Management Plan: This plan details the specific activities, resources, and timelines required to achieve the set objectives. It includes processes for risk assessment, performance evaluation, and continuous improvement, ensuring that assets are managed in the most cost-effective manner while meeting organizational requirements.

The Benefits and Importance of ISO 55017:2014

Implementing ISO 55017:2014 brings numerous benefits for organizations, including:

Improved decision-making processes related to asset acquisition, maintenance, and replacement.

Enhanced asset performance and reliability through effective management practices.

Better risk management, ensuring minimal disruption to operations.

Increased accountability and transparency in managing assets.

Optimized use of resources, leading to cost savings.

Overall, ISO 55017:2014 offers a standardized framework that promotes efficient asset management practices, empowering organizations to make informed decisions and achieve long-term sustainability.