Wendy Mutabelezi, Tebogo Sethibe
Abstract
Innovation processes have become essential for gaining competitiveness and success in companies. With the study reported here, we explored innovation, considering the stages of the innovation process in developing products/services. The study aimed to examine how products/services are developed. A qualitative methodology was used to gather information from the participants concerning the development of products/services. We selected a sample of 15 senior managers of banks and insurance companies in Namibia. An interview guide was used for data collection. Thematic data analysis was adopted as an appropriate method for data analysis.
The study results revealed that banks and insurance companies did not follow the linear stages of the innovation process when developing products/services. The findings suggest a need to formalise the innovation process, starting with idea generation and ending with implementation. The results of this study provide researchers and practitioners in the banking and insurance sector with a clear indication of the benefits of formalising the innovation process and inform them of the possible shortcomings of not adhering to the four stages of that process.