Innovation and neuro-economics: The influence on managerial effectiveness and corporate financial productivity
DOI:
https://doi.org/10.33086/bfj.v9i1.5071Keywords:
Technology, innovation and change,, management strategy, neuro-economics, emotions, employees, financial performanceAbstract
Centric to business is profit-making, and incorporating professionals in management is invaluable for growth and organizational development. Management processes call for effective operation and efficient resource utilization, a metric in planning for enhanced visibility and productivity critical in business sustainability. The idea is that innovation and neuro-economics are pivotal, interfering and significantly contributing to business advancement, and companies continuously seek to turn things around for success. This study utilizes a phenomenological research design using a grounded theory approach fully structured, enabling systematic processing in the research. Empirical activities involve an 8-person focus group discussion in three sets in each of the 5 sample companies through video conferencing. With data triangulation, the research ensures the validity and reliability of data and resources obtained from Scopus and Google search engines. Apart from a positive indication of the effect of artificial intelligence (AI) and internet usage on business operations, the result shows significant turnover in sales and income, meaning systems and software enhance managerial performances. Emotions and behavior are also critical, as the research outcome reveals in decision processes and the productivity level. Overall, the strength of technology is imminent, and the impact of neuro-economics on managerial effectiveness and efficiency remains outstanding.
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