scholarly journals ISO 55001 Certification at EPAL – the pains and the gains

2020 ◽  
Vol 15 (2) ◽  
pp. 321-326
Author(s):  
M. Capela ◽  
A. Santos ◽  
A. Luís
Keyword(s):  
Asset Management ◽  
Management System ◽  
Integrated Approach ◽  
Corporate Management ◽  
Iso Certification ◽  
Asset Management System ◽  
Corporate Management System

Abstract In the second half of the 2000s, EPAL developed an integrated approach to asset management, designed according to the logic of PAS 55. Since then, asset management has been recognized as an invaluable function within the company and the portfolio of measures identified in the above-mentioned integrated approach has been implemented. With the release, in 2014, of ISO 55001, certification of the asset management system was made possible. Given the work already developed towards the deployment of asset management at EPAL, and because this had been based in the PAS 55 philosophy, EPAL was well positioned to obtain the ISO certification. The key challenges regarding the above-mentioned process were associated more with the implementation of the asset management at EPAL, rather than with the certification in itself. Because asset management was already an established practice at EPAL, key benefits of the certification are related to the documentation of such practice, which is something very important that was missing. Preparing for the certification also enabled the redesign of the Corporate Management System in order to meet the ISO and appendix SL requirements, making it more robust. And, of course, ISO 55001 certification became an asset in terms of image and reputation for EPAL!.

scholarly journals PECULIARITIES OF BUSINESS ASSET MANAGEMENT

2021 ◽  
pp. 135-142
Author(s):  
O.Hr. Golovko ◽  
◽  
D.O. Omelianenko ◽  
Keyword(s):  
Asset Management ◽  
Management System ◽  
Practical Importance ◽  
Integrated Approach ◽  
Working Capital ◽  
Long Run ◽  
Effective System ◽  
Definition Of ◽  
Asset Management System ◽  
Assets Management

The article is devoted to the generalization of theoretical aspects and practical recommendations for improving the asset management system in modern conditions. To build an effective system, the object of management — assets — is studied in detail. The approaches to understanding the essence of assets, namely value, financial and property, are singled out. The ratio of such concepts as “current assets”, “working capital” and “working capital” is studied, their common and different characteristics are determined. The current assets are grouped according to different classification features and their significance in the production process is determined. It is substantiated that the grouping of current assets is primarily of practical importance, allowing to build a clear system of accounting and analysis of the availability and movement of current assets and to form an effective system of their management by individual types. A thorough analysis of the interpretations of the concept of “asset management” available in the scientific literature has been made, and several approaches to its understanding have been identified. The conducted research made it possible to form an author's definition of the current assets management system. It is determined that the current assets management system should be based on an integrated approach, the components of which are objects and subjects of management, purpose, basic principles and functions, methods and tools of influence, formalized quantitative and qualitative criteria for achieving goals, and factors forming the operating environment of the object. The characteristic of each element of the system is given, in particular the subjects and objects of management are concretized, their interaction is considered, the purposes and tasks are outlined. It is determined that the functions of the management system are controlling, stabilizing and analytical, and the principles on which it is based — timeliness, unity, continuity, optimality and rationality. The implementation of the current assets management system involves the implementation of a number of successive measures in the form of certain stages, which are considered in the work. The proposed system of current assets management will predict the choice of management strategy of the entity in the long run and increase the overall efficiency of its operation.

Asset Inspection Management System as a Reliable Inspection/ Monitoring Tool

2020 ◽  
Vol 78 (12) ◽  
pp. 1276-1285
Author(s):  
Shibu John A
Keyword(s):  
Asset Management ◽  
Management System ◽  
Balance Sheet ◽  
Integrity Assessment ◽  
Material Evaluation ◽  
The People ◽  
Physical Assets ◽  
Asset Management System ◽  
On Time Delivery ◽  
Capital Intensive

Enterprise asset management (EAM) systems are used by asset owners and/or operators to manage the maintenance of their physical assets. These assets, including equipment, facilities, vehicles, and infrastructure, need maintenance to sustain their operations. An EAM system provides the means to have less unplanned downtime and extended asset longevity, which offers clear business benefits that improve the profit and loss statement and balance sheet. Particularly for capital-intensive industries, like drilling and exploration, the failure of on-time delivery of critical equipment or processes is disruptive and costs nonproductive time and customer satisfaction. Organizations understand these issues and employ an appropriate asset management system to engineer their asset maintenance and management. An EAM system is needed to manage the people, assets/equipment, and processes. EAMs are used to plan, optimize, execute, and track the needed maintenance activities with associated priorities, skills, materials, tools, and information. Similarly, nondestructive testing (NDT) is used as a tool for integrity assessment of assets in drilling and exploration. The main advantage of using NDT is that the item’s intended use or serviceability is not affected. The selection of a specific technique should be based on knowledge and skills that include design, material processing, and material evaluation. Validating the purpose of this paper, we emphasize the importance of optimizing the asset utilization and serviceability to enhance overall efficiency by integrating EAM software that manages assets, the operation management system (OMS) controlling the processes, and asset inspection management systems (AIMSs).

Sign in / Sign up

Export Citation Format

Share Document