IDEAS home Printed from https://ideas.repec.org/a/spr/manrev/v72y2022i1d10.1007_s11301-020-00208-3.html
   My bibliography  Save this article

Innovation portfolio management: a systematic review and research agenda in regards to digital service innovations

Author

Listed:
  • Theresa Eckert

    (Technical University of Chemnitz)

  • Stefan Hüsig

    (Technical University of Chemnitz)

Abstract

Portfolio Management (PM) for innovation is as relevant as ever before as many incumbent firms undergo massive transformation in response to digitalization and face the challenge to allocate resources for traditional product innovation and service innovation projects more efficiently and effectively. Digital service innovations, regarded as new business fields for many industrial firms are in the forefront of much discussion in practice and academia; nonetheless, it is unclear to what extent existing innovation PM has acknowledged how to manage a portfolio of service and digital service innovations. To address this gap, this work sets out to (1) review and synthesize decades of contributions in the field of innovation PM in a structured way, (2) examine to what extent research has considered and elaborated on innovation PM for services and digital services, and finally (3) provide a research agenda to foster future contributions in this field. We classified relevant findings in innovation PM into four categories (antecedents, consequences, models/frameworks, challenges) and found that literature has acknowledged services more than anticipated, but that still much of today’s innovation PM research is focused on physical products. In more recent years, the attention towards services has resulted in a few publications delving into the differences between service and product innovation PM; however, digital service innovations have been overlooked by the research so far. Lastly, we point out how innovation PM for services and digital services may diverge from traditional products and outline a research agenda.

Suggested Citation

  • Theresa Eckert & Stefan Hüsig, 2022. "Innovation portfolio management: a systematic review and research agenda in regards to digital service innovations," Management Review Quarterly, Springer, vol. 72(1), pages 187-230, February.
  • Handle: RePEc:spr:manrev:v:72:y:2022:i:1:d:10.1007_s11301-020-00208-3
    DOI: 10.1007/s11301-020-00208-3
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s11301-020-00208-3
    File Function: Abstract
    Download Restriction: Access to the full text of the articles in this series is restricted.

