ISO 55000 – it was Launched – But is it Taking Off?

So we are now 2 1/2 years after the official launch of ISO 55000. What have been the results so far? Has the standard gain wide acceptance? What is the future for the ISO 55000 standard?

So what are the results so far? It appears that in the United States the uptake on the standard itself has been somewhat slow. Internationally, there are a larger number of companies that are investigating the standard or have adopted the standard. Is it possible that ISO 55000 will follow the pattern of ISO 9000, in that the United States will be late adopters of the standard when compared to their international counterparts?  Will this delay put US-based companies at a competitive disadvantage?

When discussing wide acceptance, or the lack thereof, it is important to note that one area where the ISO 55000 standard (and by default asset management) is quite active: this is infrastructure. Infrastructure, particularly in the United States, has been receiving a lot of negative attention in the recent years. Consider the water debacle in Detroit – bridge and road failures, the conditions of Dams and the condition of mass transit.  Is it possible that if asset management principles, and ISO 55000 in particular, were applied in these areas, that much of this negative attention would have disappeared?

In a previous blog, I mentioned that John Oliver video on infrastructure, which can be found on YouTube. This video, while quite humorous, highlights some very serious points about infrastructure. In just the last few months, there has been a considerable amount of attention paid to infrastructure. Whether this video played a part or not can be the topic of debate.

However, now there is an article about infrastructure and technology in Time Magazine.

This article highlights the problems that we see with infrastructure, particularly roads and bridges. It even begins to develop an asset management prioritization model. This article references some additional sources of information concerning infrastructure asset management. The first is from the American Public transportation Association. This link takes you to a site where they highlight the importance of keeping infrastructure in a state of good repair. There are additional published documents available on this site as well.

A second reference in the time magazine article was from the American Society of Civil Engineers. This was an update on a previous report entitled “The failure to act: the impact of infrastructure investment on America’s economic future”. This article was interesting since it breaks down the financial impact on each individual household due to infrastructure deficiencies.

But whether you live in the United States or not, every country in the world is currently struggling with their infrastructure. Whether its water problems, transportation problems, or industrial problems, each of us are impacted.  What actions can we take to make sure our infrastructure (and ultimately our competitiveness) is properly managed?  It is by educating ourselves in the proper application of International standards, such as ISO 5000.

It would be a tragic loss if many international experts spent a considerable amount of time developing ISO 55000 and it was never adopted by companies who could gain the most from it.  Beyond infrastructure, it would be an even greater loss if companies across all vertical industrial markets go out of business because they did not properly manage their assets.

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