Data - based decision making: how to improve asset management

I've been saying this for years: asset management is essential for any organization that wants to maximize the value of its investments. The ISO 55000 standard argues that assets must generate value for the organization and its stakeholders. To get the most out of them, it is essential to make data-based decisions.

To achieve this, it is necessary to create a structure that fully evaluates the benefits of each investment. This structure must use a common scale so decisions can be made with confidence, allowing to find the best combination of investments and times that respect financial limitations, available resources, and desired service levels.

Organizations often have difficulty deciding which asset-related projects to focus on. The decision must consider factors such as cost reduction, increased revenue, improvements in service levels, reduced environmental or safety risks and increased customer satisfaction. Each organization needs to define what is value for it, considering its strategic objectives.

In this context, data analysis becomes essential. Technologies such as Machine Learning, Artificial Intelligence (AI) and the Internet of Things (IoT) are generating more valuable data. Using analytics helps predict future results (predictive analysis) and optimizes business performance.

Adopting a data culture requires more than just sophisticated tools. Create an environment where data is integrated into the organization's daily operations, mindset, and identity. This requires the development of new skills and behaviors, the democratization of information and the use of data in decision making.

Within the ISO 55000 asset management standards, it is important to consider several types of data:

• Risk matrix: Assesses risk at different severity levels and aligns the organization's risk tolerances.
• Guided questionnaires: help you consistently assess a project’s contribution, reducing subjectivity.
• Agreed financial parameters: ensure consistency in financial calculations.
• Value measures : must be defined for everything that adds value to the organization, supporting strategic objectives.
• Value models: calculate how a project contributes to value measures, ensuring consistent assessment.

Deciding based on value and data brings many benefits, such as better risk management, traceability and optimization of assets, increased availability and productivity, reduced costs, improved quality of services, compliance with regulations and social responsibility, as well as a reputation enhanced corporate.

At Manusis4, our software meets the key requirements of ISO 55000, ensuring companies follow standards and maximize the value of their assets.

Do you have questions about the subject? I am available to exchange information with you! See you all next time!