Design Thinking for Business Innovation
Do you feel like you’ve hit a wall when it comes to accelerating your business growth? Are you struggling to come up with newer and better ways to increase your revenue? If your answer is a resounding YES to these questions, design thinking might be the panacea for your problems. A study done by McKinsey found that organisations that regularly followed design thinking practices see a third higher revenues and 56 percent higher returns than those that don’t. It is not surprising that design thinking has been adopted by many of the most successful businesses in the world with the likes of IBM and Google. In this article, you will learn more about what design thinking is, why it works and how you can incorporate it into the day-to-day practices of your business.
💡What is Design Thinking?
You’ve probably heard this buzzword being mentioned frequently in conversations, seen it plastered everywhere, but what exactly is design thinking? According to global design and innovation company IDEO, design thinking is a human-centered approach to problem solving or innovation—anchored in understanding customer’s needs, rapid prototyping and generating creative ideas—that will transform the way you develop products, services, processes and organisations.
Though often taught as a step-by-step approach, design thinking is not at all a linear process. It is an iterative approach which involves alternating among the different phases to derive new and better solutions that we might not have thought of before. Empathy is the first step in design thinking. We have heard from the ground up that in recent years, many of our customers have found that driving sales performance hasn’t been easy and when Covid-19 hit, it became real that they have not transformed fast enough. Using our design thinking driven 3DM (Discover, Design, Deploy & Measure) Consulting Framework, we have helped many of our clients to reimagine and transform their business models.
💡Why Does Design Thinking Work?
Design thinking comes in handy when dealing with problems that are ambiguous, challenging to define or unknown. Consumers oftentimes don’t explicitly tell you their needs, wants and behaviours because they aren’t aware of their actions, prefer not to give negative feedback or are unable to verbalise their thoughts, and when the topic at hand is viewed as sensitive. Therefore, design thinking would enable you to discover the existing and potential problems that your consumers are facing by observing real consumer behaviour,