Session Type: Paper
Paths(s): Management Executive
Effective asset performance management can enable significant improvements in plant performance and safety. In this paper session, industry experts will introduce the new ISO55000 Asset Management Standard, discuss the use of asset management solutions to obtain meaningful data, and provide techniques for using this data to drive performance enhancing decisions.
Over the past several years, there have been a series of asset failures that not only put companies in the media but erased a significant shareholder value. These questions were asked: What could have been done differently? Do we need a standard for Asset Management System? In 2002, the Institute of Asset Management released PAS55 – Publically Available Specification that become a de-facto voluntary standard. Recently ISO formed a PC251 to develop a new Asset Management Standard – ISO55000. This presentation shows a short history of this standard development, its future and possible impact on industry. It answers the question: why should I care?
Unplanned downtime is a cost and safety issue that can’t be ignored. In North America, unscheduled shutdowns account for two to five percent of production in process plants, a big hit to the bottom line. To compete in global markets, it is essential for manufacturers to improve asset availability, efficiency, flexibility, and responsiveness, without sacrificing safety and consistent product quality. How can manufacturers better manage their assets to be more efficient, available, safe, and reliable? Today’s asset performance management (APM) solutions provide actionable information that operating personnel can use to significantly improve plant performance and safety.