Creativity and Innovation in Business Management
Mariam Peyton is a professional Financial Analyst. She holds a Masters degree in Economics. She specialises in financial analysis and forecasting. Her expertise includes studying the financial performance of companies, markets and entire industries looking for trends, insights and information that can help you glean rich insights for use in academic and market research.
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This study examined the various ways through which an organization can succeed through its creativity and innovation. Both these aspects are discussed in detail in this paper. The essay discussed the contribution of creativity to innovation and also provided some ways to solve the problems faced by creativity and innovation in an organization. It also discussed the relationship between creativity and innovation and the various aspects and forms of innovation. Creativity and Innovation are two different aspects with totally different meanings. Creativity connotes novelty, imagination, and inventiveness of an idea that is a result of resourcefulness. On the other hand, innovation refers to the transformation and enhancement of an existing idea. Innovation is very significant in the service sector because failure to innovate puts their survival and growth in question. Creativity is the basis of innovation. However, creativity alone is not enough to turn ideas into reality. Innovation is the application of creative insights to solve problems or create value. In some sectors, being able to innovate constantly is not just a competitive advantage, but a necessity for survival. The origin of the word innovation can be traced back to the Latin terms “Novus” and “novare”, which mean “new” and “to renew, to create, or to invent”, respectively. Thus, innovation implies a process of renewal. However, not every novelty or invention qualifies as an innovation. According to Harrington & Voehl (2012), innovation requires the successful management and implementation of an idea in the market.
Creativity and innovation are significant to businesses because they aid them in a number of ways namely; they enable them to gain a competitive advantage over their rivals, solve problems, affecting the organization, adapt to ever-changing environments, and satisfy customer needs as well as to meet their expectations.
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Creativity and Innovation in Business Management a Case Study
Key Learning Outcomes
By the end of the case, students should be able to:
- Understand the definitions and differences between creativity and innovation, and how they are related to each other and to business performance.
- Understand the factors that influence creativity and innovation at the individual, team, and organizational levels, and how to overcome the barriers and challenges that hinder them.
- Apply the concepts and tools of creativity and innovation to generate novel and useful ideas for real-life businesses
1.0 INTRODUCTION
In today's dynamic and competitive environment, business managers need to foster creativity and innovation in their organizations so as to ensure their growth and development. Creativity and innovation are closely related but they are totally distinct concepts. Creativity refers to the cognitive skill of generating original and valuable ideas, whether for artistic, scientific, or practical purposes whereas innovation, on the other hand, refers to the application and conversion of those ideas into concrete outcomes, such as new products, services, or processes that enhance the quality of life for customers, and the society at large.
In today's dynamic and competitive world, creativity and innovation are essential in business organizations because they aid them in achieving and maintaining a competitive edge, finding effective solutions to complex challenges, and driving positive social change. Creativity and innovation enable businesses to differentiate themselves from their competitors, address problems in novel ways, respond to changing customer demands and market conditions, and deliver value to their stakeholders. Creativity and innovation are not the same, but they are closely related and mutually reinforcing. To foster a culture of creativity and innovation, organizations need to embrace three key elements namely; support, collaboration, and experimentation. By integrating these elements into their culture, organizations can unleash the potential of their employees and achieve greater outcomes.
Business management involves planning, organizing, leading, and controlling the resources and activities of an organization to achieve its goals and objectives. Business management requires a combination of skills, knowledge, and tools to effectively manage the resources and activities of an organization. For business management to succeed, it requires creativity and innovation to identify opportunities, generate alternatives, evaluate options, and implement solutions. This means finding new ways to look at problems, opportunities, and challenges, and generating multiple possible solutions. Creativity and innovation can also foster a culture of learning, collaboration, and continuous improvement within an organization.
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