Asset Management – Alignment with Certified Best Practices

Asset Management – Alignment with Certified Best Practices

Asset Management – Alignment with Certified Best Practices

Asset Management Process Improvement and Risk Mitigation: ISO 55001:2014 Implementation for a Construction Company by HYLMAN

The client and context:

We were hired by a construction company that was experiencing challenges with their asset management processes. The client had a wide range of assets spread over various locations, including production machinery, vehicles and IT equipment. However, they struggled to effectively manage these assets due to the absence of a comprehensive asset management system. In addition, the client wanted to achieve ISO 55001:2014 certification to demonstrate their commitment to asset management best practices.

The challenges:

The client was facing a number of challenges before engaging us.

First, there was a lack of clarity about ownership and accountability for fixed assets, which meant that maintenance and repair work was not always carried out in a timely and efficient manner.

Second, the customer was experiencing a high fixed asset failure rate, resulting in increased downtime and production delays.

Finally, there was a lack of knowledge about the history of use and maintenance of fixed assets, making it difficult to make informed decisions about the use and replacement of fixed assets.

We also faced a number of challenges in delivering the service.

First, detailed information had to be gathered about the client’s existing asset management processes and practices, which was complicated by the lack of a central management system.

Second, we had to balance the need for process improvements with the potential risks associated with changing established processes.

Finally, we had to work with the client’s staff to ensure that any recommendations were implemented effectively and with minimal disruption.

What have we done:

We started by conducting a detailed review and record of the client’s existing asset management processes and practices.

This included conducting interviews with key stakeholders, reviewing documentation and procedures, and conducting site visits to assess the condition of fixed assets. We then developed a comprehensive asset management plan that addressed the client’s specific challenges, which was aligned to ISO 55001:2014.

We worked closely with the client’s staff to implement the proposed changes, providing training and support to ensure staff were able to adapt to the new processes. This included the development of new workflows and standard operating procedures, as well as the implementation of a centralized asset management system that provided common and shared  knowledge and tracked asset usage and maintenance history.

What we achieved:

As a result of our collaboration, the client was able to significantly improve their asset management processes and practices. This included a reduction in asset failures, increased shared knowledge of asset usage and maintenance history, and improved utilization rates. In addition, the client was able to achieve ISO 55001:2014 certification, which demonstrated its commitment to asset management best practices and provided a competitive edge in its industry.

We were also able to help the client mitigate the risks associated with changing established processes by providing comprehensive risk management strategies and support throughout the implementation process. This ensured that any unintended consequences of the changes were identified and addressed in a timely manner.

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