Abstract:

Nigeria’s business landscape is evolving quickly due to the adoption of technology such as digital banking, mobile payments, digital security, artificial intelligence (AI), machine learning, big data analytics, and automation and block. This study investigated the impact of technology complexity and innovation on firm performance with focus on Hospitality Industry. The study was anchored on Resource-Based View (RBV) and Dynamic Capabilities Theory. This study adopted a descriptive survey research design. The population for this study comprises top hotels and resorts located in Ogun State. The instrument used for the data collection was the questionnaire. The data collected from the study were analysed using a combination of descriptive statistics and inferential statistical methods. The study found that technology complexity and innovation capability have a statistically significant composite impact on firm performance (R² = 0.335, F = 21.684, p < 0.001). It showed that, among the components of technology complexity, problem-solving was the only variable with a statistically significant impact on firm performance (B = 0.427, p = 0.003). The findings also revealed a moderate positive correlation between technology complexity and firm performance (r = 0.451, p < 0.001). It was concluded that both technology complexity and innovation capability significantly contribute to improved firm performance. It was evident that product innovation and process innovation have a particularly strong influence on firm performance. It therefore recommended that organizations should assess their readiness for adopting complex technologies and ensure they have the necessary resources, such as skilled personnel and a supportive infrastructure, to handle the integration of new technologies.