At the core of PAS 55 are physical assets and how they're managed. These assets are the heartbeat of every asset-intensive business. In the context of the business, important things to consider for physical assets are -

• Stakeholder Needs - Who has a stake in your assets?

• Business Objectives - Which strategic business objectives do your assets add value to?

• Performance Goals - What are the performance goals that your organization has for its assets?

• Risk Management - How much risk is your organization prepared to tolerate? If these boundaries are exceeded, what is your containment strategy?

• Policies - Does your organization have effective policies? Are they enforced?

• Regulatory Environment - What is your compliance track record?

PAS 55 considers 4 other types of assets and their impact on the management of physical assets -

• financial

• people (human assets)

• information

• intangibles

This holistic view is vital to achieve asset management objectives that contribute to the strategic objectives of the organization. Check out how FORTIG connects these vital assets.