The importance of innovation in business

Creativity encourages innovation and innovation plays a vital role in the development of new business concepts, processes and products. Innovation drives growth and opportunity in new markets and breathes life into a mature industry.

Once considered just in the areas of science and advertising, creativity and innovation now play an important role in all levels and departments of a business. Executives at all levels have a responsibility to lead and stimulate innovative thinking across the entire enterprise. Shareholders, employees and customers rely on executives to create a healthy, innovative work environment. This adds meaning and purpose to all aspects of an organisation’s brand, service and culture.

In today’s fast paced business environment, creativity and innovation is a prerequisite for success, and perhaps even for survival. That is why creativity and innovation are now moving to the top of the agenda for organizations around the world.

Creativity and innovation will be the most important factors in establishing and maintaining a competitive advantage. Logic and linear thinking will remain important, but are no longer sufficient to succeed in a global economy. Many experts and futurists believe that organizations need to place greater emphasis on right-brain functions such as artistic, big picture thinking and the ability to conceptualise.

Creativity and innovation is a core competency for leaders and managers. We need to teach people how to perceive the world in new ways, to find hidden patterns, to make connections between seemingly unrelated phenomena, to ask important questions and to generate solutions. Generating fresh solutions to problems, and the ability to create new products, processes or services for a changing market and new world are part of the intellectual capital that gives a company its competitive edge. Creativity is a crucial part of the innovation equation.