Good Design? There is no denying that a well-constructed design is a key driver when it is about business success. If a company wants to stand out from its competitors, it needs to embrace a co
There is no denying that a well-constructed design is a key driver when it is about business success. If a company wants to stand out from its competitors, it needs to embrace a concept of good design holistically instead of considering it just a tool to make its services look pretty.
The giant consultancy firm, McKinsey tries to prove the significance of good design with its report. The report highlighted extensive research that leaders could undertake anywhere to explore the design actions of an enterprise to unlock its business value. For research, the management consultants trailed the design practices of more than 250 companies, interviewed design leaders and senior business owners.
The financial data and recorded 100,000 design actions uncovered twelve actions that show a significant correlation with better financial performances. That means a good design scaffolds good business. From online shopping to dating apps, customers choose services and products based on design.
The Business Value of Good Design
Companies and businesses that work with a strong design beat their rivals by 219 percent on the stock market index. In fact, the design of a company is one of the most important factors people consider to determine business credibility. That is to say, a good design does not only tie a company to success but also to trust.
Moreover, companies with good design outperform their industry-benchmark growth by increasing not only revenues but also total returns to the shareholders. They achieve this significantly faster as compared to their counterparts. Whether it is retail banking, medical technology, or consumer goods, a good design in any industry pays off.
Put simply, a customer-centric design is a key to excel at delightful user experience and financial growth.
Companies with the best financial track record always understand the importance of good design. The C-suit and top management of these companies view and assess design by using the same rigor they use to track revenues. Moreover, the leaders of the company ensure to maintain a level of understanding for their customers.
It is another critical design practice that all top-quartile companies acknowledge to ensure the incorporation of user-centric design. They pigeonhole functional silos and then integrate designers who are skilled and work across a variety of functions to create a tangible impact.
These companies only work with designers who have the right capabilities, tools, and infrastructure. It is because making a user-centric design requires communication apps, data analytics, design software that can drive productivity.
The companies need to embrace a full user experience to merge the boundaries between services and products into an integrated experience.
Overall, a good design undeniably can offer excellent business value to the companies. With up to date design practices, achieving design excellence is possible for every business, no matter if it is service, product, or digitally oriented.