What drives organisational performance: strategic thinking, technological change, strategic risks? A modified total interpretive structural modelling approach and MICMAC analysis

Abstract

Purpose The purpose of this study is to explain the interrelationships between the elements of strategic thinking, technological change and strategic risks. The main objective of this research is to identify the hierarchy for the elements of thinking, technological change and strategic risk and also to identify the driving powers of these elements. Design/methodology/approach The methodology used in this study is modified total interpretive structural modelling and MICMAC analysis which gives the interrelationships and also the driving powers of the elements by analysing the relationships between the elements from the existing literature. This method helps us in answering/understanding the “what”, “how” and “why” of the research. Modified total Interpretive structural modeling is considered in this study, which helps in doing both the paired comparisons and transitivity checks simultaneously. A digraph is constructed at the end of the analysis, which shows the links between the elements, and a driver dependence matrix is constructed, which shows the driving powers. Findings This study gives an understanding of the role of the elements, the relationships between them and the hierarchy of addressing these elements, and also the driving and dependence power. Findings of this research give us an understanding of how strategic thinking/technological change/strategic drives the performance of the firm. Research limitations/implications This study is conducted with the help of existing literature; this can be further extended by considering the expert opinion. Practical implications The model explains the direct and transitive links of the elements and the strength of the relation between them, which helps the researchers and the practitioners to understand the driving power and importance of these constructs. It also helps us to understand the role of these elements and, if implemented in an organisation, which elements need to be prioritised for enhancing the performance of the firm. Originality/value Research done in the past has individually analysed the elements effecting strategic thinking; this study identifies the relationships between the elements of all three constructs and helps in understanding the levels of hierarchy.

Analysis of drivers for anti-food waste behaviour - TISM and MICMAC approach

“…Since its inception, it has been used for theory building decision-making across manufacturing and service sectors (Menon and Suresh, 2020), and therefore, score well to be used in this study. Incorporating MICMAC analysis within the TISM approach support the modelling of factors based on their driving and dependence power and is also equally established in the literature (Dahiya et al , 2021; Shaik and Dhir, 2021; Jena et al , 2017; Mohanty, 2018). Reachability matrix is used to drive dependence power and driving power.…”

“…Incorporating MICMAC analysis within the TISM approach support the modelling of factors based on their driving and dependence power and is also equally established in the literature (Dahiya et al, 2021;Shaik and Dhir, 2021;Jena et al, 2017;Mohanty, 2018). Reachability matrix is used to drive dependence power and driving power.…”

Role of strategic knowledge management practices in enhancing strategic perspectives of an organisation to improve entrepreneurial performance

“…Thirdly, ST assists SMEs in making the most use of their resources. Strategically minded company owners are able to pinpoint and effectively allocate the important resources necessary to the success of their enterprise (Guns, 1997;Lim, 2013;Lombardi and Mazzoni, 2023;Moon, 2013;Shaik and Dhir, 2021b). Financial, human and technical resources all fall under this category.…”

“…SMEs are able to win the loyalty and support of these stakeholders by establishing strong connections with them, which may be essential during times of crisis. Fifthly, applying ST to SMEs enables them to adjust to shifting market conditions (Goldman, 2012;Hadrawi, 2018;Nuntamanop et al, 2013;Shaik and Dhir, 2021b). Strategically thinking business owners are able to foresee market and industry developments and modify their business plans as necessary.…”

“…They are able to maintain momentum towards their long-term vision and concentrate their energies on accomplishing their goals by doing this. In conclusion, a fundamental component of entrepreneurial effectiveness in an SME is ST (Lombardi and Mazzoni, 2023;Moon, 2013;Shaik and Dhir, 2021b). Strategic thinkers are better able to identify and capture market opportunities, foresee and manage risks, maximise their resources, forge close bonds with their stakeholders, adjust to shifting market conditions and accomplish long-term objectives.…”