Importance of Innovation and Creativity in Business

This PowerPoint presentation discusses the concept of innovation and creativity in business, highlighting their importance for competition. It explores the value of creativity and innovation, their impact on business success, and provides examples of performance improvement strategies. The presentation concludes by emphasizing the significance of creativity and innovation in gaining a competitive advantage in the market.

Outline of the PowerPoint Presentation

Introduction
The intent of this presentation is to discuss the concept of Innovation and Creativity and their
importance in business.
The presentation is also highlighting the importance of innovation and creativity for
Competition
In addition to this, it is also presenting the examples of performance improvement strategies
Creativity and Innovation
Creativity is said to be the function of curiosity, evaluation, imagination, and knowledge. It
has been believed that the greater base of knowledge and curiosity level, the business get
more ideas, combination, and patterns can achieve, which then related to creating innovative
services and products.
Innovation is generally the application of an idea and in a number of cases, it is said to be the
collaborative enterprise (Borrus, 2017).
Value of Creativity and Innovation
Innovation is essential because it supports in building and executing new solutions for every
type of issue or problem that could not be resolved with traditional ways, and when
prevailing elucidations does not support in attaining the desired outcomes.
Creativity is essential as it is the main ingredient of the innovative procedure and in its
absence innovation is impossible.
Value of Creativity and Innovation to business
Creativity and innovation go hand in hand. Creativity and innovation in business have been
identified as a definite path to attaining success. Motivating creativity and discovering totally
new result enhancing the organization’s productivity. Inspiring workforce to think beyond the
boundaries and providing the proper time as well as resources in order to discover new
innovative ideas is the path to cost-effective solutions for business.

Innovative approaches and creative ideas can be gained from anywhere from customers,
employees, partners, target groups, etc.
Innovation is Important for Business
Innovation is all about creating more effective procedures, ideas, and products. For a business
organization, it is about executing new ideas and services and making dynamic products.
Innovation is very essential for business because:
Solving problems easily
Enhancing the productivity of the business
Marketing the business (The Start-up, 2018)
Competing with the competitors
Innovation is Important for Competition
Innovation is very essential at the workplace because it helps in gaining an edge in the
competitive market quicker and offers a superior link to the developing markets that can
result in better market opportunities, particularly in rich nations (Henderson, 2017).
Innovation can also support business in developing unique concepts while providing the
innovator a confident and proactive attitude to take risks and get things done.
Examples of Performance Improvement Strategies
Engaging people
Engagement of employees is said to be the most talked issues in the business environment.
There is a number of businesses that encourage the involvement of the employees in the
decision making the procedure for better results, ideas, and productivity (Business.com.,
2019). Companies like Virgin and Google are the main examples of using employee
engagement strategies.
Examples of Performance Improvement Strategies
Training and Development

There are a number of businesses that possess a workforce that requires effective training and
development programs for improving the performance and increasing the productivity of the
business. The need for training and development arises due to increasing innovations in the
market. On the key example of a company that provides the best training and development
programs to its employees is Amazon (Pribanic, 2019).
Conclusion
From the above analysis, it could be concluded that Creativity and Innovation both are
important and plays an essential role in the business. Creativity is said to be the generation of
idea and innovation is the implementation of the idea. It also helps business in gaining
competitive advantage in the market.

References
Borrus, D. (2017) Creativity and Innovation: Your Keys to a Successful Organization
[online]. Available from https://www.huffpost.com/entry/creativity-and-
innovation_b_4149993?
guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig
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eB8iNZFR8J2v2YPFMYtujyP2e0kGyrGAn-e-x3kRaPl-
nFUmatovZVkbodH3UByEN7O6YM_XOWxpDCTdW4-0Pvb4f8p [accessed 15 June 2019]
Business.com. (2019) 6 Steps to Improve Organization Performance [online]. Available from
https://www.business.com/articles/6-steps-to-improve-organization-performance-2/ [accessed
15 June 2019]
Henderson, T. (2017) Why Innovation Is Crucial To Your Organization's Long-Term Success
[online]. Available from
https://www.forbes.com/sites/forbescoachescouncil/2017/05/08/why-innovation-is-crucial-to-
your-organizations-long-term-success/#2006b50a3098 [accessed 15 June 2019]
References
Pribanic, E. (2019) Top Examples of Employee Training and Development Programs
[online]. Available from https://www.techfunnel.com/hr-tech/top-examples-of-employee-
training-and-development-programs/ [accessed 15 June 2019]

The Start-up (2018) 4 Important Benefits of Innovation in Business [online]. Available from
https://medium.com/swlh/4-important-benefits-of-innovation-in-business-64ed0d78d150
[accessed 15 June 2019]