Application of the ISO 55000 suite for a land-based manufacturing organization
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Within several industries, including the production of agricultural equipment, recent years have been a time of organizational objectives constantly being adjusted due to failing markets and economical sanctions between countries. Such failing markets tend to provoke a shift from external focus to internal focus, with increased stakeholder pressure and demands for instant structural and operational changes within organizations. But on what basis are these decisions being made? Are there any guidelines or systems helping management in conducting long-term and sustainable decisions? Together with scarce resources and ever increasing economical, social, and environmental demands from stakeholders, organizations are constantly in search of more efficient processes to better realize value from assets and satisfaction of stakeholder’s expectations. In January 2014 the International Organization for Standardization (ISO) published the ISO 55000 suite. This is the very first official standard in the subject of asset management, and has reached consensus worldwide as probably the most important discipline for whole-life principles of cost, risk and sustainable performance with several impressive results to show for. According to Woodhouse (2013) “good asset management is becoming an expected normal practice in mature organizations around the world”. The aim of this thesis is to gain understanding of both the new ISO 55000 suite and the subject of ‘asset management’. There will also be a mapping for current status of a land-based manufacturing organization towards the requirements of this standard. The study includes a literature study on the subject of Asset Management and the ISO 55000 suite. The study also includes a qualitative research process with the purpose to detect both positive trends and areas of improvement for this organization to align with the ISO 55000 suite. The author has conducted 14 interviews with contestants being department leaders or middle managers representing several departments and teams. This research process has resulted in a review of both positive trends and areas for further improvement. The goal of this thesis is to detect some major strength and weaknesses - “hot points” – between this industrial organization and the requirements of the ISO 55000 suite. The importance of doing so is found in the statement: “an initial review of the organization’s current processes against the requirements of ISO 55001 will determine the areas that need to be developed to support the functioning of a compliant asset management system” (ISO 55002, 2014, p.5). These hot points can further be used as a guide for this and similar organizations in where to start focusing in the future processes of leaning towards improved asset management. This thesis has contributed to the research and understanding of Asset Management and the ISO 55000 suite within the manufacturing industry, and should help create a basis for managers in the implementation of an asset management system from the requirements found in the ISO 55000 suite. It has given insight to internal challenges and main areas of improvement for a land-based manufacturing organization with long tradition and a well-established culture.
Master's thesis in Offshore technology : industrial asset management