TC 251 Publications

Sustainability of assets and processes is a major strategic focus area for many companies. To achieve their strategic sustainability goals, several companies have begun to discuss how their businesses are supporting a circular economy. This article explains how asset management can align with circular economy principles.

IFRS and US GAAP: differences in accounting requirements
in different countries can influence asset management decisions.

Just because it's called intangible doesn't mean it's not real: why Intangible Asset Management is important.

This article addresses a simple question: Do you mean Asset Management or Managing Assets? People and organizations have been caring for assets since mankind first invented tools. Over the years we have derived entire disciplines to help define the best ways to care for those assets through their lives and as such we have been Managing Assets for ever. With the advent of the formal discipline of Asset Management some 20 years ago there has been a development of structured approaches to assure stakeholders that those care activities are focused on deriving value for the organization and not just promoting ‘gold-plated’ care arrangements.

Everyone is talking about ISO 55001 and the benefits it brings. ISO 55001 is a set of requirements for an Asset Management System. So what is an AMS? How does an AMS contribute to delivering good asset management and ultimately help you to derive value from your asset base?

This article highlights the different definitions of the term “asset” associated with current asset management and financial accounting best practices, and outlines how organizations should be aware of, and can handle those differences using a proposed mapping table approach.

A well-known problem with technical maintenance and service delivery stems from the conflict that can arise through so-called “silo effects”, when people in various functions who are expected to work together do not meet this expectation. While silo behaviors could be present in various functions of an organization, this article focuses on the impact on asset management.

Have you ever felt like your engineering teams, financial teams and operational teams are speaking a different language? You know they all have a role to play in the decision-making process but aligning their viewpoints, terminology and objectives seems difficult. Alignment of processes and functions in asset management in an organisation is a way forward to help overcome this problem. This first article explains why alignment is important.

There appears to be widespread conventional wisdom that aligning asset-related financial and non-financial information is costly and requires years of hard work and culture change. Is that really so? This article proposes a framework as a means of fostering alignment, that can be applied in any organization.

Organizations have a strong focus on financial management whether it be a public sector organization that must demonstrate financial sustainability to its citizenry or a private sector, for-profit organization that must demonstrate profitability. This article highlights the benefits of a strong alignment between technical and financial management.

Good asset management is a key enabler for organizations seeking to contribute to the achievement of the United Nations' Sustainable  Development Goals (SDG). Asset management provides clarity of purpose and the management system to ensure that good intentions are turned into practical reality. This article illustrates how asset management contributes directly to seven of the SDG.

This paper highlights the important interrelationship of two management system standards developed to improve overall organizational performance: ISO 55001 - Asset Management and ISO 41001 - Facility Management.