AIPM aligns with ISO 55000
ISO 55001 and its predecessor PAS 55, set the standard for the management aspects of asset management, spanning the full lifecycle of your assets. The Copperleaf® Decision Analytics Solution provides the analytics and decision-making framework, allowing your organization to build and maintain optimal asset plans taking into consideration value creation, risk tolerances, multiple financial and resource constraints, and performance obligations. It gives your organization the confidence it is achieving the highest return on investment for its assets in full alignment with ISO 55001.
Three of the core concepts of ISO 55001 are value, alignment and assurance. Copperleaf helps you implement and conform to the standard on all three fronts:
Value: you invest in assets because of the value they contribute to your organization. The unique Copperleaf Value Framework allows organizations to accurately express how value is defined and used to compare different investment options. Mitigating the risk of assets failing in operation is often a key value component of sustainment investments. The Copperleaf Product Suite offers you a comprehensive risk framework to define and quantify multiple risk types.
Alignment: each decision needs to support the organization’s strategic objectives, thereby addressing and balancing the needs of all stakeholders. In Copperleaf Portfolio™, every candidate investment is valued based on its alignment with your strategic objectives, allowing you to build project and program portfolios that deliver the highest value under multiple financial, timing, resource and equipment constraints.
Assurance: decision making needs to be a rigorous, transparent and defensible process. Copperleaf Portfolio is an enterprise-class solution that includes fully auditable workflows, decision-making logic, and approval cycles. It allows you to compare planned and actual spend, resource consumption, and project benefits to ensure optimal project execution at all times. ISO 55001 insists on the need for robust risk management. Copperleaf Asset™ helps you analyze your entire asset base, identifying today’s risks and modeling future risk changes with time. It can highlight which assets need attention and link them to existing or future investments.
AIPM: A best practice of ISO 55000
ISO 55000 describes best practices in asset management that help organizations realize the maximum value from their assets. This white paper addresses the following questions:
- What is ISO 55000 and which areas of the organization are impacted?
- What is Asset Investment Planning and Management (AIPM) and why is it a best practice of ISO 55001?
- How do Copperleaf’s solutions support ISO 55001 requirements?
Adopted by Industry Leaders
Multi-sector asset investment planning at RNG
Rheinische NETZGesellschaft mbH (RNG) manages over 30,000 km of distribution networks for electricity, gas, water, and district heating in Germany. The Copperleaf Decision Analytics Solution is helping RNG manage risks and project portfolios across multiple networks and asset owners, and align its Asset Investment Planning and Management (AIPM) processes with the ISO 55000 asset management standard.
With the Copperleaf solution, we will be able to consider how our assets will perform throughout the next regulatory period, enabling the regulatory submission to be built based on both analysis of our assets and a top-down view of how the plan will be delivered.
We now have much better visibility into the sustainment needs of our asset base over the long term, and can clearly demonstrate that our investment plans are aligned with our company priorities.
Copperleaf will help us manage our assets and make the best possible investment decisions—that means more accurate REPEX forecasts, and a more effective and efficient Program of Work for our customers.
We wanted a solution that would help us quickly optimize our plans at an asset and portfolio level, ensuring that we are making the best decisions at the optimal time. With the Copperleaf solution, we will be able to focus on addressing specific performance commitments and outcome delivery incentives set by Ofwat.
We now have a transparent picture of all of our major asset classes, and can compare different investment scenarios for both short- and long-term planning to help us make the best use of our resources.
Part of asset management in general is about breaking own silos between traditional departments and saying [this is] part of a longer process of thinking about what we do with assets.
Asset management and ISO 55000
Asset management is now recognized as an essential system for organizations managing critical infrastructure. This has led to the development and growing adoption of the ISO 55000 series of management system standards, which highlight the importance of the concepts of risk-informed and value-based decision making. AIPM is one of the key processes in asset management, enabling organizations to leverage risk and value to make optimal and rigorous investment decisions with agility and efficiency.
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Asset Investment Planning & Management: A Best Practice of ISO 55000
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