So McKinsey did a study published in October, 2018 on the subject of the value of design.? They defined the McKinsey Design Index to track the performance of the top quartile MDI performers.? The findings are compelling:
- We found a strong correlation between high MDI scores and superior business performance. Top-quartile MDI scorers increased their revenues and total returns to shareholders (TRS) substantially faster than their industry counterparts did over a five-year period?32 percentage points higher revenue growth and 56 percentage points higher TRS growth for the period as a whole.
- The results held true in all three of the industries we looked at: medical technology, consumer goods, and retail banking. This suggests that good design matters whether your company focuses on physical goods, digital products, services, or some combination of these.
- TRS and revenue differences between the fourth, third, and second quartiles were marginal. In other words, the market disproportionately rewarded companies that truly stood out from the crowd (Exhibit 2).
Clearly there's a real benefit to adopting design into your business model.? But if you're a billion dollar business, that's a big lift.? If you have a business outcome to get the fastest way possible, you can't sit around waiting for the culture change of a design-led business to arrive.
Culture change is a long hard process.
But there is a faster way.? Maybe you just want to get your project off the ground faster, or to get to your business outcome faster.? And maybe you're not sure which piece of the puzzle to solve for first, and what the best way to solve it is.
I have good news for you. At BP3, we can help you leverage design insights as a faster way to choose the right problem to solve.? Then we design the right solution, and build it the right way. We even recorded 4 short videos to help tell the story of how we can leverage a Design Sprint to get to the right answers faster, as a primer on the subject.? And if you know BP3, you know we are all about finding a faster way to do that?.
Andy Bassiri: Question for you. How do you know your organization is about to build the right thing? Do you know? I don't know. Ben, do you know? No, but somebody does. So let's find out together.
Andy Bassiri: Okay. So tell me if this sounds familiar. You have a large high risk project coming your way and you have a bunch of stakeholders who can't seem to agree on common business goals. How do you make sure the thing you're building is going to provide value for your customers and for your business? Building expensive.
Andy Bassiri: Okay, so here's the thing. Starting a large impact digital operations project is risky. Really what I'd like, is to get some real data before I write a single line of code.Director: That's dope. We got that. Enter the design sprint.
Andy Bassiri: Okay, all right. Enter the design sprint. Enter the design sprint.
Andy Bassiri: Design sprints are perfect opportunity to align stake holders, create buy-in, and test your big ideas before committing huge amounts of dollars. So this is how a design sprint works. Five days onsite with you and BP3. On Monday, we're going to get together with your team and bring in experts who know about your problem and start to figure out what is our problem space and where exactly we're going to target.
Andy Bassiri: So Tuesday is where the fun begins. That's when we start to sketch out some of our big ideas. And don't worry, you don't need to be an artist, but you just need to bring some good ideas to the table. We're going to take everything we learned from Monday. What are our problems? What are our goals? What do we really want to answer with our prototype, with our solution? And we're going to start coming up with a pool of ideas that allow us to test that.
Andy Bassiri: Wednesday is less fun. It really is less fun. Wednesday is the day of decisioning. That's when you and your team are going to come together and figure out which solution is going to give us our best bet of answering our big questions.
Andy Bassiri: Thursday's your day off. Lucky you. And that's when BP3 gets hard at work making a prototype that we can then test on Friday. That's right. Yeah. So yes.Director: So yes.
Andy Bassiri: Yes. Yes. At BP3 we create the prototype. Other companies might come in and do a design sprint and request that you bring your own designer to design the prototype or bring in your own people to test the prototype. We're experts in creating prototypes and testing. So we're going to bring our folks and we're going to test our prototype with actual users, which is pretty cool if you ask me.
Andy Bassiri: And that's a design sprint.
Andy Bassiri: Wooh!
Andy Bassiri: But there's so much more to know about design sprints, and we're going to cover that in the next couple of videos. So we're going to answer questions like, how do I get people aligned around a single idea? Or how do I overcome organizational politics? How do I find out if the thing I'm building is actually the thing I need to build? How do I actually innovate my business? Because I don't know how. And everybody's favorite, does my idea suck?
Andy Bassiri: So be sure to click subscribe so you can find out when there's a new video or anything else cool from BP3.
Andy Bassiri: The design sprint. Was that okay? I felt like I was wearing discomfort on my face.Director: Let's do it one more time.
Andy Bassiri: Okay.
Director: Bring it down a little bit.
Andy Bassiri: Okay. All right. Hi.