Factors that help and hinder innovation in a financial services- insurance organisation in South Africa.
The strategic importance of innovation in today’s business environment cannot be ignored as a driver of long term organisational success, and is being recognised as such across the globe. Companies must focus on the implementation of successful innovations from inception to operationalisation in order to garner crucial competitive advantage. To achieve ongoing innovation on a sustainable basis, the spotlight must be on those factors which have the ability to influence innovation both positively and negatively to allow companies to proactively manage this process. This research report aimed to identify some of those factors which help and hinder innovation within a financial services – insurance organisation in South Africa. A thematic content analysis was conducted on the insights and information gathered from 16 semi-structured interviews with employees across different levels of Discovery Vitality. The themes and common considerations identified across all respondents allowed the researcher to interpret the results and develop a meaningful understanding of those factors which influence innovation within that organisation. The research findings indicated that there are six core factors influencing innovation, either positively or negatively depending on the specific innovation initiative and environment concerned, with a culture of innovation and leadership support being determined as critical elements to effectively implement innovation. The key message of this study is that those organisations wishing to successfully drive innovation initiatives to completion must understand and drive these primary factors identified in accordance with their specific organisational culture and operational environment.
Creative ability in business -- South Africa,Organizational learning -- South Africa,Corporate culture -- South Africa, Financial services industry