Strategic financial innovations and performance of oil firms in Nigeria
Keywords:
market innovation, organizational innovation, process innovation, product innovation, strategic innovationAbstract
As today's business environment becomes highly competitive, firms are becoming more aggressive and dynamic in identifying competitive strategies that will ensure profitable existence. Therefore, Innovations provide firms a strategic orientation to overcome the problems they encounter while striving to achieve sustainable competitive advantage. To this end, this study, therefore, examined the impact of strategic innovations on organizational performance, focusing on oil and gas firms (such as Seplat Petroleum Development Company Plc, Masters Energy Oil and Gas Ltd) in Delta and River state, Nigeria. A total of 97 valid structured questionnaire data was collected among five (3) selected firms’ staff randomly. And the text of hypotheses was based on Pearson Correlation analysis via SPSS 21 analytical tools. Findings revealed that strategic innovation has an impact on organizational performance. Thus it is concluded that organizational innovation, product innovation, process innovation, and market innovation have a significant relationship with organizational performance. The study recommends that Oil and Gas Companies should expand their product base and devise ways of using the already existing infrastructure to add value to their products and services. Also, Oil and Gas Companies to continue investing in market innovation strategies since they have the highest influence on performance.
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