Abstract:

In today's globalized world, the role of technology management in developing the modern global economy is critical, especially in the sphere of manufacturing enterprises. These businesses are always investing in and utilizing new technology to drive innovation in both product creation and manufacturing processes. This intentional incorporation of technology is a tried-and-true technique for increasing operational efficiency and effectiveness. Furthermore, it strengthens their global competitiveness by limiting the risks associated with altering market needs. This study aims to delve into the complex web of factors influencing innovation and technology management practices in manufacturing organizations, specifically in Ethiopia. Notably, Ethiopian manufacturing companies have yet to acquire a reputation for innovating in their industry. This research is a joint endeavor that incorporates the perspectives of scholars, industry experts, consultants, and the direct involvement of manufacturing enterprises. The study methodology makes use of cross-sectional data collected at a certain period in time from various stakeholders. The Pareto chart is a strong analytical tool for gaining actionable insights, allowing the identification and prioritization of barriers to manufacturing innovation. The study's findings highlight the most significant barriers to manufacturing firm innovation, such as a lack of well-defined innovation strategies, a lack of innovative leadership, a shortage of qualified and creative talent, limited access to innovation funding, and a general lack of awareness regarding technological advancements and innovative best practices.