Abstract:
The need for product (software) innovation is pertinent now more than ever for
companies to evolve and gain a competitive edge. In these tough economic times,
companies face intense competition against rivals amid a global pandemic. The rise
of small fintech companies sneaking in and taking market share from larger
companies is more prominent. Although large companies are aware of this, these
companies are still slow to respond to market changes with suitable innovative
products. Large financial companies are shifting towards an agile work method with
the aim of delivering innovative software products sooner to the market. The agile
methodology of work has necessitated the need for agile project teams. The purpose
of these agile teams is to respond quicker to customer demands by developing
innovative software products. Therefore, there is merit in understanding the
influences that agile project teams and team voice have on product innovation.
The purpose of this study is to understand the influences that agile projects teams
and team voice have on product innovation. A qualitative study was conducted to
gather information on this phenomenon. This inductive, exploratory study has
surfaced the components of innovation, the team elements influencing innovation,
the contributors to innovation and the effects of groupthink within agile project teams.
The insight gained on these concepts has assisted in understanding the
phenomenon better.
Twelve participants were interviewed in a Gauteng based investment bank in South
Africa. The data received from the interviewed participants showed that agile project
teams and team voice have a positive influence on product innovation. However,
many issues relating to agile project teams, leadership and product innovation have
been discovered which need a significant amount of attention to ensure companies
build effective innovation teams.
