Creativity Question

8/17/2019 Creativity Question

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1.What is the Balanced Scorecard? 10m

©Paul Arveson, 1998

A new approach to strategic management was developed in the early 1990's by Drs!obert "aplan #$arvard %usiness &chool and David (orton )hey named this system

the 'balanced scorecard' !ecogni*ing some o+ the weanesses and vagueness o+previous management approaches, the balanced scorecard approach provides a clear

prescription as to what companies should measure in order to 'balance' the +inancialperspective

)he balanced scorecard is a management system #not only a measurementsystem that enables organi*ations to clari+y their vision and strategy and translate

them into action -t provides +eedbac around both the internal business processesand e.ternal outcomes in order to continuously improve strategic per+ormance and

results /hen +ully deployed, the balanced scorecard trans+orms strategic planning

+rom an academic e.ercise into the nerve center o+ an enterprise

"aplan and (orton describe the innovation o+ the balanced scorecard as +ollows

)he balanced scorecard retains traditional +inancial measures %ut +inancial

measures tell the story o+ past events, an ade2uate story +or industrial agecompanies +or which investments in long3term capabilities and customer

relationships were not critical +or success )hese +inancial measures are inade2uate,however, +or guiding and evaluating the 4ourney that in+ormation age companies

must mae to create +uture value through investment in customers, suppliers,employees, processes, technology, and innovation

)he balanced scorecard suggests that we view the organi*ation +rom +our perspectives, and to develop metrics, collect data and analy*e it relative to each o+

these perspectives

• The Learning and Growth Perspective

• The Business Process Perspective

• The Customer Perspective

• The inancial Perspective

http://www.balancedscorecard.org/basics/learning.htmlhttp://www.balancedscorecard.org/basics/process.htmlhttp://www.balancedscorecard.org/basics/customer.htmlhttp://www.balancedscorecard.org/basics/financial.htmlhttp://www.balancedscorecard.org/basics/learning.htmlhttp://www.balancedscorecard.org/basics/process.htmlhttp://www.balancedscorecard.org/basics/customer.htmlhttp://www.balancedscorecard.org/basics/financial.html


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The Balanced Scorecard and !easurement"Based

!anagement

)he balanced scorecard methodology builds on some ey concepts o+ previous

management ideas such as )otal 5uality 6anagement #)56, including customer3de+ined 2uality, continuous improvement, employee empowerment, and 33 primarily

33 measurement3based management and +eedbac

#ou$le"Loop eed$ac%

-n traditional industrial activity, 2uality control and *ero de+ects were thewatchwords -n order to shield the customer +rom receiving poor 2uality products,

aggressive e++orts were +ocused on inspection and testing at the end o+ the

production line )he problem with this approach 33 as pointed out by Deming 33 isthat the true causes o+ de+ects could never be identi+ied, and there would always beine++iciencies due to the re4ection o+ de+ects /hat Deming saw was that variation is

created at every step in a production process, and the causes o+ variation need to beidenti+ied and +i.ed -+ this can be done, then there is a way to reduce the de+ects

and improve product 2uality inde+initely )o establish such a process, Demingemphasi*ed that all business processes should be part o+ a system with +eedbac

loops )he +eedbac data should be e.amined by managers to determine the causes


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o+ variation, what are the processes with signi+icant problems, and then they can+ocus attention on +i.ing that subset o+ processes

)he balanced scorecard incorporates +eedbac around internal business processoutputs, as in )56, but also adds a +eedbac loop around the outcomeso+ businessstrategies )his creates a double3loop +eedbac process in the balanced scorecard

&utcome !etrics

7ou can't improve what you can't measure &o metrics must be developed based onthe priorities o+ the strategic plan, which provides the ey business drivers and

criteria +or metrics that managers most desire to watch Processes are then designedto collect in+ormation relevant to these metrics and reduce it to numerical +orm +or

storage, display, and analysis Decision maers e.amine the outcomes o+ variousmeasured processes and strategies and trac the results to guide the company and

provide +eedbac

&o the value o+ metrics is in their ability to provide a +actual basis +or de+ining

• &trategic +eedbac to show the present status o+ the organi*ation +rom many

perspectives +or decision maers

• Diagnostic +eedbac into various processes to guide improvements on a

continuous basis

• )rends in per+ormance over time as the metrics are traced

• eedbac around the measurement methods themselves, and which metrics

should be traced

• 5uantitative inputs to +orecasting methods and models +or decision support

systems

!anagement $' act

)he goal o+ maing measurements is to permit managers to see their company moreclearly 33 +rom many perspectives 33 and hence to mae wiser long3term decisions

