A novel value-based multi-criteria decision making approach to evaluate new technology adoption in SMEs

Abstract

The modern competition is moving quickly toward incorporating cutting-edge technological improvements to support Small and Medium Enterprises (SMEs) in enhancing their business models. Making decisions regarding implementing new technologies in SMEs is a challenging process driven by the continuous new advances in the technology industry. Important operational process decisions, such as organizational investment costs, technology acquisition, maintenance, customer experience, employee training for the proper use of each technology, reliability requirements, and security needs, must be made very carefully for such adoptions. In this research, a novel multi-criteria decision-making process model is presented to help SME decision-makers choose the optimal technology from a list of desirable choices. The proposed approach makes use of a weighted multi-criteria decision model to rank parameters by combining many criteria that are crucial in choosing the best-suited technology. A literature review and expert opinion are utilized to pinpoint key decision-makers for the adoption of technological innovation. Specialists had reviewed the proposal in the field, and early findings suggest that it might be helpful to SME decision-makers in promoting customer value and firm performance.