Why Does Business Need Creativity?

The Importance of Creativity for Business

According to the World Economic Forum, creativity will be the third most important work skill by 2020. And creativity is closely related to the two most important work skills: complex problem solving and critical thinking.

A global study, led by IBM, revealed that the most important leadership quality for CEOs is creativity. Creativity is considered more relevant for the success of a company than vision, rigor, or integrity.

Why does business need creativity?

Why is creativity so crucial for business success?

We live in an era of disruption. The pace of change is increasing exponentially. The amount and rate of technological innovation is breathtaking. Every company needs to expect to be disrupted. Doing business as usual is not an option.

Creativity is our weapon to fight disruption. Creativity allows us to invent new ideas and solutions, find new contexts, and make new connections. Creativity is not only needed at the top of each company but across all departments and jobs.

The fourth industrial revolution, which has just begun, is calling for a paradigm shift in the way that companies are run. Almost half of the jobs in the US are at risk of being automated in the next 20 years, based on a recent study from the University of Oxford. The jobs at risk are those that follow predictable patterns of repetitive activities. They range across all industries.

In the course of evolution, humans became the only truly creative species, and our inventions and innovations have shaped this planet. It is impossible to beat machines when it comes to numbers and data analytics, but in the foreseeable future there is no indication that artificial intelligence will be able to replace human creativity.

Multiple studies have documented the financial impact of creativity for business.

Closing the creativity gap

While the importance of creativity for business is widely acknowledged, the ability to be creative is severely lacking. 75% of Americans believe that they are not living up to their creative potential. And almost 50% believe they are not creative at all. Therefore, there is a huge gap between the need for creativity and the creative potential that is available.

Some companies make the mistake of delegating innovation to a department of creatives instead of looking for creativity in all employees during the hiring process. Few organizations provide creativity training or create environments that promote and prioritize creativity to the extent that is needed.

Fortunately, creativity is a skill that can be taught and learned. One of the biggest myths about creativity is that it is a gift that was only given to certain people. But the truth is, everyone is born with the ability to be creative, and it is essential to cultivate that creativity. Our creative talents are diverse and our creative abilities differ, but it is in every human’s DNA to be creative. The results of our team building events are living proof.

There are not enough creative team players that can be hired and put to work. Companies need to build that capability within their workforce. We will be able to close the creativity gap when organizations learn to build creative confidence within their employees and develop creative literacy across all teams.