Asset Management with PAS 55
The PAS 55 specification for asset management was first released by the British Standards Institute in 2004 and has since become the must-have specification for asset intensive organizations. Public services, utilities, transport, mining, oil & gas, defense and process industries have all adopted PAS 55 with growing enthusiasm. The specification was originally developed by a consortium under the umbrella of the UK's Institute of Asset Management, and is now the foundation for the upcoming ISO 55000 standard for asset management. Organizations that have adopted PAS 55 often quote significant reductions in the total cost of asset ownership, as well as improvements in service delivery and in reliability.
PAS 55 sets standards for all aspects of asset management, spanning the full life cycle of assets. In particular, it calls for the optimization of cost vs. risk vs. performance and therefore expects organizations to adopt an integrated approach to address the needs of all stakeholders, both internal and external. In the words of the BSI: PAS 55-1 describes asset management as the systematic and coordinated activities and practices through which an organization optimally and sustainably manages its assets and asset systems, their associated performance, risks and expenditures over their life cycles for the purpose of achieving its organizational strategic plan.
CopperLeaf's AIPM methodology is closely aligned with the PAS 55 specification. CopperLeaf C55 provides the analytics and decision-making framework allowing an organization to build and maintain optimal long term asset plans taking into consideration risk tolerances, financial constraints and performance obligations. It gives an organization the confidence it is achieving the highest return on investment for its assets.
/