CREATIVITY AND INNOVATION IS MUST FOR BUSINESS TODAY
Innovation means modifying something which already exists to make it more convenient or attractive. As business has changed its course from being product centric to customer centric, innovation has become the heart of the spirit of the enterprise. In every aspect of business today requires innovation and to innovate, a creative outlook or thinking is necessary. In simple words, you cannot be innovative unless you’re creative.
Creative thinking is an ability to bring into existence something new through imagination and reasoning that would work as a solution towards a business challenge. In this dynamic and evolving world, our challenges keep varying day by day. These take new forms and require a creative outlook in order to convert those challenges into a business opportunity.
Importance of Creativity and Innovation in Business
Initially, creativity was only associated with painters, musicians, poets and other artistic professionals. But today creativity and innovation play a vital role in business and commerce.
Warren Buffet, a world famous business tycoon calls himself an artist not a businessman because he knows how business is incomplete without creativity and innovation. Creativity is a quality or an attitude and it is not restricted to a single individual. We all have that streak in us; it is just that, some people seem to be bursting with ideas while some others struggle with generating ideas due to various psychological and physiological reasons. The process of creativity is structured and anybody can develop and train their mind to maximize their creative potential. Therefore, many companies like Apple, Google, Microsoft, IBM, etc. encourage their employees to think out of the box in order to find solutions that would open up new opportunities in order to increase productivity.
Now, let us see how creativity and innovation adds an extra punch to the business;
1. Help discover new products or solutions that ease out a human life
Every challenge we face might have a solution in the form of a product and every product is a manifestation of an idea derived for finding a solution to that challenge. This is how new products are created to add comfort to the human life.
a) Wright Brothers invented Airplane to make intercontinental travel easy
b) Alva J. Fisher invented the first washing machine to make a housewife’s job easy
c) In 1748, the first artificial refrigeration system was introduced by William Cullen
2. Makes a product innovative
Creative thinkers see the world through the eyes of their mind and heart together. Hence it becomes easy for them to connect dots and view a product with a perspective of improving it, in order to make it best.
Though William Cullen demonstrated the first artificial refrigeration system in 1748, Oliver Evans modified it and achieved excellence in designing the first domestic refrigeration machine in the year 1805.
3. Positions a product uniquely in a competitive market
Using creative perspective to solve a problem gives a competitive edge to any business striving to get distinguished in a competitive scenario. Kishor Biyani, the king of Indian retail and the owner of Future Group, conveys through his book ‘It happened in India’ that to get ideas for innovation one has to have consumer insights. It helps to study demand and trend to find a gap in a market where you can successfully position your product to make it outshine the competition. Based on it, one can successfully decide the positioning of the product and approach to draft a business strategy.
‘The only organizations that are successful today are the ones that harness ideas, creativity and innovation to generate top-line growth.’
- Kishor Biyani, King of Indian Retail and owner of Future group
4. Help evolve a product into a brand that makes you stand out in a clutter of competitive products
‘Sell Dreams, not Products.’ — Steve Jobs
A brand must wave dreams and for this a brand manager needs a creative mind for finding an innovative solution that would trigger emotions and hence motivate people to buy the product. Here the role creative advertising and public relations take an action for making a brand manifest itself in order to communicate with its target audience.
5. Assist an organization to adapt to the changing business environment
Along with changing trends and evolving consumers, an organization needs to change too. For this creative mindset is required in order to employ policies that would create a productive culture and environment.
Google’s work culture is the best example that harnesses creative minds by giving a culture where creativity is encouraged and innovation is seen everywhere.
6. Create Strategic Alliances or Ventures
Today every businessman is a diplomat and every diplomat needs to have a creative mind that would encourage innovative thinking for efficient decision making.
This area is called creative diplomacy. It helps to make the strategic alliance or venture that increases your brand image and credibility.
This is how creativity and innovation plays a vital role in pushing a business forward.