Development of an integrated continuous improvement and innovation thinking model for a South African Bank

Abstract

Companies cannot succeed without actively focusing on both Continuous Improvement and Innovation Thinking simultaneously. Often, organisations apply these methodologies in isolationor use only one. In South Africa's banking industry, a clear gap has been identified in the lack of integrated implementation of Continuous Improvement and Innovation Thinking. This research aimed to explore how these two concepts could be integrated into an improvement strategy specifically for the South African banking sector. The research involved reviewing the latest literature on Continuous Improvement and Innovation Thinking methodologies used across various countries and industries. It also sought to determine the root causes for the failure to utilise and combine both methods through a qualitative study. Additionally, the study aimed to identify the elements necessary for a theoretical framework integrating Continuous Improvement and Innovation Thinking. This was done through interviews with banking practitioners specialising in both of these areas.The ultimate goal was to develop a verified and validated (evaluated) artefact that integrates Continuous Improvement and Innovation Thinking for the banking sector in South Africa. This artefact was informed by both literature and interview findings, highlighting identified challenges and proposing solutions. The resulting integrated model incorporates different phases tailored to the organisation's maturity level, acknowledging that various areas may have distinct levels of maturity in Continuous Improvement and innovation. The new model includes various Continuous Improvement and Innovation methodologies along with their respective steps. It also specifies different roles for participants in each phase, depending on the organisation's maturity level. This study offers an integrated solution to issues that were previously addressed separately. The new integrated model will help companies drive Continuous Improvement and innovation in a coordinated way, which is essential for maintaining market competitiveness.