    File URL: https://libkey.io/10.1007/s11301-020-00208-3?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Kock, Alexander & Gemünden, Hans Georg, 2019. "Project Lineage Management and Project Portfolio Success," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 118969, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    2. Ching-Torng Lin & Yuan-Shan Yang, 2015. "A Linguistic Approach to Measuring the Attractiveness of New Products in Portfolio Selection," Group Decision and Negotiation, Springer, vol. 24(1), pages 145-169, January.
    3. Teller, Juliane & Kock, Alexander & Gemünden, Hans Georg, 2014. "Risk Management in Project Protfolios is More than Managing Project Risks: A Contingency Perspective on Risk Management," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 76148, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    4. Cooper, Robert G., 1990. "Stage-gate systems: A new tool for managing new products," Business Horizons, Elsevier, vol. 33(3), pages 44-54.
    5. de Villiers, Rouxelle & Woodside, Arch G. & Marshall, Roger, 2016. "Making tough decisions competently: Assessing the value of product portfolio planning methods, devil’s advocacy, group discussion, weighting priorities, and evidenced-based information," Journal of Business Research, Elsevier, vol. 69(8), pages 2849-2862.
    6. Peppard, Joe, 2003. "Managing IT as a Portfolio of Services," European Management Journal, Elsevier, vol. 21(4), pages 467-483, August.
    7. C. Storey & D. Kelly, 2001. "Measuring the Performance of New Service Development Activities," The Service Industries Journal, Taylor & Francis Journals, vol. 21(2), pages 71-90, April.
    8. ,, 2000. "Problems And Solutions," Econometric Theory, Cambridge University Press, vol. 16(2), pages 287-299, April.
    9. Shuyi Wang & Aurélie Thiele, 2017. "A comparison between the robust risk-aware and risk-seeking managers in R&D portfolio management," Computational Management Science, Springer, vol. 14(2), pages 197-213, April.
    10. Frey, Thorsten & Buxmann, Peter, 2012. "IT project portfolio management – a structured literature review," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 57725, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    11. Kock, Alexander & Gemünden, Hans Georg, 2016. "Antecedents to Decision-making Quality and Agility in Innovation Portfolio Management," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 85099, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    12. Kopmann, Julian & Kock, Alexander & Killen, Catherine & Gemünden, Hans Georg, 2017. "The role of project portfolio management in fostering both deliberate and emergent strategy," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 92881, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    13. Parry, Glenn & Bustinza, Oscar F. & Vendrell-Herrero, Ferran, 2012. "Servitisation and value co-production in the UK music industry: An empirical study of Consumer Attitudes," International Journal of Production Economics, Elsevier, vol. 135(1), pages 320-332.
    14. Binay Dash & M.S. Gajanand & T.T. Narendran, 2018. "A model for planning the product portfolio and launch timings under resource constraints," International Journal of Production Research, Taylor & Francis Journals, vol. 56(15), pages 5081-5103, August.
    15. Eaton, Ben & Elaluf-Calderwood, Silvia & Sorensen, Carsten & Yoo, Youngjin, 2015. "Distributed tuning of boundary resources: the case of Apple's iOS service system," LSE Research Online Documents on Economics 63272, London School of Economics and Political Science, LSE Library.
    16. Richard A. Bettis & Vijay Mahajan, 1985. "Risk/Return Performance of Diversified Firms," Management Science, INFORMS, vol. 31(7), pages 785-799, July.
    17. Tor Helge Aas & Karl Joachim Breunig & Katja Maria Hydle, 2017. "Exploring New Service Portfolio Management," International Journal of Innovation Management (ijim), World Scientific Publishing Co. Pte. Ltd., vol. 21(06), pages 1-31, August.
    18. Siddhartha Sampath & Esma S. Gel & John W. Fowler & Karl G. Kempf, 2015. "A Decision-Making Framework for Project Portfolio Planning at Intel Corporation," Interfaces, INFORMS, vol. 45(5), pages 391-408, October.
    19. Vandermerwe, Sandra & Rada, Juan, 1988. "Servitization of business: Adding value by adding services," European Management Journal, Elsevier, vol. 6(4), pages 314-324, December.
    20. Marja Toivonen & Tiina Tuominen, 2009. "Emergence of innovations in services," The Service Industries Journal, Taylor & Francis Journals, vol. 29(7), pages 887-902, July.
    21. Daniel Jugend & Joao Victor Rojas Luiz & Charbel Jose Chiappetta Jabbour & Sérgio Luis a Silva & Ana Beatriz Lopes de Sousa Jabbour & Manoel Henrique Salgado, 2017. "Green Product Development and Product Portfolio Management: Empirical Evidence from an Emerging Economy," Business Strategy and the Environment, Wiley Blackwell, vol. 26(8), pages 1181-1195, December.
    22. Julian Echterfeld & Jürgen Gausmeier, 2018. "Digitising Product Portfolios," International Journal of Innovation Management (ijim), World Scientific Publishing Co. Pte. Ltd., vol. 22(05), pages 1-27, June.
