Roadmap for improved CAPEX and OPEX management using ISO 55000

Abstract

Asset Owners, including Utilities, are facing increasing pressure to maximize the use of their assets while minimizing financial expenditures. Some of the pressures in a regulated environment involve lower pricing. In other cases, the market place may require a change in operations of the asset, given new technologies or changing political, social, standards and/or codes. Optimizing the use of assets depends on having the correct information on condition, as well as knowing what maintenance to do when. This is becoming a greater challenge every day for asset owners across all market sectors.

ISO 55000 provides a framework to define an asset management strategy, plans and related information for making timely decisions. The Standard defines key functional elements to help an organization complete the PLAN, DO, CHECK, ACT continuous improvement cycle.

A case study is presented as evidence of the challenges faced in one industry, and the solutions they have chosen to implement to align to the ISO 55000 standard. It is noted that other industry sectors and regions are at different points in maturity. Some asset owners have advanced to risk‐based decision support practices. It is speculated that knowledge and tools from one industry sector may be able to help another sector become more efficient, with specific savings to certain financial indicators on balance sheet and income statements.