Engaging in innovation correctly acts as a catalyst for business growth.
The value of great design is seen in the goods, services, and environments we experience in our everyday lives – from the phones we use to the park we walk through. It’s the difference between a successful and failed product or service.
We look at the key benefits excellent design has on businesses:
1. Delivering valuable outcomes
When new ideas are designed in a desirable and reliable way for the consumer, they increase in value. Customers prioritise the customer experience, with 45% willing to pay a higher price to ensure good customer service.* It’s not just about the price-tag, users want exceptional service and trust in the brand.
Great design gives businesses a greater competitive advantage, whilst finding novel ways to reduce costs without compromising the end result.
2. Reducing innovation risk
Involving people earlier on in the design process through user-research and testing helps businesses make critical discoveries about their customer and validate ideas sooner. Implementing an innovation management system ensures the right processes are in place, so a service or product won’t fall at the first hurdle.
This naturally results in time and money being saved, which can be invested in other projects or used in other areas of the business. A win win.
Tenshi specialise in innovation management and training. If you’re interested in finding out more, have a read about our work here.
3. Accelerating scale-up
A human-centred, design-led approach is a great way to transform businesses by revealing new opportunities and business models. Start-ups can benefit from securing investment more easily, generating revenue sooner and scaling-up faster.
Tenshi have worked with businesses on implementing a user-centric approach, to accelerate their scale-up. We have equipped teams with the right methodology and tools to develop their strategies and stay ahead of the competition. Take a read of our project with Baxi, where we explored innovative ways of ‘Delivering Warmth’ to UK homes.
4. Improving business performance.
The bottom line is – businesses perform better when design is an integral part of their strategy. Design grows creative confidence within teams, encourages collaboration and builds a less risk averse culture, by focusing on making things better for people. This team moral communicates a stronger brand, with a clear purpose of delivering excellent customer experiences – encouraging loyalty and retention.
Long-term studies by McKinsey4 and the Design Management Institute (DMI)5 have compared the performance of businesses with strong design capability against that of their peers. In both cases, the businesses that exhibited the best understanding and most effective use of design were found to outperform their peers by around 200% in terms of revenue and shareholder returns.
It’s clear that great design affects all areas of a business, not just the aesthetics of an end product. Tenshi can work with you to better articulate your innovation challenges and turn them into success. Get in touch with us if you’d like to discuss your business goals further.