    23. Kopmann, Julian & Kock, Alexander & Killen, Catherine & Gemünden, Hans Georg, 2015. "Business Case Control in Project Portfolios - An Empirical Investigation of Performance Consequences and Moderating Effects," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 76146, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    24. Teller, Juliane & Kock, Alexander, 2013. "An Empirical Investigation on How Portfolio Risk Management Influences Project Portfolio Success," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 63248, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    25. Marek Szwejczewski & Rick Mitchell & Fred Lemke, 2006. "A study of R&D portfolio management among UK organisations," International Journal of Management and Decision Making, Inderscience Enterprises Ltd, vol. 7(6), pages 604-616.
    26. Judit Bar-Ilan, 2008. "Which h-index? — A comparison of WoS, Scopus and Google Scholar," Scientometrics, Springer;Akadémiai Kiadó, vol. 74(2), pages 257-271, February.
    27. Raul O. Chao & Stylianos Kavadias & Cheryl Gaimon, 2009. "Revenue Driven Resource Allocation: Funding Authority, Incentives, and New Product Development Portfolio Management," Management Science, INFORMS, vol. 55(9), pages 1556-1569, September.
    28. Snyder, Hannah & Witell, Lars & Gustafsson, Anders & Fombelle, Paul & Kristensson, Per, 2016. "Identifying categories of service innovation: A review and synthesis of the literature," Journal of Business Research, Elsevier, vol. 69(7), pages 2401-2408.
    29. Teller, Juliane & Unger, Barbara & Kock, Alexander & Gemünden, Hans Georg, 2012. "Formalization of Project Portfolio Management: The Moderating Role of Portfolio Complexity," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 63283, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    30. Daniel Beverungen & Martin Matzner & Christian Janiesch, 2017. "Information systems for smart services," Information Systems and e-Business Management, Springer, vol. 15(4), pages 781-787, November.
    31. Jugend, Daniel & da Silva, Sérgio Luis & Salgado, Manoel Henrique & Miguel, Paulo Augusto Cauchick, 2016. "Product portfolio management and performance: Evidence from a survey of innovative Brazilian companies," Journal of Business Research, Elsevier, vol. 69(11), pages 5095-5100.
    32. De Maio, Adriano & Verganti, Roberto & Corso, Mariano, 1994. "A multi-project management framework for new product development," European Journal of Operational Research, Elsevier, vol. 78(2), pages 178-191, October.
    33. Hermano, Víctor & Martín-Cruz, Natalia, 2016. "The role of top management involvement in firms performing projects: A dynamic capabilities approach," Journal of Business Research, Elsevier, vol. 69(9), pages 3447-3458.
    34. Matzner, Martin & Büttgen, Marion & Demirkan, Haluk & Spohrer, Jim & Alter, Steven & Fritzsche, Albrecht & Ng, Irene C. L. & Jonas, Julia M. & Martinez, Veronica & Möslein, Kathrin M. & Neely, Andy, 2018. "Digital Transformation in Service Management," SMR - Journal of Service Management Research, Nomos Verlagsgesellschaft mbH & Co. KG, vol. 2(2), pages 3-21.
    35. Unger, Barbara & Kock, Alexander & Gemünden, Hans Georg & Jonas, Daniel, 2012. "Enforcing Strategic Fit of Project Portfolios by Project Moderating Role of Portfolio Complexity," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 63282, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    36. Sklyar, Alexey & Kowalkowski, Christian & Tronvoll, Bård & Sörhammar, David, 2019. "Organizing for digital servitization: A service ecosystem perspective," Journal of Business Research, Elsevier, vol. 104(C), pages 450-460.
    37. Kraiczy, Nils D. & Hack, Andreas & Kellermanns, Franz W., 2014. "New product portfolio performance in family firms," Journal of Business Research, Elsevier, vol. 67(6), pages 1065-1073.
    38. Nguyen, Na Mi & Killen, Catherine P. & Kock, Alexander & Gemünden, Hans Georg, 2018. "The Use of Effectuation in Projects: The Influence of Business Case Control, Portfolio Monitoring Intensity and Project Innovativeness," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 107425, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    39. Ram Kumar & Haya Ajjan & Yuan Niu, 2008. "Information Technology Portfolio Management: Literature Review, Framework, and Research Issues," Information Resources Management Journal (IRMJ), IGI Global, vol. 21(3), pages 64-87, July.
    40. Vendrell-Herrero, Ferran & Gomes, Emanuel & Collinson, Simon & Parry, Glenn & Bustinza, Oscar F., 2018. "Selling digital services abroad: How do extrinsic attributes influence foreign consumers’ purchase intentions?," International Business Review, Elsevier, vol. 27(1), pages 173-185.
    41. Oktay Turetken & Paul Grefen & Rick Gilsing & O. Ege Adali, 2019. "Service-Dominant Business Model Design for Digital Innovation in Smart Mobility," Business & Information Systems Engineering: The International Journal of WIRTSCHAFTSINFORMATIK, Springer;Gesellschaft für Informatik e.V. (GI), vol. 61(1), pages 9-29, February.
    42. Haluk Demirkan & James C. Spohrer, 2016. "Emerging service orientations and transformations (SOT)," Information Systems Frontiers, Springer, vol. 18(3), pages 407-411, June.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. João M. Lopes & Sofia Gomes & Ivo Rodrigues, 2024. "Playing the gamification and co-creation game: a bibliometric literature review," Management Review Quarterly, Springer, vol. 74(1), pages 353-376, February.
    2. Till Gramberg & Thomas Bauernhansl & Andreas Eggert, 2024. "Disruptive Factors in Product Portfolio Management: An Exploratory Study in B2B Manufacturing for Sustainable Transition," Sustainability, MDPI, vol. 16(11), pages 1-19, May.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Jugend, Daniel & da Silva, Sérgio Luis & Salgado, Manoel Henrique & Miguel, Paulo Augusto Cauchick, 2016. "Product portfolio management and performance: Evidence from a survey of innovative Brazilian companies," Journal of Business Research, Elsevier, vol. 69(11), pages 5095-5100.
