THE INFLUENCE OF DIGITAL INNOVATION ON BUSINESS STRATEGIES
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THE INFLUENCE OF DIGITAL INNOVATION ON BUSINESS STRATEGIES
This study aims to: (1) explore the relationship between digital innovation and business strategies, (2) identify strategic benefits of digital innovation, and (3) assess the role of innovation in achieving competitive advantage. A survey design was selected to capture insights from business strategists and innovation leaders. Using Taro Yamane's formula, a sample size of 392 participants from the financial sector in Lagos was derived, ensuring comprehensive representation. The financial sector was chosen for its high rate of digital innovation. The reliability coefficient score of the survey was 0.87. Results indicate that digital innovation significantly enhances strategic planning, operational efficiency, and market competitiveness. Recommendations include fostering a culture of innovation, investing in emerging technologies, and aligning digital initiatives with business goals to sustain strategic advantages.
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