What is Asset Management?

Asset Management Standard

 New ISO 55001

Published January 13th 2014

The new Asset Management standard has now been published by the International Organisation for Standardisation. It will be known as ISO 55001.

Asset Management  is the”coordinated activity of an organization to realize value from assets”. Application of the standard will greatly assist organizations from all sectors in getting the best possible value from the physical and other assets that they have invested in.


“All over the world, you can see an increasing urge to make savings and optimise business processes. This leads to a reduction in available budgets, limited expenses, lowered costs and rationalisation of organisations and their process work flows.  At the same time, there is an increasing urge for transparency and accountability.”   

Assets, The Institute of Asset Management Magazine, November 2010.

In Asset Management the orientation is shifting from a preoccupation with technical details to the recognition of the need for system functionality.  Old methods – for example, the way contract requirement issues were handled – are becoming redundant.  Lifecycle-oriented functional requirements in long-term integrated contracts are now becoming a stipulation as opposed to detailed prescription of technical solutions in specific contracts.  Changing responsibilities are leading to changes in training, education, organisation and company culture.  Asset owners are coming to appreciate the limitations of a one-dimensional operational level, and the need to deal with maintenance on a strategic level.

BSI PAS 55:2008

PAS 55, the British Standards Institution’s (BSI) Publicly Available Specification for the optimised management of physical assets, with its clear definitions and its 28-point requirements specification for establishing and verifying a joined-up, optimised and “whole-life” management system for all types of physical assets provides the basis for our thinking on Asset Management in Ireland.

Compliance provides evidence of systematic, cross-disciplinary and optimised management that correctly blends responses to short-term requirements with the sustainable delivery of long-term goals.  The specification provides guidance on achieving and sustaining good practice in all facets of acquiring, owning and ultimately disposing of physical assets. It defines the integrated approach required to meet conflicting stakeholder demands, achieve best value-for-money, and deliver significant performance improvements.


Arkman Consulting Engineers can assist you to add the following benefits to your business:


  • Enhanced customer satisfaction from improved performance and control of service delivery;
  • The ability to achieve and demonstrate best value for money;
  • Improved risk management and corporate governance – with a clear audit trail;
  • Optimised return on investment and/or growth;
  • Improved maintenance processes, priorities and practices;
  • Improved health, safety and environmental performance;
  • A Computerised Maintenance Management System that will enable you to measure the success of your strategies;
  • Confidence from long-term planning, better sustainability and performance;
  • Improved corporate reputation, including enhanced shareholder value, greater staff satisfaction and a more efficient procurement and supply chain.


 Asset Management with Arkman Consulting Engineers