The Implementation of ISO 55000 in Small and Medium Enterprises: Requirements and Constraints

Abstract

In 2014 the International Standardisation Organisation (ISO) responded to the increasing demand from asset managers to provide a structured and comprehensive standard to improve the effectiveness of assets within an organisation. The new standard ISO 55000 is comprehensive and detailed with capability for supporting the coordinated activities of an organisation in its quest to realise value from assets through, among others, improved financial performance and improved maintenance strategies. This allows the organisation to improve its decision-making, balance costs, risks and performance. The aim of this paper is to examine the compositions of ISO 55000 and identify the key elements necessary for its successful and economically feasible implementation. The study, is the last stage of a three year PhD programme, that consist of part of the research analysed data with asset managers and asset maintenance personal within SMEs to obtain a set of key issues which need to be addressed. In addition, the paper highlights the need for the development of an effective and efficient approach that makes the adoption and implementation of ISO 55000 suitable for small to medium enterprises. This new approach addresses several inherent constraints often faced by small companies when adopting new manufacturing and maintenance initiatives.