Prognostics and Health Management (PHM) refers to using robust sensing, monitoring, and control to detect, assess, and track system health degradation and failure modes, allowing for enhanced management and operational decisions. The need for PHM within a manufacturing facility has increased due to a variety of reasons, such as the increasing complexity of manufacturing equipment. A lack of readiness for digital implementations is linked to failure. The literature highlights certain barriers and enablers that can signal whether a technology implementation will be successful, such as management and maintenance employees’ desire to change the existing process, an understanding and willingness to take risks with technology, and having employees with the right competencies and motivations. This thesis identifies barriers and enablers related a successful PHM implementation and develops an assessment tool to identify a company’s readiness level as well as recommendations for increasing the probability of success.