While many companies focus on finance, strategy, and talent during times of crisis, there’s another key area that shouldn’t be overlooked: design. Companies that embraced the business value of design from 2013 to 2018 had TSR that were 56 percentage points higher than that of their peers, write senior partner Michael Birshan and partner Benedict Sheppard. As current challenges drive executives to reduce spending and halt new projects in fear of long-term struggles, just the opposite approach may be needed. Companies that adopt design as part of business practices can be more resilient than others—continuing to innovate, analyze, and strategize to solve complex problems during trying times. For more on why design matters, check out these insights on the benefits of integrating meaningful design strategies, including:
- embedding design into company culture and integrating designers into cross-functional teams
- investing in innovation, talent, and tools for improved outcomes
- using “skinny design” to create streamlined products that are environmentally, financially, and aesthetically sustainable
- employing an integrated approach that prioritizes customer experience and user-centered design
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