Such thinking would take into account the purpose of the thing is also useful. What remains most important is breaking out of from preconceived notions. Looking at a pencil as just a writing instrument represents banal thinking. By the thoughtful use of your imagination, a pencil becomes a murder weapon, a hairpin, a hole punch, a stake, and much more. If you find yourself devoid of ideas about an object, get a book on the subject written by an expert.
Observation is the imagination's servant.
It can carry you far into uncharted territory. Careful observing, though, requires hard work and practice. Learning to observe will not make you a Sherlock Holmes. It will tap your creative powers though, perhaps, making you a rival of The Master.