What is ISO 55019:2018?

ISO 55019:2018 is a technical standard that provides guidelines for the establishment, implementation, maintenance, and improvement of asset management systems. This international standard was developed by the International Organization for Standardization (ISO) to help organizations effectively manage their assets and achieve their strategic objectives.

Understanding Asset Management Systems

An asset management system refers to the set of interrelated processes, activities, and resources that an organization uses to manage its assets throughout their lifecycle. Assets can include physical infrastructure, equipment, intellectual property, data, and more. The goal of asset management systems is to optimize asset performance, reduce costs, and ensure that assets continue to provide value over time.

The Key Elements of ISO 55019:2018

ISO 55019:2018 outlines several key elements that organizations should consider when establishing and implementing asset management systems:

Leadership and Commitment: Top management plays a crucial role in driving the success of the asset management system by providing direction, resources, and support.

Planning: Organizations need to develop a strategic plan that aligns their asset management objectives with overall business goals.

Support: Adequate resources, competencies, and organizational culture should be established to support effective asset management.

Operation: This element deals with the day-to-day activities of asset management, including asset acquisition, operation, maintenance, and disposal.

Performance Evaluation: Regular assessment and measurement of asset management performance are necessary to drive continuous improvement.

Continuous Improvement: Organizations should establish a culture of continuous improvement by identifying opportunities for enhancement and implementing appropriate actions.

The Benefits of ISO 55019:2018

Implementing ISO 55019:2018 can bring numerous benefits to organizations:

Improved Asset Performance: By following the guidelines of ISO 55019:2018, organizations can optimize asset performance, leading to improved reliability, availability, and efficiency.

Greater Cost Control: Effective asset management helps organizations reduce costs associated with maintenance, repairs, downtime, and asset replacement.

Enhanced Decision Making: ISO 55019:2018 promotes evidence-based decision making by providing organizations with reliable asset data and information.

Enhanced Stakeholder Confidence: Implementing the standard demonstrates an organization's commitment to managing assets effectively, which can enhance stakeholder confidence.

In conclusion, ISO 55019:2018 is a technical standard that provides guidelines for establishing and implementing asset management systems. By following its principles, organizations can improve asset performance, reduce costs, and enhance decision making. Implementing ISO 55019:2018 can lead to various benefits and contribute to long-term organizational success.