Abstract
Value innovation is the cornerstone of blue ocean strategy. Value innovation strategy aims at making competition irrelevant. The concept of value innovation strategy is founded on the belief that a business can make its competitors irrelevant in its decision making while at the same time emerging an industry leader. The purpose of this study is to establish the influence of Value Innovation Strategy on the financial performance of manufacturing firms in Kenya. The target population was 488 manufacturing firms drawn from the 12 categories of the sector in Kenya. Descriptive and inferential statistics were used in this study. The descriptive results indicate that the manufacturing firms in Kenya have implemented value innovation strategies that positively contribute to the financial performance of the firms. The inferential results also affirm that value innovation strategy significantly affects the performance of manufacturing firms in Kenya attributing up to 14.9% of its variation in performance. The study concludes that value innovation strategies boost the financial performance of a firm. Managers of manufacturing firms should therefore implement value innovation strategies in order to improve financial performance.
Highlights
Revolutions are the outcome of continuous evolution
We are currently at the edge of another technological revolution, IR4.0, which is triggered by high speed emerging technologies with advanced Internet of Things (IoT) and Internet of Services (IoS) facilities focusing on smart automation of cyber-physical systems (CPS)
This study aims to define the critical management competencies for Industry 4.0 in Malaysian Technology Development Corporation (MTDC), thereby leading to better decision-making in the strategic plan formulation of MTDC to produce human capital competencies for Industry 4.0
Summary
Revolutions are the outcome of continuous evolution. As humans engaged in research to overcome nature's powers, the human race is at the threshold of the Fourth Industrial Revolution 4.0 (4IR), known as the climax of social development (Wang, 2018). We are currently at the edge of another technological revolution, IR4.0, which is triggered by high speed emerging technologies with advanced Internet of Things (IoT) and Internet of Services (IoS) facilities focusing on smart automation of cyber-physical systems (CPS). These processes, along with decentralized control systems, are integrated with reasonable costs, high storage space, and large quantities of data processing (Ahuett-Garza and Kurfess, 2018). The terms Industrial Revolution 4.0 (IR4.0) and Industry 4.0 were described by the Ministry of International Trade and Industry Malaysia (MITI, 2018) as follows: IR4.0: “The Fourth Industrial Revolution is an overarching industrial transformation that covers every aspect of industries and economic activities including every aspect of living”
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