Reducing uncertainty associated with managing technology innovation

Abstract

This research addresses the challenge of managing uncertainty associated with technology innovation, a process vital for economic growth and organisational sustainability. The study aims to offer novel insights on reducing uncertainty across the different stages of the innovation process by identifying interrelationships between technology innovation success factors. To achieve this, interpretive structural modelling (ISM) and MICMAC (a French acronym, which means “cross-impact matrix-multiplication applied to classification”) were applied as research methodologies, and the directional relationships among success factors in the four stages (concept development, technology development, product development and implementation) of the technology innovation process were determined. Data were collected from a research and technology organisation that specialises in technology innovation. The evaluation revealed essential interconnections and rankings of factors within each innovation stage, and that the interrelationships between the factors vary across the different innovation stages. The original contribution of this study to innovation theory lies in demonstrating that the same success factors manifest differently across various innovation stages. This suggests the necessity of tailored management strategies for each stage, highlighting the need for a stage-specific approach in innovation management practices. Additionally, in terms of practical implications, this research aids managers by providing guidance on identifying the most influential factors and the varying order in which these factors should be prioritised for effective innovation management. The implications of this research extend to practical applications in the field of technology innovation by enabling a better understanding of the varying significance of success factors across different stages. Ultimately, this insight can assist in refining future policy frameworks and strategic planning in technology-oriented organisations. It is recommended that the ISM/MICMAC approach applied to determine the interrelationships and ranking between the success factors for each stage could be formalised into a technique for assessing technology innovation management to reduce uncertainty.