The importance of strategic thinking and innovation for the growth of smes: case of the colombian smes

Strategic thinking (ST) is the ability to analyze and appraise information to identify and anticipate opportunities and challenges in the decision-making and planning within a company, proposing actions leading to fulfilling the company's goals. Combining strategic thinking and innovation might help achieve essential milestones such as developing new ideas or approaches, solving critical problems, and improving existing processes with the aid of technology. Strategic and innovative leaders constantly seek new business solutions and more efficient practices. For small and medium-sized enterprises (SMEs), it is of utmost importance to elucidate those process innovation (PI) actions leading to staying competitive and sustainable, as well as to allocate and use their resources accurately if they are to outgrow competitors. Considering the case of Colombian SMEs, this study aims to identify the underlying relationship between ST and PI-related variables. A survey-like instrument with 28 discrete-scale variables was applied to 56 SMEs on the north coast of Colombia. Twelve variables relate to ST; the other sixteen account for PI. A (Spearman) correlation analysis was conducted along with the construction of three machine learning models. Results revealed a positive, significant association between incentives for generating and implementing innovative ideas and the implementation of enhanced, value-adding production methods.

• Autores: Henriquez-Calvo, Laura; Díaz Martínez, Karina Sofìa
• Tipo de recurso: Article of investigation
• Fecha de publicación: 2023
• Institución: Corporación Universidad de la Costa
• Repositorio: REDICUC - Repositorio CUC
• Idioma: eng
• OAI Identifier: oai:repositorio.cuc.edu.co:11323/13085
• Acceso en línea: https://hdl.handle.net/11323/13085; https://repositorio.cuc.edu.co/
• Palabra clave: Strategic thinking; Process innovation; Strategies; Machine learning
• Rights: openAccess
• License: Atribución-NoComercial-SinDerivadas 4.0 Internacional (CC BY-NC-ND 4.0)