The Role of Creativity and Innovation in Implementing Strategies Essay

The Role of Creativity and Innovation in Implementing Strategies - Essay Example This research will begin with the statement that innovation and creativity are essential elements in implementing successful business strategies. Corporations are reluctant to rethink their business models can learn a lot from Wal-Mart. The organization has successfully applied innovation and creativity to its business model. There are many benefits of creating a business environment that supports innovation. This environment is convenient for generating new ideas that could be very useful for the organization. Innovation and creativity in the business field may not be rocket science, but they do take a special type of practical genius. Through innovation and creativity, small companies can squeeze even higher sales and greater profits from the markets. For instance, Wal-Mart started embracing technology (even though it is not in an e-commerce business), and they are now competing with internet giants like Amazon. Creativity is making or otherwise bringing into existence something ne w. It may be a new solution to a problem, a new method, device, or an artistic object. Innovation is adding a new thing to an existing product or process. Creativity is the starting point for innovation. No businesses, however big, can continue to hold a position in the market unless they incorporate innovation and creativity in their strategies. The study would provide guidance to business managers interested in using creativity and innovation to implement their strategies.