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May 2022

Seven steps to technological innovation: The case of the Australian and Italian wine industry

This research investigated the drivers, barriers and benefits of technological innovation (including block-chain, Internet of Things (IoT), robotics and Industry 4.0 applications) and the role of management accountants in managing innovation projects within the Australian and Italian wine industry. This report outlines seven steps which can lead to successful project management of digital innovation and finds that incremental innovation across a portfolio of projects works better than a “big-bang” approach. It finds that management accountants, with their focus on risk and financial management, play an important role in the implementation of technical innovation. It also stresses the importance of management accountants understanding digital technology and jargon, sustainability issues and how to measure non-financial performance in order to continue to play a leading role in this area.

Seven steps to technological innovation