Looking at today’s economy, businesses of all functions are seeing the importance of having good asset management. To have a clear picture of your company’s overall performance, you may look into cost regulation, price management and increased asset value. This is where your business can turn to the Publicly Available Specification, or the PAS 55.Improves efficiency of the business
The PAS 55 has two important roles: first, it discusses the specifications on how a business should manage its physical assets and the required processes and measures involved. Second, it provides guideline on how to meet these requirements.
They specify processes involved in tactical planning, maintenance of asset, allocation of resources, and management of schedule.
Regardless of your business, following the guidelines provided by PAS 55 will make way for more regulated costs and optimised productivity. They encourage your company to reduce current time-based work and use a risk-based management approach.
In addition, they help you create procedures to cover the entire asset base and formulate strategies that adhere to your company’s overall strategy.Improves organisation’s reputation
The PAS 55 is internationally recognised as a universal language discussing good practises in asset management, covering all measures from lifecycle strategies to everyday maintenance.
Today, there is more emphasis on the need to comply with the regulatory standards set by governmental institutions. This requires all businesses to increase their level of professionalism in delivering their services. Compliance with the PAS 55 standard not only helps in product delivery but in strengthening your business’ reputation.
Although many frameworks have come out recently, they will not be replacing the PAS 55 soon. Since it came out in 2004, global industries have relied on its standards for enhanced overall performance and ultimately, improved reputation.
Many EAM providers are seeking to align with the PAS 55 standard to meet increased requirements in asset management. One of their future challenges includes assuring environmental and legal compliance to meet workable manufacturing requirements.