ISO 55001:2024 represents a critical step forward in asset management, offering organisations the structure to make better decisions about their assets. While the standard itself doesn’t elaborate on decision-making techniques, it does emphasise the importance of aligning decisions with asset management objectives. At SAS-AM, we see this as an opportunity to introduce innovative approaches like multivariable criteria analysis, risk quantification, and asset-level alignment to drive better outcomes for organisations and the communities they serve.

Decision Making for Asset Management Excellence

Good decision making is the foundation of effective asset management. The challenge lies in balancing the complexities of cost, performance, and risk while ensuring every choice contributes to broader organisational objectives. We believe ISO 55001:2024 provides the platform for organisations to take decision-making to the next level by:

1. ‍Introducing Multivariable Criteria Analysis: Decision-making often involves competing priorities. Multivariable analysis helps organisations evaluate these priorities systematically, considering factors like financial constraints, performance targets, and environmental impacts.
2. ‍Quantifying Uncertainty: Risk and uncertainty are inherent in any decision. By using techniques like quantifiable bowtie analysis and simulation, organisations can better quantify and manage uncertainties.
3. Translating Objectives to Asset and System Levels: Organisational goals need to be translated into clear, tangible objectives for individual assets and systems. This ensures decisions at every level are consistent with the broader strategy and deliver measurable value.

How Organisations Can Act Now

While the ISO Technical Committee is working on guidance to help implement ISO 55001:2024, organisations shouldn’t wait to improve their decision-making frameworks. Practical steps include:

• ‍Evaluate Current Frameworks: Identify gaps in how decisions are made and whether they align with organisational goals.
• ‍Develop Analytical Tools: Adopt tools that support multivariable analysis and risk quantification.
• ‍Focus on Alignment: Map organisational objectives to specific, measurable asset-level targets.
• ‍Engage Experts: Work with asset management professionals to design and implement structured frameworks that meet ISO 55001:2024 requirements.

Driving Community Impact Through Better Decisions

Every decision made in asset management ultimately affects the community. Whether it’s ensuring reliable water services, safe transport systems, or efficient healthcare, structured and informed decision-making ensures assets deliver value where it matters most. At SAS-AM, we are passionate about creating decision-making frameworks that not only align with ISO 55001:2024 but also serve the people and communities relying on critical infrastructure.

Let SAS-AM Help You Lead the Way

We bring expertise in strategic asset management, RAM Engineering, and operational readiness to help organisations excel in decision making. Visit our Strategic Asset Management page to learn how we can support you in leveraging ISO 55001:2024 to optimise asset performance and community impact.

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