Examining Innovation through Technology Management in Manufacturing Firms: Empirical Insights

Abstract

In today’s interconnected global scene, the importance of technology management in defining the modern economy, especially within industrial businesses, cannot be overemphasized. These companies continually invest in and incorporate new technology, encouraging innovation in both product creation and manufacturing processes. This deliberate use of technology is a tried-and-true technique for increasing operational efficiency and effectiveness while also strengthening global competitiveness by managing the risks associated with changing market demands. This study delves deeply into the complex elements that influence innovation and technology management practices in manufacturing businesses, with a particular emphasis on the Ethiopian setting. Despite the global demand for innovation, Ethiopian manufacturing enterprises have struggled to build a notable reputation in their field for pioneering inventions. This paper includes the perspectives of scholars, industry experts, consultants, and direct involvement from manufacturing firms. A cross-sectional methodology is used to collect data from several stakeholders at a certain point in time. The Pareto chart’s analytical capabilities are used to condense meaningful findings, allowing for the discovery and prioritization of impediments to manufacturing innovation. The study’s findings highlight formidable barriers to innovation in manufacturing firms, including a lack of well-defined innovation strategies, an absence of innovative leadership, a scarcity of qualified and creative talent, limited access to innovation funding, and a general lack of awareness about technological advancements and innovative best practices. These insights provide a substantial contribution to expanding the innovation environment within industrial enterprises, increasing resilience and global competitiveness.