Creativity and Innovation Strategy



Executive Summary3

Discussion4

Case Study7

Background of Company8

Problem identification9

Research & Development and Business Strategy10

Response Validation11

Implementation12

Conclusion12

References14

Creativity and Innovation Strategy

Executive Summary

Innovation is considered to be something that makes the good companies great. It is a style of corporate behaviour experimenting new ideas, and risks. Implementing innovation can be very beneficial for organizations, and the same time it can put the organizations to a downfall. In order to make sure that innovation taking place in the organization turns out to be beneficial for the company, it is essential to first make research on the particular aspect. This decreases the chances of failure, associated with the innovation. The fact that innovation provides companies with a competitive advantage, not every company makes a strategy to implement innovation. It depends much on the organizational structure, and its policies whether they create a culture which promotes innovation, or a one which does not. As said earlier, research could result beneficial for companies who are willing to innovate, and it is not necessary that the organization puts in high amounts of money into R & D.

On the other hand, creativity is something without which innovation cannot take place. It is the original thought or the design concept on which further work is done. Without having creativity, it is not possible to innovate. It gives the core idea, and perspective on what could be done. It is not a personality trait that exists in only a few. It has been proved that everyone has some kind of creativity, not necessarily the same, but it differs on who takes it to the next step.

Managing innovation on the other hand, is not an easy task and is risky at the same time. There are possibilities that a technology fails to be translated into services and products, and may not necessarily be a commercial success. In this case, the initiative may result being very costly for the firm in every way. Innovation can improve competitiveness, but at the same time requires different sets of management knowledge, and skills.

Discussion

In most businesses, innovative and strategic planning is now firmly accepted. Though, every organization might have a different perspective and approach towards it. It is not an easy task to convert the creative ideas into innovation, and it requires careful study and evaluation to proceed with the task. Organizations that are successfully able to practice innovation and differentiation of products and services are at least twice as profitable as their competitors. One other advantage of developing a culture in the organization that encourages and appreciated innovative ideas and creativity ensures high commitment of the employees towards work. They feel motivated towards work, and their engagement with the business augments.

It is necessary for the organization to create a culture of innovation in order for its employees to work in that manner, and stay focused on what they are required to do. By creating such a culture the employees would be guided in the right direction, and it would become easier for them to think in ...