Importance of creativity and innovation for business
The benefits of creativity in business are what set businesses apart from each other, even if in the slightest way. These minor differences can add up to completely different and sometimes opposing impacts for two businesses. This is because the market and the customer are always in need of something unique. After all, their needs tend to transform with time.
Had it not been for creativity and innovation in business, the end product or service of every company would have remained similar. In addition to this, the biggest challenge in front of businesses today is how differently they can solve the same problem. The market is in constant search for new and better solutions to the same problems. The smoothest and most effective solutions come only when one tries to be creative in their business approach.
Where does creativity come from?
Creativity, in its many forms and applications, can be expected from many sources. Be it one’s partners or employees, customers, or even target groups, creativity for better content and more valuable products can come from anyone and anywhere. The key is to constantly look for inspiration. One must engage in the constant motivation of their employees because mental peace and health are two of the most crucial factors when it comes to better creativity and productivity. One may even choose to hire great marketing experts, for their job itself is to pour out creative ideas and innovative strategies for making a business big.
Creativity, or its product – innovation – both are extremely useful and equally applicable to all business domains that require constant improvement and positive change. From marketing to production, finance to customer service, and research to supply chain, every segment of a business can be enhanced with the help of creativity and sound innovation.
How innovation and creativity in business can be utilized?
The biggest advantage a creative mind has over others that are not is the ability to think out of the box and venture into unprecedented zones. This zest gives businesses a push, no doubt, for it is when the customer has something new as an offer that he would be interested in purchasing it. Unique and useful solutions to the same problems are what constitute better productivity and improved sales. With increased productivity being a direct proponent of creative inputs, there are no limits to the dimensions of the utilization of creativity and innovation in business per se.
Innovation and the Entrepreneur
The entrepreneur is not required to invent but to innovate, and the two terms innovation and the entrepreneur are subtly different. Innovation means that he would have to look at the same initial idea of his from multiple perspectives, each time attempting to carve out a better, different, and widely acceptable product it. The importance of creativity is thus paramount in deciding and shaping the path of a successful business.
What is required, however, for the implementation of creativity and execution of innovation is efficient management and constant experimentation. With tests and trials, it is possible to determine whether the invention vindicated as highly successful on paper would do any good in a real-life situation.
3 types of innovation for a business
As is easy to decipher from the terminology itself, the first type of innovation for a business is technical innovation, which is helpful in the creation of goods and services that involve technical expertise in a business. Be it a new blockchain application, a more functional hardware system design, or a more economical product design, technical innovation encompasses all of these.
Clearly enough, the second type of innovation for a business is process innovation deals more with the process than anything else. The product or the service may be the same, and so might the need for creating them or the users they cater to. The difference, however, would lie in the procedure by which they are created. An innovative process for a business might help the organization fulfill one of the many possible aims – lesser costs, higher efficiency, less time consumption, and so on.
The third type of innovation for a business is administrative innovation. A successful business also requires, to a high extent, the support of a functional and well-structured organization. Innovation can come in the form of a new framework for this business organization, which might offer better efficiency in team and individual services, higher productivity, and so on.
Where can creativity and innovation prove most important?
It is essential to understand that creativity and innovation in business are two separate phenomena, or two separate courses of action when it comes to a business. Innovation can be called a successor of creativity. Two key strategies can lead a business to being bigger and better, and they are a unique selling point and a competitive advantage. With the help of creativity and innovation in business, one can very easily develop both of the above with the added advantage of multiple tests and trials to validate the same. However, being subtly different in meaning and approach, the domains of achieving the above, by means of creating on one hand and innovation on the other, are pretty much different.
Benefits of creativity in business
Benefits of creativity in business in more ways than one. It can prove extremely helpful at the time of delivering presentations, be it to a prospective client, or the masses in general. Advertisements and presentations are, after all, a key way for any business to reach out to its customers by conveying a message. This message-conveying process requires ideas that can imprint the message in the minds of the customer, and creativity is the only solution for the same.
The best business ideas come through brainstorming for hours, days, or months, and creativity develops a solution. Eventually, brainstorming leads to problem-solving, which in turn leads to product development — all the results of a creative mind or minds.
Innovation, on the other hand, produces comparable results in various methods. Innovation is the only way for a business to stand out from the competition and succeed while other businesses are struggling. Innovation and entrepreneurship depend on the organization’s ability to achieve goals more efficiently and effectively. The key lies in adding value to what we already have, and this is brought around only with innovation on the table.
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Advocate Rahul Dev is a Patent Attorney & International Business Lawyer practicing Technology, Intellectual Property & Corporate Laws. He is reachable at rd (at) patentbusinesslawyer (dot) com & @rdpatentlawyer on Twitter.
Quoted in and contributed to 50+ national & international publications (Bloomberg, FirstPost, SwissInfo, Outlook Money, Yahoo News, Times of India, Economic Times, Business Standard, Quartz, Global Legal Post, International Bar Association, LawAsia, BioSpectrum Asia, Digital News Asia, e27, Leaders Speak, Entrepreneur India, VCCircle, AutoTech).
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