In 2019, the Faculty of Business and Social Sciences at Kingston University Business School conducted research into technology foresight (TF), a strategic method used by large multinational companies to guide their technological innovation planning. The research involved the participation of several DigitalHealth.London Accelerator companies, facilitated by support and funding from the BEIS Business Basics programme, Innovate UK and Nesta’s Innovation Growth Lab. This study resulted in the publication of “Innovation and foresight in SMEs: lessons learned from the case of British digital health companies» in the Transactions on Engineering Management Journal in November 2023.
Preview
Technological change poses a major challenge for organizations, particularly for small and medium-sized enterprises (SMEs) that have limited resources to monitor and develop emerging technologies. However, technological change represents a huge opportunity for organizations that can identify new technologies at an early stage and anticipate their future evolution, impact and response options.
Since the early 2000s, a significant number of companies have successfully applied an innovative management approach to monitor new technologies and systematically analyze their future development and impact. Such an approach is commonly known as technology (or strategic) foresight and includes techniques such as technology mapping and Delphi. Despite this, there is little evidence of its use in SMEs, although foresight could enable SMEs to systematically share their knowledge about new technologies, set priorities and join efforts for optimal allocation of their resources.
To explore this question further, the Faculty of Business and Social Sciences at Kingston University Business School developed and tested a simple, effective and scalable foresight method specifically addressing the needs (and challenges) of SMEs in 2019. The research involved the participation of several DigitalHealth. London Accelerator businesses, facilitated by support and funding from the BEIS Business Basics programme, Innovate UK and Nesta’s Innovation Growth Lab. This study resulted in the publication of “Innovation and foresight in SMEs: lessons learned from the case of British digital health companies» in the Transactions on Engineering Management Journal in November 2023.
Journey
The initial phase focused on identifying SMEs within DigitalHealth.London for participation in the project, as well as identifying technology experts, stakeholder outreach, gathering baseline information and the compilation of a preliminary list of potentially relevant technologies to improve the productivity of SMEs in the future.
Next, a three-round Delphi process was conducted to enable the evaluation of the preliminary list of technologies and the identification of the most relevant technologies for the SME target group.
Finally, two workshops were organized for all selected entrepreneurs and technology experts to meet and assess the evolution, impact (e.g. new products and processes) and response options available for adoption and/or the development of identified critical technologies. These workshops also explored joint actions for SMEs to overcome the limitations (e.g. expertise and finances) of each company.
Impact/Results
- UK SMEs can now benefit from an effective, scalable and easy-to-use technology foresight methodology (especially those operating in clusters).
- A list of critical technologies (i.e. artificial intelligence (AI), big data analytics, smart devices, Internet of Things, etc.) specifically related to DigitalHealth.London SMEs who participated in the project.
- A list of key actions allowing these same companies to concretely develop/adopt the critical technologies identified during the foresight exercise.
- Increased ability to evaluate new technologies
- Deep understanding of technologies critical to future growth and productivity
- Obstacles identified to the adoption of new technologies
- Actions identified to accelerate productivity
- Improved network
- Better understanding of commercial foresight processes
Six months after the completion of the project, a survey was also carried out to collect feedback from participating SME managers. The results showed that among the 11 managers who responded to the survey, six had already invested in at least one of the four technologies (AI, Big Data Analytics, Smart Devices, Internet of Things) highlighted in the evaluation process prospective, while eight managers were considering investing (or investing more) in these technologies over the next three years.
Next steps
Following the conclusion of the foresight exercise, the project results were disseminated through publications in academic journals and conferences.
The success of the project depends on the use of the results by SME managers and their future efforts to adopt at least one of the critical technologies identified in the project. In this regard, after the completion of the project, several SME managers expressed their intention to invest in AI.
Some managers also highlighted that it would be very interesting to replicate the technology foresight project in other digital health clusters in the UK (e.g. Manchester or Nottingham) and compare the results – particularly regarding the feasibility of the technologies keys selected in the case of DigitalHealth.London.
Learn more about publishing in the Engineering Management Log Transactions.
THE DigitalHealth.London Accelerator The program is funded by the UK government through the UK Shared Prosperity Fund (UKSPF). It is delivered by the Health Innovation Network (HIN) South London in partnership with the Office of Life Sciences, CW+, Medicity, NHS England, the Mayor of London and the Leveling Up Fund.
For more information, please visit https://www.gov.uk/government/publications/uk-
Shared Prosperity Fund prospectus.
