Building the Business Case for ISO 55001 Certification Through a Phased, Commercially-Driven Implementation Roadmap
Client
National Transport Provider (Melbourne)
Key Services / Asset Management Domains
This organisation sought to confirm the commercial viability of implementing an ISO 55001 (asset management) certification program. The project was completed in partnership with Radikah, a specialist strategic asset management consulting practice.
Overview
A benefit-cost analysis was undertaken on a proposed ‘early phase’ scope, based on qualitative and quantitative benefits and implementation costs.
Qualitative benefits featured less in the overall favourable benefit-cost analysis as they were heavily outweighed by the quantitative commercial benefits.
A prioritised roadmap, based on major asset classes, was developed to underpin a multi-year ISO 55001 certification program.
The Challenge
While the business case was developed with somewhat limited data, the outcome was soundly positive in terms of payback period.
With additional, or better quality data, the business case would have remained favourable.
The organisation’s current rapid growth presents a resourcing challenge for a labour-intensive ISO certification program.
The Approach
Developed an asset class phasing strategy based on separable scopes in consideration of risk and performance benefits.
Equated qualitative and quantitative investment and cost profiles for major asset classes and a ‘proof of concept’ scope to inform the viability of the certification program.
Translated financial benefits/costs and asset class phasing strategy into a high-level certification program timeline.
The Outcome
A positive benefit-cost proposition for a multi-year ISO 55001 certification program was demonstrated.
A pragmatic resource and asset class driven implementation program was developed.