The company has reported significant interest from businesses that are keen to achieve the new international certification, which establishes a benchmark for managing assets with greater reliability, efficiency and safety.

Paul Barnfather, Technical Director at EA Technology, said: “The new standard was only launched in February but we’ve had over 50 enquiries from across different sectors in a very short space of time, coming to us for practical guidance and support to help their business attain ISO 55000.

“For a long time, the discipline of asset management was the preserve of corporations with large numbers of physical assets and hasn’t always been a key issue for other sectors. But what has benefited organisations such as utility companies for years can now be of benefit to all industries across the world.”

Barnfather was part of ‘Project Committee 251’ - a collection of industry experts from 31 different nations that took on the task of writing ISO 55000.

The new standard builds on the success of BSi PAS 55, which after its launch in 2004 set the bar for asset management standardisation. Despite being developed by the UK Institute of Asset Management and the British Standards Institution, it had input from ten countries and was adopted widely around the world, being translated into five different languages.

Paul added: “Given PAS 55’s success and widespread adoption, the appetite for an international standard was clear and from our experience so far it is being well received.

“A lot has been written about the differences between PAS 55 and the ISO 55000 series, but the most significant is that the new standard essentially defines assets as ‘anything that has potential value’.

“This redefinition significantly expands the scope of asset management. Assets are anything that a company expects to derive value from, and asset management is the discipline of making these assets work for you. These assets could include anything from a desktop PC to maintenance equipment, from databases to transmission towers - and so on.

“If an asset fails (and it’s still needed) then it must be repaired or replaced, so it is in a business’s interests to reduce these costs and manage assets effectively. Good asset management reduces waste and enables businesses to run more effectively and efficiently. Until now, there hasn’t been an international standard that recognises this.

“While PAS 55 was a hugely important step in this process, and while it remains a vitally important accreditation for businesses with large assets, ISO 55000’s innovation lies in its inclusivity. Small businesses, service companies and other industries - such as financial institutions, councils and hospitals - should find it easier to reap the benefits.”

EA Technology offers world-leading expertise in asset management and is helping several organisations achieve the new ISO 55000 standard. The support includes analysis of what work needs to be done to achieve the certification, a clear strategy, policies and documentation for ISO 55000 implementation and workshops and training for employees.

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