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Management review
31 December 2014 • Ype Wijnia and John de Croon
asset management strategie, risk management, policy development, planning, program management, manage changes
If there is one asset management milestone which must be designated in 2014, this surely is the publication of the international standard in the field of asset management, the ISO 55000 series. There can be many opinions on this standard. A fairly general view is that readability is reduced due to the ISO requirements for the vocabulary. Some well-established words are banned, the reason why it was so difficult to define an asset[1]. If one looks beyond these ISOlanguage barrier, it is apparent that the general aspects of a management system have received more attention. Many requirements concern fixation of goals, measuring results and evaluating performance. Some will find it a step backwards compared to the previous version, PAS55, because it is less asset specific. The rest is considered as administrative burdens. But others find it a step forward because it fits better to the other standards for management systems. The requirements regarding the commitment are no nonsense. If you want to improve yourself, you should be able to look back. Without good administration this is impossible. No matter how you look at it, the standard is a fact with which an asset manager has to live with. The easiest way is simply to accept the standard and apply it. Since practicing what you preach is an important basis of asset management, we will demonstrate that we apply it to our own targets for 2014.
To take it back a bit, 2013 was the year in which we as columnists had to recognize the superiority of reality. Reality was just too absurd to serve a reply on a reasonable time in a column. Since it was after our honor, we had planned measures to bring ourselves back into contention. One such measure was the FutureMessup, a tool to predict the future, so we had time to write a good column. Since the test showed that the predictions were uncannily accurate we had immediately published a number of these. In the spirit of such a prediction ISO55000 lends itself to an evaluation. This evaluation is stated below:
As can be seen all predictions have been 100% true. This was exactly what we expected. Only, what we did not understand was what effect that would have on the columns. Our suspicion was that we could write columns easier because we already knew what was going to happen. Unfortunately that was not true. The surprise turned out to be a crucial element of inspiration. We decided to turn off both the FutureMessUp as the RealityCorrector. We will now be back in touch to respond to important events in the field of asset management.
We wish you a surprising 2015!
[1] Here we have rejoiced created in an earlier column, the standard for asset management was delayed because of the inability to define the asset well. To our delight (a column has to excite), this did not sit well with all readers.
[2] http://www.assetresolutions.nl/en/column/successfull-prediction-of-the-future
John de Croon and Ype Wijnia are partner at AssetResolutions BV, a company they co-founded. Periodically they give their vision on an aspect of asset management in a column. The columns are published on the website of AssetResolutions, http://www.assetresolutions.nl/en/column
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