Short answer
When developing strategies for innovation in a specific sector or region, it is essential to first identify all potential enablers, then understand their interdependencies, and finally prioritize them based on their influence and dependence.
- Field
- Innovation & Markets
- Source
- Systems (2022)
- Method
- Hybrid approach using Interpretive Structural Modeling (ISM) and Analytic Network Process (ANP).
- Sample
- Eleven enablers, expert input from Saudi FinTech professionals (number not specified).
- Evidence
- Strong effect
A hybrid approach combining Interpretive Structural Modeling (ISM) and Analytic Network Process (ANP) can effectively identify, model, and prioritize the interconnected enablers of FinTech innovation within a specific national context. This innovation & markets research insight is drawn from a 2022 study published in Systems. Using Hybrid approach using interpretive structural modeling (ism) and analytic network process (anp). with Eleven enablers, expert input from Saudi FinTech professionals (number not specified)., researchers explored how this design variable affects real-world outcomes. The key design takeaway: When developing strategies for innovation in a specific sector or region, it is essential to first identify all potential enablers, then understand their interdependencies, and finally prioritize them based on their influence and dependence.
Prioritizing FinTech Innovation Enablers in Saudi Arabia: A Hybrid ISM-ANP Model
A hybrid approach combining Interpretive Structural Modeling (ISM) and Analytic Network Process (ANP) can effectively identify, model, and prioritize the interconnected enablers of FinTech innovation within a specific national context.
Systems · 2022
Key Findings
- 01The study identified and modeled eleven critical enablers of FinTech innovation.
- 02The developed model illustrates the hierarchical structure of these enablers based on their driving and dependence powers.
- 03The enablers were classified into six levels, indicating their relative importance and interdependencies.
Application
Design takeaway
When developing strategies for innovation in a specific sector or region, it is essential to first identify all potential enablers, then understand their interdependencies, and finally prioritize them based on their influence and dependence.
How to apply
Use ISM to map out the relationships between various factors influencing an innovation, then use ANP (or a similar multi-criteria decision-making method) to rank these factors based on expert input or empirical data.
Project actions
- 01When researching innovation, consider using modeling techniques like ISM to visualize relationships between factors.
- 02For prioritizing elements, explore methods like ANP or AHP to quantify importance based on expert opinions or data.
Method & Evidence
Variables
Strengths & Limitations
Strengths
- +Utilizes a robust hybrid methodology (ISM and ANP) for comprehensive analysis.
- +Provides a structured and prioritized framework for understanding innovation enablers.
- +Focuses on a specific, relevant context (Saudi Arabia's FinTech sector).
Limitations
The complexity of ISM and ANP can be challenging to implement fully. Expert bias can influence the results. The specific context of Saudi Arabia might limit direct applicability elsewhere.
Reliability & validity
Reliability could be enhanced by increasing the number of expert participants and using standardized interview protocols. Validity is strengthened by triangulating literature review with expert validation and using established modeling techniques (ISM, ANP).
Think critically
How might the identified enablers and their relationships differ in a more mature FinTech market compared to an emerging one like Saudi Arabia?
Design Principles
"Systemic prioritization of innovation enablers through a hybrid modeling approach."
Understanding the complex relationships and relative importance of factors driving FinTech innovation is crucial for strategic planning and policy development. This research provides a structured method for dissecting these influences, enabling targeted interventions to foster growth in emerging FinTech markets.
What This Means for Your Design
This study shows how to figure out the most important things needed for new financial technology (FinTech) to succeed in a country like Saudi Arabia, by looking at how all the different factors connect and which ones have the biggest impact.
How to use in your project
- 1.Reference this study when discussing the importance of identifying and prioritizing factors that enable innovation within a specific industry or market.
- 2.Use the hybrid ISM-ANP methodology as an example of a robust approach for analyzing complex systems of influence.
Add to My Project
Quick Cite
Paragraph starter
This research by Makki and Alqahtani (2022) demonstrates a powerful hybrid approach, combining ISM and ANP, to systematically identify, model, and prioritize the critical enablers of FinTech innovation within a specific national context. Their work highlights the value of understanding the complex interdependencies between factors such as legislation, technology, and business strategy when aiming to foster innovation in a rapidly evolving market.
Source
Systems
Modeling the Enablers to FinTech Innovation in Saudi Arabia: A Hybrid Approach Using ISM and ANP
journal · 2022
View sourceQuestions About This Research
- What does the research say about prioritizing fintech innovation enablers in saudi arabia: a hybrid ism-anp model?
- When developing strategies for innovation in a specific sector or region, it is essential to first identify all potential enablers, then understand their interdependencies, and finally prioritize them based on their influence and dependence. Evidence: Systems (2022).
- Why does "Prioritizing FinTech Innovation Enablers in Saudi Arabia: A Hybrid ISM-ANP Model" matter for design?
- Understanding the complex relationships and relative importance of factors driving FinTech innovation is crucial for strategic planning and policy development. This research provides a structured method for dissecting these influences, enabling targeted interventions to foster growth in emerging FinTech markets.
- How can designers apply this research?
- When developing strategies for innovation in a specific sector or region, it is essential to first identify all potential enablers, then understand their interdependencies, and finally prioritize them based on their influence and dependence.
- What were the main findings?
- The study identified and modeled eleven critical enablers of FinTech innovation.. The developed model illustrates the hierarchical structure of these enablers based on their driving and dependence powers.. The enablers were classified into six levels, indicating their relative importance and interdependencies.
- What research method was used?
- Hybrid approach using Interpretive Structural Modeling (ISM) and Analytic Network Process (ANP). with Eleven enablers, expert input from Saudi FinTech professionals (number not specified)..
- How strong is the evidence?
- Evidence strength is rated Strong effect, based on a 2022 journal from Systems.
- What should I do differently in my next project?
- Use ISM to map out the relationships between various factors influencing an innovation, then use ANP (or a similar multi-criteria decision-making method) to rank these factors based on expert input or empirical data.
- What are the limitations?
- The findings are specific to the Saudi Arabian context and may not be directly generalizable to other regions without adaptation. The number of expert participants was not explicitly stated, which could impact the generalizability of expert opinions.