A recent Utility Analytics article on ISO 55000 explores the connection between analytics and asset management standards.
The ISO 55000 standard guides organizations such as utilities in putting “a risk management process in place that will enable utilities to assess the likelihood of asset failure, and determine those assets whose failure would produce the greatest consequence.”
We have written about this two-sided nature of risk—probability and consequence—and how situational intelligence constantly analyzes the fluctuation and interplay between these two forces.
Standards like ISO 55000 are more descriptive than prescriptive, outlining the general steps organizations should take, but leaving room for adapting those steps to each organization’s unique circumstances.
Adaption leaves room for each organization to blend the six domains of situational intelligence to suit their needs and goals in implementing the standard.
As the article notes, ISO 55000 is very new, having been ratified in January 2014. Companies in North America are using the standard as a guide to best practices, while in other regions such as the Middle East and parts of Asia, companies are pursuing certification of their ISO 55000 implementation. Either way, situational intelligence can be a useful tool to bring the rigor of ISO 55000 to your asset management practices.