How does Design create value for Business Innovation?
There is a strong correlation between design-led innovation strategy and superior business performance. In a recent McKinsey Design Index, the sectors which gained the highest benefits were medical technology, consumer goods, and retail banking. Good design matters whether it is physical goods, digital products, services, or some combination of these.
We look at the Top 8 expectations leaders have from Digital Transformation based on IDG 2018 survey of 702 IT and business decision makers.
Collective intelligence or the shared knowledge that will emerge from human collaboration enhanced by technology, will generate new possibilities changing the business, social and civic landscape. In such a universe, human and machine intelligence will be combined to generate innovative solutions to complex, systemic issues from the environmental emergency to pandemic solutions. Cutting edge technology can be harnessed to connect a large number of people across multiple locations for scientific research, or collective decision-making in modern democracies.
Predictive economy will help businesses to design better products and services based on neuroscientific data. Business models will be innovated around these consumer trends leading us to a future of equal distribution, accessibility and zero-waste consumption.
In the hyper-globalized world, the current health crisis has highlighted gaps which need immediate attention. Supply chain has seen a complete disruption. The shopper who once travelled the world is confined in the limits of their cities. These impacts are leading brands to react and we see some trends redefining the industry. Digital Transformation has gained confidence with the pandemic. Fashion Week Calendars have been edited and we see the seasonless trend becoming mainstream. This pandemic may usher a new era era of slow luxury and circular economy - the changes which we had wanted but were unable to make.
89% of organizations have adopted or have plans to adopt a digital-first strategy however only 44% have fully adopted this approach.
Digital transformation has been around, but still, many organisations face challenges on the execution. Technology is evolving at a rapid pace and it is certainly not easy to implement a change of this scale. Today, it is evident that the companies who have been early adopters are reaping tangible financial benefits. Investments in digital are rising - at more than three times the rate of IT spending overall. The key to successful transformation is to digitally enable the business model which is built keeping the customer at the core.