When you walk the line between the rigour of continuous improvement and the complexity of asset management contracts, it is critical to have a framework that helps drive collaboration and engagement in a controlled and measurable way.  

Ventia manages Australia’s major infrastructure assets, including government owned road networks, privately owned motorways and tunnels, airports, ports, and rail services.

One of the reasons Ventia is so successful as a service provider is the commitment to ‘redefining service excellence’ – not just a corporate tagline, it is a mindset that permeates everything we do. Ventia’s achievement of ISO 55001 certification for our Transport sector marks a significant advancement in our asset management journey. In this article Paul O’Docherty, Ventia's Senior Asset Manager, takes a quick look at our learnings from our ISO55001.  

Why is ISO 55001 important?

For the non-asset management geeks amongst you, the simplest analogy I like to use is that implementing ISO 55001 can be likened to one of my favourite pastimes – cooking for friends and family.  I really enjoy cooking for people and when I do I want to ensure I am creating the best possible dish for them. For me, this means following a recipe that has been tested and perfected and lays out the step by step instructions to ensure consistently delicious meals every time.   

In much the same way, ISO 550011 provides a structured recipe for managing assets.  It ensures that all asset management processes across an organisation are standardised, consistent and best practice to ensure high quality outcomes for the asset and its stakeholders. 

ISO 55001 has shared foundations with ISO 9001. While both serve a different specific purpose, they share commonality in promoting quality and efficiency. ISO 9001 focuses on quality management systems to ensure products and services meet quality standards and are continuously improved, whereas, ISO 55001 emphasises effective and efficient asset management ensuring assets continue to meet objectives.  

Achieving ISO 55001 demonstrates a commitment to sustainable, efficient asset management practices. For Ventia, it’s testament to our structured approach to asset management that is holistic and aligned with the overall strategic direction of our clients and communities.  

Whole of life strategic asset management

Our approach to asset management involves a holistic view of asset lifecycle, from acquisition, operation, and maintenance, to eventual disposal or renewal. Strategic asset management under this standard involves making informed decisions that balance cost, risk, and performance to achieve long-term outcomes. 
 
In practice, this involves aligning planning with the goals of the asset owner (our clients) and the asset end-users (the community). This ensures that every decision made about an asset contributes to the broader objectives for the asset, such as enabling people to get to the places they need to go in a timely and safe manner, whether that be for school drop off, an emergency trip to the hospital, delivering goods, or even just a trip to the shops to get groceries. It means delivering these outcomes whilst also maximising the allocated budget and getting the most out of the asset for the entirety of its lifecycle.

One of the projects we sought  ISO 55001 Certification for is the 25-year contract managing the operation and maintenance of the Transmission Gully Motorway (Te Ara Nui o Te Rangihaeata) in New Zealand. The complexity of this high-profile PPP contract made it the perfect candidate for ISO 55001 framework. The benefits of implementing this framework have been far ranging and include the delivery of enhanced value to our stakeholders. By optimising asset performance, reducing risks, and ensuring sustainable practices, we are able to deliver superior service levels, improve customer satisfaction, and achieve cost efficiencies.

Tailoring global standards for local relevance

While ISO 55001 sets global standards, each project has unique challenges and asset management requirements. Our approach involves understanding these specific needs and applying the global principles of ISO 55001 in a way that is most relevant and beneficial. 
 
By applying these standards from a Transport sector level, it allows us to provide solutions that are compliant with international benchmarks and are standardised across projects.