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LEARNING RESOURCE

reativity has become a buzz
word in business and in
finance. To be able to cope MBAexpress: Creativity & Innovation — V 2.0
with the fluidity and This course demonstrates proven methods to unlock creativity
Cdynamism of our work and and innovative thinking. Learn new ways to break through mental
lives, finance professionals need to be barriers and same-as-last-year (SALY) thinking.
creative.
But what does creativity mean? Find this course in the AICPA Store and in the CGMA Store.
Ultimately, it is about developing, testing, COURSE
and refining new ideas and then
transforming them into solutions that
enrich businesses and people, both
economically and socially.
Organisations know that employee Some of this is not unusual for finance neither the analytical finance professional
creativity thrives on freedom and flexibility. people, who habitually analyse and nor the creative professional is left in a silo.
But drawing on creativity also requires synthesise information. What may be less
coordination. Linking ideas, resources, and typical is the element of boldness — Let them play with it and fail fast
teams to transfer knowledge and scale up challenging the status quo with the aim to Creative people are visionary. Their
solutions does not happen naturally. It improve. And since creativity is about motivation comes from inside, and they
requires planning and infrastructure that disrupting existing patterns of work when feel rewarded by making a difference. For
nurture creativity and innovation. those no longer serve, CFOs must put them, the creative process is enjoyable and
Finance can play a critical role in employees at ease to do so. often feels like play, not work. The CFO
fostering creativity. The finance team has needs to facilitate this flexible mode of
visibility over the entire organisation and Foster collaboration work, which includes experimenting for
affects both strategy and operations. Thus, Creativity loves diversity and teamwork. pleasure and puts people at ease to create.
it is well positioned to link information So, the CFO needs to be deliberate about However, the CFO’s position here is
with questions, and ideas with problems. fostering collaboration. This is because, delicate. The challenge is to cultivate
By underpinning all initiatives and contrary to what some may believe, idea creativity and, at the same time, set
processes, it can provide connections generation is not the bottleneck of organisational and cultural mechanisms
between creative endeavours and innovations. Naturally, we come up with a that incentivise creative people to leave
innovations in organisations. Finance lot of good ideas. But putting them into their comfort zones, engage in iterations,
professionals should develop and improve practice is crucial — often this is the and learn by failing fast. Both
their own creativity as well. This can help hurdle that many companies struggle to experimentation and failure are key. By
them add value in a volatile, uncertain, overcome. Co-authors Michael Morris, trying, failing, learning, and then trying
complex, and ambiguous world. Donald Kuratko, and Jeffrey Covin again, creative people achieve optimal
CFOs can develop creativity in their highlight the difference between results.
teams with these four tips: “dreamers” and “doers” in their book on
intrapreneurship. The CFO needs to attract Creativity as a way to adapt
Create a safe environment enough dreamers and doers and motivate Some people say that creativity is
To support creativity, the CFO needs to them to work collaboratively to intelligence having fun. Others believe that
create a safe environment that challenges operationalise creative endeavours. imagination rules the world. For finance
the team intellectually and enables professionals, creativity is a way to adapt
dialogue and openness. They can build Mediate as the pace of change accelerates and their
that safe environment through active Creative people value freedom, flexibility, responsibilities broaden. Thus, they can
listening, giving and receiving challenge, and responsibility. Therefore, it add value and fulfil the evolving role of
constructive feedback, and encouraging is important to give them freedom, let trusted business partner. n
diversity of thought. All this helps better them choose how to contribute, and
understand the status quo and generate encourage them along the way. They Irena Teneva is associate technical
ideas to improve it. should not feel limited by organisational director–Research & Development at
Creativity is not magic. It is analytical procedures. In fact, often they do not AICPA & CIMA, together as the
work. In their book, The Runaway Species: understand the purpose of those Association of International Certified
How Human Creativity Remakes the World, procedures. This, of course, poses a Professional Accountants. She leads a
neuroscientist David Eagleman and challenge to conventional risk research project on how management
composer Anthony Brandt say that management procedures within a accountants can enhance their
creativity is about breaking down business. The CFO is in a position to creativity. To comment on this article
information, thinking critically about it, mediate — communicating the rationale, or to suggest an idea for another
and then bending it to achieve a new while also considering how to amend article, contact Oliver Rowe at
iteration or blending it with other data to procedures to facilitate creativity. Through Oliver.Rowe@aicpa-cima.com.
discover a surprising variation. effective mediation (ie, bridge building),

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