Evaluation of Technological Innovation Initiatives for Indian MSMEs Using the Fuzzy-Based Model

Abstract

Micro, small and medium enterprises (MSMEs) are considered as a growing sector of the country due to their huge growth potential and possible social or economic effect, especially on employment and revenue generation. Existent globalised competition compels companies to constantly look for methods to improve their products and services. Without continuous innovation, manufacturing companies cannot remain competitive. Innovation represents the keyways the organisation responds to technical or market-related challenges. All manufacturers are currently trying to implement Multicriteria Decision-Making (MCDM) techniques such as Analytic Hierarchy Process, Piecewise Affine and fuzzy models, along with technology innovation initiatives (TIIs) for enhancing their production performance. In the current study, an attempt is made to assess the synergy fit of TIIs for MSMEs in India. The study considers metrics related to these initiatives, such as product performance and sales performance. In addition, these procedures use the MATLAB Fuzzy Logic Toolbox for the analysis of a Simulink block for designing and simulating the data set.