    2. Daniel Jugend & Joao Victor Rojas Luiz & Charbel Jose Chiappetta Jabbour & Sérgio Luis a Silva & Ana Beatriz Lopes de Sousa Jabbour & Manoel Henrique Salgado, 2017. "Green Product Development and Product Portfolio Management: Empirical Evidence from an Emerging Economy," Business Strategy and the Environment, Wiley Blackwell, vol. 26(8), pages 1181-1195, December.
    3. Mariusz Hofman & Seweryn Spalek & Grzegorz Grela, 2017. "Shedding New Light on Project Portfolio Risk Management," Sustainability, MDPI, vol. 9(10), pages 1-19, October.
    4. Carolina Villamil & Sophie Hallstedt, 2021. "Sustainabilty integration in product portfolio for sustainable development: Findings from the industry," Business Strategy and the Environment, Wiley Blackwell, vol. 30(1), pages 388-403, January.
    5. Helal Zaabi & Hamdi Bashir, 2020. "Modeling and analyzing project interdependencies in project portfolios using an integrated social network analysis-fuzzy TOPSIS MICMAC approach," International Journal of System Assurance Engineering and Management, Springer;The Society for Reliability, Engineering Quality and Operations Management (SREQOM),India, and Division of Operation and Maintenance, Lulea University of Technology, Sweden, vol. 11(6), pages 1083-1106, December.
    6. Yang Yang & Zhongqiu Li & Yingying Su, 2018. "The Effectiveness of Service Innovation Practices to Reduce Energy Consumption Based on Adaptive Theory," Sustainability, MDPI, vol. 10(9), pages 1-16, September.
    7. Siri Jagstedt & Magnus Persson, 2019. "Using Platform Strategies In The Development Of Integrated Product-Service Solutions," International Journal of Innovation Management (ijim), World Scientific Publishing Co. Pte. Ltd., vol. 23(04), pages 1-36, May.
    8. Vendrell-Herrero, Ferran & Bustinza, Oscar F. & Opazo-Basaez, Marco, 2021. "Information technologies and product-service innovation: The moderating role of service R&D team structure," Journal of Business Research, Elsevier, vol. 128(C), pages 673-687.
    9. Mahavarpour, Nasrin & Marvi, Reza & Foroudi, Pantea, 2023. "A Brief History of Service Innovation: The evolution of past, present, and future of service innovation," Journal of Business Research, Elsevier, vol. 160(C).
    10. Green, Maxwell H. & Davies, Philip & Ng, Irene C.L., 2017. "Two strands of servitization: A thematic analysis of traditional and customer co-created servitization and future research directions," International Journal of Production Economics, Elsevier, vol. 192(C), pages 40-53.
    11. Gupta, Nitish & Park, Hyunkyu & Phaal, Rob, 2022. "The portfolio planning, implementing, and governing process: An inductive approach," Technological Forecasting and Social Change, Elsevier, vol. 180(C).
    12. Bustinza, Oscar F. & Opazo-Basaez, Marco & Tarba, Shlomo, 2022. "Exploring the interplay between Smart Manufacturing and KIBS firms in configuring product-service innovation performance," Technovation, Elsevier, vol. 118(C).
    13. Zhou, Dan & Yan, Tingting & Dai, Weiqi & Feng, Junzheng, 2021. "Disentangling the interactions within and between servitization and digitalization strategies: A service-dominant logic," International Journal of Production Economics, Elsevier, vol. 238(C).
    14. Huikkola, Tuomas & Kohtamäki, Marko & Rabetino, Rodrigo & Makkonen, Hannu & Holtkamp, Philipp, 2022. "Overcoming the challenges of smart solution development: Co-alignment of processes, routines, and practices to manage product, service, and software integration," Technovation, Elsevier, vol. 118(C).
    15. Chankook Park, 2022. "Expansion of servitization in the energy sector and its implications," Wiley Interdisciplinary Reviews: Energy and Environment, Wiley Blackwell, vol. 11(4), July.
    16. Matzner, Martin & Büttgen, Marion & Demirkan, Haluk & Spohrer, Jim & Alter, Steven & Fritzsche, Albrecht & Ng, Irene C. L. & Jonas, Julia M. & Martinez, Veronica & Möslein, Kathrin M. & Neely, Andy, 2018. "Digital Transformation in Service Management," SMR - Journal of Service Management Research, Nomos Verlagsgesellschaft mbH & Co. KG, vol. 2(2), pages 3-21.
    17. Jovanovic, Marin & Raja, Jawwad Z. & Visnjic, Ivanka & Wiengarten, Frank, 2019. "Paths to service capability development for servitization: Examining an internal service ecosystem," Journal of Business Research, Elsevier, vol. 104(C), pages 472-485.
    18. Palmer, Mark & Toral, Inci & Truong, Yann & Lowe, Fiona, 2022. "Institutional pioneers and articulation work in digital platform infrastructure-building," Journal of Business Research, Elsevier, vol. 142(C), pages 930-945.
    19. Faridah Djellal & Faïz Gallouj, 2018. "Fifteen advances in service innovation studies," Chapters, in: Ada Scupola & Lars Fuglsang (ed.), Services, Experiences and Innovation, chapter 3, pages 39-65, Edward Elgar Publishing.
    20. Carolina Villamil & Jesko Schulte & Sophie Hallstedt, 2022. "Sustainability risk and portfolio management—A strategic scenario method for sustainable product development," Business Strategy and the Environment, Wiley Blackwell, vol. 31(3), pages 1042-1057, March.

    More about this item

    Keywords

    Innovation Portfolio management; Services; Digital services; Digitalization; Servitization; Literature review; State of the art;
    All these keywords.

    JEL classification:

    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:manrev:v:72:y:2022:i:1:d:10.1007_s11301-020-00208-3. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.