Abstract

The fast rate of change in today’s business world has resulted in companies facing a vast array of challenges which threaten their survival; the strategic objective of continuous survival and meeting stakeholders’ needs in light of assets at their disposal. Though SMEs are usually faced with financial and non-financial difficulties but managing engineering assets optimally are crucial for organizations to stay competitive in today’s global market. Asset Management is used to find how organisation handle the management of its engineering asset throughout the life cycle to achieve a strategy; Engineering asset have financial worth which mirrors economic value; the management of this value is significant to the organisation. Asset management has progressed from being a maintenance dominated field towards a more strategic, holistic, and standardized direction. Establishing an effective AM can increase an organization’s repute and productivity, prevent asset failures, enhance facilities and investment decisions, and also meet regulatory responsibilities.

In the context of these challenges, this doctoral research explores the role of ISO55000 in ensuring efficient asset management in small and medium sized enterprise. The literature and prior studies was based on Asset management, maintenance strategy and SME competitiveness reveal a positive correlation between ‘efficient asset management strategy’ and ‘SME survival’. There are however, concerns about the appropriate strategies and extent to which successful SMEs can accrue the benefits from adopting an efficient framework like ISO55000 in their asset management processes. These concerns led to the thesis overarching aim of promoting the adoption of an ISO55000-based framework, which better reflects the challenges faced by SMEs. The study revealed contextual understanding of research, ontological and epistemological philosophy as basic theory building. The study adopts quantitative research strategy and a deductive approach with questionnaire as research method. Data were collected from 8 different SMEs with target of 25 responses from staff members per SME in order to achieve a target of 200 questionnaire responses. 128 online questionnaires we duly completed and collated using the google survey form. The data were further analysed using Factor analysis, Hypothesis testing, chi-square test and multiple regression on IBM Statistical Package for the Social Sciences (SPSS). The results reveals four factor solutions: the Development of comprehensive Asset Management StrategyF1, organisational needs and ISO55000 compliant structure F2, risk management, monitoring and control strategy F3 and Operational issues and evaluation F4, for the ease of adoption of ISO55000 in SMEs Asset Management (RO1-RO4). The relationship between these factors was tested through two hypotheses, which reveal that
the efficiency of assets will improve with the adoption of ISO55000 (H0.1) and that the implementation of ISO 55000 contributes to effective management of SMEs (H0.2). These quantitative results led to the development of a four stepped-ISO55000 driven holistic framework, which show the needs for SMEs to: (1) input Defined stages in organisational maintenance strategy, plans for addressing organisational constraints and Asset management configurations into the Asset maintenance process, which transforms into a comprehensive Asset management strategy. (2) Input Defined company’s success measures, Implement Plans for Addressing Company’s ISO 55000 needs and compliant structure, and Increased ISO awareness campaign into the Asset maintenance process which transforms into the ability to meet organisational needs and ISO55000 compliant structure. (3) Use KPIs in maintenance, Implement Accessible Asset Management policies, Centralised Asset Management, Implement Plan for Risk management and increase belief in the maintenance strategy and the existing maintenance plan within their Asset maintenance process, which transforms into an Improved Risk management, monitoring and control strategy. (4) Input Defined performance evaluation and Plans for Addressing SME Problem, lack of ISO certification into the Asset maintenance process, which transforms into an ability to Resolve Operational Issues and improve performance evaluation problem. The Combination of these four steps will result in Ease of Adoption of ISO55000 (H0.1) and Creation of ISO Compliant structure for Effective SMEs Asset Management (H0.2).

This study makes contribution to knowledge by providing greater insights into understanding Asset Management, ISO55000 and ways of leveraging on the strengths and weaknesses faced by SMEs in this highly competitive business environment. The developed framework will help increase SMEs resilience and responsiveness. Validation of the holistic framework was limited due to study time; hence, areas for further research would include testing the proposed framework by involving a wider range of participants.