)he %aldrige riteria #199: boolet reiterates this concept o+ +act3based

management

6odern businesses depend upon measurement and analysis o+ per+ormance6easurements must derive +rom the company's strategy and provide critical data and

in+ormation about ey processes, outputs and results Data and in+ormation needed+or per+ormance measurement and improvement are o+ many types, including

customer, product and service per+ormance, operations, maret, competitive

comparisons, supplier, employee3related, and cost and +inancial Analysis entailsusing data to determine trends, pro4ections, and cause and e++ect 33 that might notbe evident without analysis Data and analysis support a variety o+ company

purposes, such as planning, reviewing company per+ormance, improving operations,and comparing company per+ormance with competitors' or with 'best practices'

benchmars

A ma4or consideration in per+ormance improvement involves the creation and use o+

per+ormance measures or indicators Per+ormance measures or indicators are


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measurable characteristics o+ products, services, processes, and operations thecompany uses to trac and improve per+ormance )he measures or indicators should

be selected to best represent the +actors that lead to improved customer,operational, and +inancial per+ormance A comprehensive set o+ measures or

indicators tied to customer and;or company per+ormance re2uirements represents aclear basis +or aligning all activities with the company's goals )hrough the analysis

o+ data +rom the tracing processes, the measures or indicators themselves may beevaluated and changed to better support such goals

or a +ast way to learn how to build a balanced scorecard system, managers andanalysts may wish to tae our short course, -ntroduction to the %alanced

&corecard

(eturn

Balanced Scorecard )nstitute 10==/ashington, D ? ary, (


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Creativity is the characteristic of a person to generate new ideas,

alternatives, solutions and possibilities in a most unique and different way.

Creativity is the ability to conceive something unpredictable, original and

unique. It must be expressive, interesting and imaginative. It is the mirror

of how beautifully a person can think in any given circumstance.

It is not genetic, but can be developed if someone keep on learning and

comprehending things with a rare and exclusive perception. Creativity is a

brainstorming and mind-blogging activity in which a person has to think

beyond his imagination for bringing something worthwhile. It is an activity

of unveiling something which was previously hidden.

Definition of Innovation

Innovation is an act of application of new ideas to which creates some

value for the business organization, government and society as well. etter

and smarter way of doing anything is innovation. It could be the

introduction of!

• new technology.

• new product line or segment.

• new method of production.

• "n improvement in existing product.

Innovation is closely tied to creativity i.e. putting creative ideas into action

is an innovation, whose consequences should be positive. It is the process

of doing something better for the first time, which was not previously done

by any entity. It can also be termed as a change which can bring a new edge

to the performance and productivity of the company. It is of two types i.e.

evolutionary and revolutionary.


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In this example, the thought of creation of a new traveling motorcycle is

creativity, but the actual invention of it is innovation.

Conclusion

#here is always a dispute between creativity and innovation as both are

important for an organization to last longer. #he existence of both can lead

to success. "fter a huge discussion, lets know about how can we be creative

by asking questions, drawing conclusions, experimenting / exploring

new ideas and widening the areas of thinking. 0or being innovative, a

person must have the ability to take risks, experimenting, asking questions

and observing things.

' how will you create environment conclusive to bring innovative ideas 1

%)m


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http://www.createlearnlive.com/blog/2014//1!/what"ma#es"$or"a"innovative"wor#"

environment"the"components"o$"the"wor#place

4 Explain the need of innovation in organization and function ?

%his century has been $ull o$ innovation. &ew technologies' new products' new services'

whole new industries have emerged. (et the call $or innovation in business has never

been more intense. )hy* +ere is my list o$ the top ten reasons $or why we needinnovation.

10. ,or economic growth%his is the most o$ten cited reason $or needing innovation. -nnovation is the route to

economic growth. -ndustries are maturing. roducts are maturing. -nnovation is the

creation and trans$ormation o$ new #nowledge into new products' processes' or servicesthat meet mar#et needs. s such' innovation creates new businesses and is the

$undamental source o$ growth in business and industry.

!. ,or the progression o$ human well"being%his may be the least cited reason $or needing innovation but perhaps the most important

result o$ achieving innovation. s given in number 10' innovation creates new

businesses. s such and at the same time' new businesses create new obs. ,or reasonsobvious' new obs create personal income and thereby provide the where"with"all $or

achieving the personal well"being o$ humans.

-nnovative new products are essential to the progress o$ any society. -magine i$ we hadnot progressed beyond stone"age tools and implements: we might go home tonight and do

a load o$ laundry by banging our soc#s with a big stone in the neighborhood stream. &ew

products respond to the wants and needs o$ the populace and stimulate higher standardso$ living. %he processes o$ developing new products provide employment and economic

well"being $or those directly associated with them and $or persons employed in

supporting industries. %hus' when innovation processes are properly managed the proper

management o$ innovation processes is the subect o$ another discourse' an e3panding

variety o$ new products stream $orth. %hese products respond to the changing needs o$ asociety whose wel$are is constantly increasing.

