There’s a Faster Way to do That℠ – with Design
- June 1, 2020
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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℠.