Standards-Based Asset, Information, and Performance Management

Good management of both industrial assets and related information assets is becoming a standard practice in mature organizations around the world due to the proven value-related benefits.

This report introduces the principles of asset lifecycle management and asset information management and discusses the magnitude and sources of losses for owner-operators. These mainly relate to poor handover of asset information from the project to the operations phase.

The cost and effort related to asset information management has become a burden for owner-operators. This report reviews the currently available asset management and asset information management standards, such as ISO 15926, 14224 and 55000, as well as likely future developments of ISO 15926 and the future ISO 18101 standard. These standards all facilitate improved asset information handover, resulting in cost and resource efficiency and improved information quality. They cover different sub-domains of asset lifecycle information management.

This report also explores recent initiatives to coordinate the activities of the different standards committees to create synergies and minimize overlaps, with the ultimate goal to achieve "system of systems" interoperability. This report also introduces the recent Capital Facilities Information Handover Specification (CFIHOS) initiative to develop an extension of ISO 15926 with the objective to lower the barrier and improve the business case for using the standard.

ISO 55000 introduces a methodology to design an asset management system, including principles for organizing asset management and managing improvement and decision-making processes.

These standards are currently only recommendations and not enforced by regulation. However, their usage provides considerable benefits and can help owner-operators maximize the benefits received from their technology investments. ARC Advisory Group urges owner-operators, contractors, equipment suppliers, and software vendors to inform themselves about, adopt, and contribute to these standards.

Table of Contents

• Executive Overview
• Asset Lifecycle Management
• The Staggering Costs of Poor Asset Information Management
• Standards for Effective Handover
• Standards-based Asset Management Excellence
• Recommendations
• References

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Keywords: Standards-Based Asset Management, Performance Management, Industrial Assets, Asset Lifecycle Management, Asset Information Management, ARC Advisory Group.