November 19, 2019, 4:35 am

News

The New ISO TS 55010-2019 – What’s it about?

Finance is an integral part of Asset Management. Asset management is defined as “coordinated activity of an organization to realise value from assets”.  Value can be financial (revenues and costs) and non-financial (benefits and risks) and achieving the balance between these requires coordination and alignment across financial and non-functions in the organisation. One of the key outputs of the asset management planning process is an estimate of the cashflows that are needed to deliver value from assets and to support achievement of overall business objectives.  These cashflows could be operating expenses (OpEx) or capital expenditure (CapEx) as well as revenues that flow from this expenditure.  In many organisations, this coordination and alignment across financial and non-functions is often inadequate. Consequently, ISO/TS 55010 has been produced to provide guidance on achieving alignment across the financial and non-functions of an organisation.

So, what is ISO/TS 55010:2019 Guidance on the alignment of financial and non-financial functions in asset management about? The first thing is that it is a guide, and as a guide it does not provide any interpretation of existing ISO 55001 requirements, nor does add any new requirements to those currently contained in ISO 55001 Asset Management – Management systems – Requirements.

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ISO 55010:2019 has been published

The ISO55010 Technical Specification "Guidance on the Alignment of Financial and Non-Financial Functions in Asset Management" has been released. This is a companion document associated with ISO 55001:2014, the global standard for Asset Management, that provides guidelines to enable organisations better understand why, and how alignment between these functions is important to realise value from their assets.

In Australia, it can be purchased from https://infostore.saiglobal.com/en-au/Standards/ISO-PRF-TS-55010-2019-1162781_SAIG_ISO_ISO_2763288/.  Check your local standards organisation for details of how to purchase this in other countries.

 

NEW ARTICLE: We Optimised our Preventive Maintenance without realising it

 It is sometimes interesting to reflect on our own exposure to maintenance when it is overlaid with current thinking and methodologies for best practice maintenance.

In the 1990’s, off highway dump trucks were serviced every 250 hours. This would involve bringing the truck into the workshop for about a shift. We would change the engine oil and carry out other OEM recommended tasks. On top of this we would have carried out a host of other inspections and checks. These would cover everything from hose inspections and electrical checks to our own bespoke checks that had been implemented over a period of time.

Fast forward to the current day and we service our trucks at 500 hour intervals. This has been facilitated by the extension of the oil change interval from 250 hours to 500 hours. So now, instead of the trucks coming into the workshop every 250 hours for a service and the associated inspection, they come in every 500 hours.

So, what has happened to all the inspections and maintenance tasks that were being carried out every 250 hours in the 1990’s? How have we saved a shift of downtime every 250 operating hours? Did we not need to be doing all those checks every 250 hours? In a crude sense, what most of us did was implement the results of a PMO study without realising it.

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NEW ARTICLE: Have you outgrown your perfect repairables management system?

The system was perfect. Everyone knew what to do when a component failed. Everyone knew how to determine where to send the part for repair. Everyone knew the system was available seven days a week. Everyone knew how to find out when the next repairable item was available. Everyone knew how to find out what was replaced during the last repair. The system was perfect... Then Bill left.

In the above example, the system, was, of course, a person. The person held all this information in their head. If your business is small enough, or a one-man show, you probably have a very efficient repairs management process using the best computer ever, the human brain. But for larger businesses, a system must be used to apply a business strategy. Total business costs must be balanced against business risk. Inventory levels must be optimised.

An effective repairables management system provides information and guides the user to a course of action.

It will answer questions such as:

  • Who prepares the items for dispatch?
  • How do you know if the item is to be repaired or thrown away?
  • Who raises the purchase order?
  • What is the standard for the rebuild?
  • Who is the quote for repair sent to?
  • Do you repair the item straight away or hold it for repair?
  • How many repairable items do I need to stock?
  • How do we make sure the system doesn’t order another item while one is out for repair, leading to overstocking?

So the question becomes, what do we need to do to be able to answer all these questions? Let’s start to look at each of these questions and how the cost benefit equation can be optimised.

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Asset Performance Management (APM) – Key implementation issues and how to avoid them

This is the second article of series of four articles that we will publish on Asset Performance Management Systems.

In our first article we noted increasing levels of interest in Asset Performance Management systems across capital intensive industries.  We discussed the typical capabilities supported by APM systems including Asset Health and Condition Monitoring, Maintenance Strategy Development, Asset Integrity Management, Defect Elimination, Modelling (Reliability and Lifecycle Cost) and finally Reliability Analytics.

We also looked at where APM systems fit within the overall ecosystem of Asset Management information systems and the types of data shared within that ecosystem.

Finally, we looked at what most businesses hope to achieve by implementing an APM systems.

As noted in the first article, at Assetivity we have supported various clients in developing and refining their APM business requirements, testing the market for suitable solutions, and then proceed to implementation.  We are also actively using client APM systems to develop and optimise equipment maintenance strategies for greenfield and brownfield assets.

In this article, we want to share with you the challenges that we have observed our clients struggle with as they have implemented their APM solutions, and share with you our thoughts on some things you might do to avoid falling for these same traps.

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