Technological Intelligence and organisational Performance: Moderating Role of Process Innovation

Abstract

The importance of technological intelligence as a strategic and tactical resource is globally recognised as a source of competitive advantage in the business environment. Firms today are undergoing an increasingly competitive environment shaped by globalization, advances in technology, social and economic changes as well as fast shortening product life cycle which has led to hyper-competition ( Muthama & Ngugi, 2012). Conventional knowledge indicates that organisational performance depends on organizational capability and the owner‟s technological intelligence to establish technical threats and opportunities in the external environment and coming up with strategies aimed at ensuring organisational performance. Insurance penetration in Nigeria is one of the lowest in the world, about 86% of Nigerians do not have any form of insurance cover. Despite the fact that the Nigerian environment has a high and increasing level of risk, less than 2% of insurable risks are covered by insurance. The main reason given by Nigerians for not subscribing to insurance products is lack of awareness of the benefits. The emergence of Digital Mobile Internet Penetration, Social Media, and E-commerce presents new opportunities for insurers to expand insurance penetration, involve and educate the public on the benefits of insurance products and eventually realize their prospects by increasing the contribution of the insurance sector to Nigeria‟s GDP. This digital activation guide takes a look at the current landscape of the insurance sector in Nigeria, recognises potential opportunities that insurance companies can leverage to compete positively and stay relevant in a rapidly connected world. ( Web coupers, 2016).It has been noted that changes in technology which is triggered by constant innovations, affect everyone's business. Intelligent organizations do not await change; but they vigorously monitor and keep an eye on changing environment and new innovations to benefit from them (Veugelers et al., 2010). While only few companies make use of technology competitive intelligence, other companies invest their intelligent efforts merely on their current status. Therefore, technological intelligence permits a firm to respond to threats from, as well as to identify and exploit opportunities resulting from technological and scientific changes. It is usually focused on technological trends and scientific breakthroughs and can develop information on opportunities as well as threats for the firm ( McGonagle & Vella, 2002).