Impact of ISO 55000 on organisational performance: evidence from certified UAE firms

Abstract

The purpose of this study is to investigate the impact of implementing the International Organisation for Standardisation asset management standard (ISO 55000) on organisational performance. In particular, does following the ISO 55000 requirements and recommendations affect organisational performance? This study investigates this issue by identifying relevant asset management key performance indicators (KPIs) through a comprehensive literature review and classifying these KPIs using the balanced-scorecard-framework. Then, the KPIs were validated by expert opinions through a questionnaire and non-parametric hypothesis testing. Finally, using the relevant KPIs, this study assesses the impact of ISO 55000 with a set of ISO 55000-certified companies in the United Arab Emirates. Hypothesis testing on the difference between the status of each KPI before and after ISO 55000 implementation used linguistic assessment and a sign test for two non-parametric dependent samples. According to industry experts, increasing market share is not a relevant KPI in asset management. However, ISO 55000 has a positive effect on all the identified perspectives (financial, customer, business processes, and learning and growth), indicating that organisations adopting ISO 55000 International Standard certification will be able to achieve better performance from the effective and efficient management of their assets. Consequently, investing in such systems is valuable.