The influence of agile project teams and team voice on product innovation in a large South African Investment bank

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.