What can PAS 55 can be used for?
  • Alignment of understanding: one of the big problems has been inconsistency of terminology - what is meant by an 'asset', what is 'whole life cost', and how do you 'optimize costs, performance and risks'?
  • Benchmarking: good asset management practices are largely independent of asset type - PAS 55 enables us objectively to compare performance across industrial sectors, between regulated and non-regulated, or public/private environments.
  • Independent audit: any organisation tends to become too familiar with the status quo - an external pair of eyes can often reveal all sorts of problems and opportunities, especially if they follow a systematic structure, such as PAS 55, that considers at all aspects of asset management
  • Certification: an internationally recognized stamp of approval can be very valuable in maintaining customer confidence, investor and regulatory relations or even in risk management/mitigation. PAS 55 accreditation offers the first cross-functional evidence of joined-up competency in optimized, whole life cycle asset management.
  • Contractor selection: the same argument goes the other way too - when you depend on others to do work for you, objectively verified asset management competence is an important part in contractor selection and delegated authorities.
  • Business improvements planning: there are always many improvement ideas and opportunities; PAS 55 and, in particular, the TWPL assessment and Roadmapping methodology, convert these into an objective, prioritized and coordinated implementation plan that the whole organisation can understand and commit to.
  • Self-assessment: even the first usage of PAS 55 as a checklist of requirements can yield some surprising gaps and opportunities. Not the same as an independent expert assessment, but nevertheless a good starting point.
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