Innovation hinges on the capacity to solve problems effectively.
In a conversation with McKinsey's Raju Narisetti and Sheena Iyengar, Professor at Columbia Business School, Iyengar discusses her book "Think Bigger: How to Innovate." The book addresses problem-solving and how decision-making impacts innovation.
Iyengar presents six steps designed to tackle any problem:1. Identifying the right problem2. Breaking down the issue into subcomponents3. Understanding the purpose of the solution4. Searching for ideas both within and outside the box5. Making informed choices through choice mapping6. Testing solutions through a third person's perspective
Identifying the Right Problem
To arrive at a lasting solution, the underlying root problem must be recognized and clearly articulated. This process necessitates time spent understanding the root cause of the problem, rather than settling for a superficial solution.
Breaking Down the Problem
After identifying the problem statement, it is broken down into smaller manageable subcomponents, allowing each to be addressed and integrated in a manner that offers an effective solution for the main issue.
Understanding the Purpose of the Solution
Before rushing into finding a solution, it is essential to consider its impact, as well as the overall scope and effectiveness of the solution being proposed.
Searching for Ideas
Having defined the problem and its causes, the search for solutions should be conducted both in and outside the box to find innovative approaches and strategies.
Making Informed Choices
Choice mapping simplifies the decision-making process by gathering all relevant information regarding the potential solutions. This approach improves decision-making effectiveness by taking into account all possibilities and offering greater clarity.
Testing Solutions
After defining the solution, it is beneficial to present it to an outsider for feedback, in order to understand alternate perspectives and further refine the solution.
Using these six distinct steps, individuals can develop innovative solutions to a wide range of challenges.
Innovation: The Cornerstone of Problem-SolvingWhile the techniques presented in Sheena Iyengar's book "Think Bigger" are not explicitly compared to traditional brainstorming methods, they emphasize the importance of problem-solving and decision-making in fostering innovation.
Modern approaches to brainstorming and creativity may evolve significantly, as advances in neuro- and cognitive sciences continue to expand our understanding of human thinking processes.
In the realm of business and finance, these innovative steps for problem-solving actively leverage technology to generate novel solutions.
By examining the purpose of a proposed solution in terms of its impact and effectiveness, tech-driven tools can help evaluate potential outcomes, furthering the race towards productive innovation.
