Insight
Adopting the ISO 55000 Asset Management Framework for the Power Industry
Today, power utilities face many challenges, including interconnected digital technologies, regulatory requirements and climate change. One of the benefits of ISO 55000 certification is the ability to show regulators, stakeholders and customers the ability to manage risk efficiently.
ISO 55000 is a set of international standards that provide requirements and specifications for an integrated, effective system for managing assets. Monitoring risk and performance through investments while working to optimize asset lifecycles is almost impossible in today’s world without a modern Asset Management System (AMS), which is a fundamental requirement of ISO 55000.
Power utilities provide electricity to consumers around the world. Asset owners and operators are required to deliver greater stakeholder value, particularly to power customers, while reducing risk and minimizing costs.
While implementing change throughout a power utility can be difficult, the benefits of a successful ISO 55000 asset management implementation are well documented. They include better management of risk, the breakdown of organizational silos, structured training and effective prioritization of investment.