The literature suggests that increasing investments in information and communication technologies (ICTs), knowledge exchange and sharing help SMEs tackle the current global and dynamic environment. Given that much of the useful knowledge resides outside the enterprises’ boundaries, these technological tools foster the gathering of big data and information. Despite these premises, few studies have considered the role of ICTs and big data in intra‐ and inter‐organizational ties and the consequent effects on enterprises’ innovation performance. The paper investigates whether ICTs oriented to intra‐organizational (in‐house research and development [R&D]) and inter‐organizational (open innovation) processes improve SMEs’ innovation performance. Therefore, via structural equation modelling (SEM), the study analyses a sample of 239 knowledge‐intensive SMEs located in Italy. The noteworthy results are that ICTs oriented to intra‐ and inter‐organizational innovation processes improve both these processes in generating new products and/or services. On this basis, managerial and academic implications are provided, along with avenues for further research.