. ,or competitive advantage

Companies that use and act on their insights get a ump on the competition. %hey are the

competition. %hey leave behind those that are lulled by the security o$ strong' enduringeconomic per$ormance and the conventional corporate wisdom that stays the course.

5$ten' the leader loses. %he battle is swi$t6 it7s too late to respond. %his is not a theory. -t

http://www.createlearnlive.com/blog/2014/7/19/what-makes-for-a-innovative-work-environment-the-components-of-the-workplacehttp://www.createlearnlive.com/blog/2014/7/19/what-makes-for-a-innovative-work-environment-the-components-of-the-workplacehttp://www.createlearnlive.com/blog/2014/7/19/what-makes-for-a-innovative-work-environment-the-components-of-the-workplacehttp://www.createlearnlive.com/blog/2014/7/19/what-makes-for-a-innovative-work-environment-the-components-of-the-workplace


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is $act.

8 9ichelin captured the ; tire mar#et when it introduced radials.

8 Citiban# made its competitors loo# old"$ashioned when it introduced %9s.8 ;ony grabbed the recorded music mar#et with the introduction o$ the compact

disc.

8 %he ecause gas is $ound more o$ten and in greater abundance than oil

is. $ter the surprise and disappointment o$ continued gas $inds' oil companies realiAed

that opportunity might be presenting itsel$. )ith large amounts o$ a raw material


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considered to be the less desirable one' you can be sure that utiliAing the abundant raw

material in hand became the $ocus o$ many innovations in the oil industry.

%a#e G97s ost"-t notes. (ou #now this story. researcher was disappointed in thelaboratory with the poor stic#ing per$ormance o$ an adhesive he was wor#ing on. %he

poor stic#ing per$ormance became the basis o$ removable but staying"in"place pieces o$

paper. %he stic#ing per$ormance was the disappointing surprise that was turned into aninnovation $or those who would recogniAe it as such. -t is the subect o$ yet another

discourse as to the role that serendipity and recogniAed opportunity play in innovation.

short note

G. ,or a more constant $low o$ innovation

,or some companies' it7s $east or $amine. %hey $ind themselves either scooping up the

wealth o$ new ideas turned into new products or waiting $or one to arrive. 5r pouringmoney into e3isting operations with no visible new output. 5r cutting bac# so hard that

output is a tric#le. -nnovation and the deliberate systematic management thereo$ can even

out the surges and slumps by providing a continuous stream o$ ideas $or the innovation

pipeline.

2. ,or better returns-nnovations themselves not only brea# the mold i.e.' are truly novel' di$$erent' never

done be$ore' but also yield $ar better returns than ordinary business ventures. 5ne

merican study $ound that the overall rate o$ return $or some 1 success$ul innovationsmade in the 1!0s averaged DBHI Compare that with the 1BH average return on

investment $or all merican business over the past G0 years.

- might say - thin# even 1BH is high $or the average hurdle rate $or new proects. -n your

company' what is the hurdle rate what is the e3pected return $or proects to beconsidered* "hahI %hen' is your company really loo#ing $or innovation*

nd the number 1 reason why we need -&&5J%-5& . . .

1. ,or business survival

s lan 9. Kantrow' editor o$ +arvard >usiness Feview' once put it' E,or companies to

survive a discontinuity Kantrow is re$erring to ;"curve discontinuities or maor innovations that change the nature o$ the game: the subect o$ yet another discourse' they

must $ace the rather unpalatable reality that there may have to be $undamental changes in

who they are' what they do' and how they do it' as wrenching and dislocating as it may

be.E -n a real sense' they will have to undergo a metamorphosis. Kantrow does notdiscuss the alternative. -t is not a subect $or $urther discourse.

B innovation is not team wor# e3plain in $avor or against *

ns clic# on lin# http://www.entrepreneur.com/article/1!BD!

http://www.pressherald.com/2010/0!/2/innovation"depends"on"teamwor#L2010"0!"2/

http://www.entrepreneur.com/article/196598http://www.pressherald.com/2010/09/28/innovation-depends-on-teamwork_2010-09-28/http://www.entrepreneur.com/article/196598http://www.pressherald.com/2010/09/28/innovation-depends-on-teamwork_2010-09-28/


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=3plain the concept o$ smart city and create one using high level o$ innovation *

ns clic# on lin#

http://smartcities.gov.in/writereaddata/)hatH20isH20;martH20City.pd$

short notes "20 m

birth o$ le3us

$ord t modeldriverless car by tesla and google

internet o$ things iot

art $ries innovation o$ post it notes
http://smartcities.gov.in/writereaddata/What%20is%20Smart%20City.pdfhttp://smartcities.gov.in/writereaddata/What%20is%20Smart%20City.pdf

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