Assessing the Effectiveness of ISO 55000 Standard in Small to Medium Sized Enterprises

Abstract

The increased economic and market globalization means the criticality of standards and its role in exploiting network externalities has had an influence on increasing productivity, and efficiency, decreasing non value added information and promoting process management. The ISO 55000 series is a comprehensive and detailed standard, which helps to create an improved methodology to implement an asset management system within an organisation. Asset management is an important part of any organisation, as it allows them to extract value from their assets. ISO 55000 series consists of three segments namely ISO 55000, ISO 55001 and ISO 55002, which aims to provide a standardised framework for an asset management system. AM is a combination of management, financial, economic, and engineering activities and the effectiveness of a universal view has been acknowledged but is not wholly developed especially within small to medium sized enterprises (SMEs). The document, could be seen as limited as it states what should be done, not how to do it