INFORMATION SHARING AND PRODUCT INNOVATIVENESS OF DEPOSIT MONEY BANKS IN NIGERIA

Abstract

This research work empirically examined the relationship between information sharing and product innovativeness of deposit money banks in Nigeria. The correlational research design was deemed imperative in this study as it deals with a multivariate analysis of the relationship existing amongst the study variables such as information sharing (predictor variable) with goal setting as its dimension and product innovativeness (criterion variable) with product modification as its measure. The researcher selected all the twenty (20) deposit money banks with main branch in Port Harcourt metropolis in Rivers State as population for the study. The work was therefore a census study since the population of twenty (20) deposit money banks was a manageable size. The researcher purposively selected five (5) managerial staff from each of the twenty (20) deposit money banks making a total of one hundred (100) staff as respondents for the study under review. The researcher used both the primary and secondary data in the course of the study. The Pearson Product Moment Correlation (PPMC) statistic was adopted to test the hypothesis. The outcome of the study revealed that information sharing is positively and significantly related with product innovativeness. It was then recommended that all deposit money banks in Nigeria, should as a matter of necessity engage in employee empowerment practice such as information sharing as a means of improving product innovativeness especially the modification of product. Private firms and industries should inculcate proper information sharing channels among their managers and employees to guarantee organisation effectiveness through innovative decision and actions. Deposit money banks and other profit oriented organisations should engage highly motivated and empowered managers in order to initiate and sustain organisational innovativeness which will in turn enhance organisational productivity.