{"id":19658,"date":"2022-04-04T21:06:00","date_gmt":"2022-04-05T04:06:00","guid":{"rendered":"https:\/\/copperleaf-test.majortom.dev\/the-benefits-of-asset-management-and-iso-55000\/"},"modified":"2023-02-23T17:49:32","modified_gmt":"2023-02-24T01:49:32","slug":"the-benefits-of-asset-management-and-iso-55000","status":"publish","type":"post","link":"https:\/\/copperleaf-test.majortom.dev\/en\/blog\/the-benefits-of-asset-management-and-iso-55000\/","title":{"rendered":"The Benefits of Asset Management and ISO 55000"},"content":{"rendered":"<p>The implementation of an <a href=\"https:\/\/copperleaf-test.majortom.dev\/blog\/why-coordination-value-are-key-to-good-asset-management\/\">asset management system<\/a> can help an organization achieve formal compliance with <a href=\"https:\/\/www.iso.org\/standard\/55088.html\">ISO 55000<\/a> and enable the realization of value. Most of us will intuitively agree that a good asset management system can only be beneficial for the company. The general benefits identified by the <a href=\"https:\/\/theiam.org\/\">IAM<\/a> and by <a href=\"https:\/\/www.iso.org\/standard\/55088.html\">ISO<\/a> are:<\/p>\n<ul>\n<li>improved financial performance<\/li>\n<li>informed asset investment decisions<\/li>\n<li>managed risk<\/li>\n<li>improved services and outputs<\/li>\n<li>demonstrated social responsibility<\/li>\n<li>demonstrated compliance<\/li>\n<li>enhanced reputation<\/li>\n<li>improved organizational sustainability<\/li>\n<li>improved efficiency and effectiveness<\/li>\n<\/ul>\n<p>The long-term nature of asset management makes quantifying such benefits challenging\u2014some benefits can take years to materialize but will have a significant impact on the company. Nevertheless, there is growing tangible evidence that good asset management provides a significant return on investment. Examples in the electrical sector include:<\/p>\n<ul>\n<li>AES Ti\u00eate in Brazil, an operator of hydro-electric power stations, reported a 75% reduction of unplanned shutdowns, a reduction of insurance costs of 14% thanks to better risk management, and cost savings in excess of $2M per year.<\/li>\n<li>China Light and Power in Hong Kong achieved a 90% reduction in system losses and a 40% reduction in rates charged to its customers.<\/li>\n<li>Power transmission operator ISA in Colombia reported a 40% reduction in maintenance and reliability costs, while reducing network failures by 10% and energy not supplied by 80%. This resulted in a $40M benefit in the first 5 years of ISA\u2019s asset management journey.<\/li>\n<li>Power utilities in the Netherlands were early adopters of asset management and have collectively achieved equally impressive results: safety improved by 75% and cost savings have allowed significant drops in customer rates while maintaining high system reliability and without changing the overall profitability to shareholders.<\/li>\n<\/ul>\n<p>Asset management is becoming strategically important for asset-intensive companies around the world. The examples above show the significant benefits that asset management can bring through a better balance of costs, risks, and performance.<\/p>\n<p>In this <a href=\"https:\/\/resources.copperleaf.com\/blog\/recap-enbridge-case-study-best-practices-for-capital-planning-excellence\">webinar recap<\/a>, Carmen Benoit,\u00a0Asset Management Strategy and Planning Manager at Enbridge, explains how the implementation of the Copperleaf<sup>\u00ae<\/sup> Decision Analytics Solution drove an enterprise-wide asset management transformation, which enabled the company to realize 15% more value from its investment portfolios and secure a 30% increase in maintenance capital spend.<\/p>\n<p>In my next article in this series, we will explore ISO 55001 and decision making in more detail.<\/p>\n<hr \/>\n<p><a href=\"https:\/\/copperleaf-test.majortom.dev\/knowledge-hub\/a-best-practice-of-iso-55000-asset-investment-planning-and-management\/\">Learn more<\/a>\u00a0about how Copperleaf&#8217;s Decision Analytics Solutions align with ISO 55001.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The implementation of an asset management system can help an organization achieve formal compliance with ISO 55000 and enable the realization of value. Most of us will intuitively agree that a good asset management system can only be beneficial for the company. The general benefits identified by the IAM and by ISO are: improved financial [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":23703,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_searchwp_excluded":"","footnotes":"","_wp_rev_ctl_limit":""},"categories":[174],"industry":[57],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Benefits of Asset Management and ISO 55000 - Copperleaf<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Benefits of Asset Management and ISO 55000 - Copperleaf\" \/>\n<meta property=\"og:description\" content=\"The implementation of an asset management system can help an organization achieve formal compliance with ISO 55000 and enable the realization of value. Most of us will intuitively agree that a good asset management system can only be beneficial for the company. 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