A recent cover of Maintenance Technology Magazine challenged maintenance managers to understand the implications and prepare for the impact of PAS 55. If the issue is still sitting on the corner of your desk unread, here’s a quick snapshot of why PAS 55 can help facility and maintenance managers develop ‘best practice’ asset management strategies.
What PAS 55 Is
First developed in 2004 by the Institute of Asset Management in conjunction with the British Standards Institution, PAS 55 provides guidance on all aspects of sound asset lifecycle management, from initial need and acquisition to maintenance decisions (cost/risk/performance) to renewal, modification, and disposal.
It also establishes clear industry definitions and recommended asset management systems and processes designed to reduce risks to people, business, and the environment.
What PAS 55 is Not
PAS is not a regulatory requirement or mandatory standard. Outcome based, it lays out an objective framework for linking the day-to-day activities of asset and work management with strategic business objectives by describing what to do, not how to do it. Each organization must develop the systems and processes that best serve their goals and objectives.
PAS 55 was written with asset-intensive businesses in mind, but a proactive and efficient approach to optimizing asset management practices makes sense for every organization. Setting up a cohesive asset life-cycle policy and implementation system allows facility managers to link daily asset management to financial and risk management, business performance, and sustainability initiatives.
PAS 55 is built on Deming’s Plan-Do-Check-Act (PDCA) cycle for continuous improvement. Below are the four ongoing steps to optimize asset management, and help bring it into alignment with the overall business operations and strategic planning cycle.
Plan-Do-Check-Act (PDCA) cycle
1. Plan. The first step is to establish an overall asset-management policy and strategy, with performance benchmarks in place to ensure that the asset management strategy delivers the desired results.
2. Do. In order to implement the strategy, you need asset-management Enablers- the people, processes, and technology tools (e.g., EAM software) as well as the essential requirements—such as regulatory requirements—required to implement the plan.
3. Check. There must be a comprehensive data management system in place that can capture, record, and measure the performance results against the current asset-management policy.
4. Act. Results are analyzed, and then corrective actions are taken to continuously improve the asset management system.
According to the article in Maintenance Technology, in order to successfully implement the PAS standard, you need EAM software that can identify, track, and report on “the state of the assets” throughout their life cycle. As management consultant James Reyes-Picknell says, “PAS 55 is not a framework for an Enterprise Asset Management software system. But EAM software is almost always a necessity to successfully implement the specification of PAS 55.”
So what does the EAM software need to do?
- Create a standardized system for simple, effective asset registration
- Capture, monitor and report on the costs, condition, and maintenance/repair history of every asset
- Support asset risk management with preventative maintenance schedules, work requests and work orders, labor and material cost tracking, and audit reporting
Adopting PAS 55 gives organizations a framework for using asset data to drive the decision-making process at all levels in the organization. According to Bob Williamson, one of the authors in the issue, “the biggest difficulty in deploying these proven maintenance and reliability methodologies is not the tools or the talent. Rather it is – pure and simple – executive-level management’s inability to understand/recognize the value that good maintenance and reliability practices bring to business.” Perhaps one of the most important benefits will be a better understanding of the role that sound asset management plays in financial and risk management, and ultimately, in business value.
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