The use and perceived value of strategic management tools in the Development Bank of Namibia (DBN)

Abstract

This study analysed the use and perceived value of strategic management tools in the Development Bank of Namibia (DBN). For the past decades, managers have tried to improve the operational effectiveness of their organizations by utilizing strategic management tools in decision-making. Therefore, the utilization of the strategic tools assists the managers in improving various organizational outcomes such as market share, and revenue. The study was conducted at the Development Bank of Namibia in Windhoek. The target population was the departmental managers and executives from the Development Bank of Namibia, and 10 participants were used in this study. The study used a qualitative research methodology, and telephonic in-depth interviews was used as a method of collecting data. This study persuaded the main objective of determining the use and perceived value of strategic management tools in the Development Bank of Namibia, and the study found out that the strategic tools are very important, useful and they are effective in carrying out what they are intended to. Therefore, the strategic management tools positively affect the performance of DBN. For that reason, the strategic management tools were found to be vital in achieving the Bank’s desired goals and objectives.

In addition, the strategic management tools are useful in helping, and supporting managers make better decisions and achieve the desired goals. Strategic tools play a significant role in the development of organizational relationships and networks. The study also found that SWOT analysis, Balanced Score Card, annual strategic sessions, and strategic analysis are the strategic planning tools that are used in DBN, and the managers and executives are satisfied with the strategic planning process, and the process is effective, inclusive, and transparent. Therefore, all the employees are involved in the planning process. In addition, the employees are kept up-to-date with the strategies that are being implemented through their Head of Department, and this allows the employees to be sensitized to the strategies that are being implemented. The study recommends that future studies be conducted on a different sector such as the information technology sector as this can provide insight on the implementation of reliable techniques for control and risks that can help financial institutions to reach geographically distant and diversified markets, and similar studies should be carried out on the rest of the employees in order to gain insight on the use and perceived value of strategic management tools from all individuals’ perspectives.