Creativity in a Business Context Essay Example | Topics and Well Written Essays - 2750 words

Creativity in a Business Context - bear witness ExampleSuch industries like the publishing, the entertainment industry are called the creative industries. However business also taps the creative abilities of individual employees in their elect line of business to stay ahead of competition. Harnessing and utilizing this is a much more challenging task.Accounts is one of the oldest functions of business, and has evolved over a period of 500 years and is base on historical costs and transactions reporting. According to the American Accounting Association (AAA), accounting can be defined asDifficult as it may be to combine creativity and business, it will be even more so associating accounts function with creativity. Accounting is about adhering and following strict guidelines and rules as per stringently laid accounting norms while representing the pecuniary transactions of the business. Creativity in accounting has got negative connotations, especially after the recent global financ ial crisis. There is a constant call to increase and tighten reporting norms. (E.g. the Sarbanes-Oxley Act, 2002). Accounting is about measurement and control, which could kill creativity.For the purpose of maintaining the correct perspective on the topic, a brief note on the link between innovation and creativity is necessary. Creativity is about generating new ideas, new perspectives, Innovation are the service of converting it into a product/service from which the firm will derive value. No business is interested in creativity for creativitys sake, but sees it as a nitty-gritty of generating innovations by which it moves forward in the competitive market. In any organization a good balance of focus on each would be necessary. overly much emphasis on creativity would mean lot of ideas, but little commercialization. Too much focus on commercialization would mean drying up of creative ideas, the basis of innovation. (Davila 2006, p 89). Issues, Problems and Challenges The recent crisis in the financial markets has largely to do with corporate governance and the role of accounts professionals in this. It has had a role to symbolise in misleading investors, share holders by presenting finance and