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Advantages Of Including Design And Innovation In Businesses
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"Design and innovation are often considered to be synonymous. Design means an idea while innovation is translating it into a product or service. For example, for a refrigerator, one needs to design the various parts as per the budget of the brand. How does innovation play a role here? A fridge can be made to look attractive by adding french doors, internal water dispensers, fresh food storage drawers, grab-n-go doors, tilt and take drawers, and lots more.
Design and innovation play a crucial role in businesses to attract the audience. Some other ways through which companies can benefit:
Counterattacking Black Swan events: Black Swan are events that crop unknowingly. . A few years ago, a chocolate brand was found in soup after worms tarnished the image of the brand. The brand made use of metallic poly-flow packaging to revamp the image. Design innovation helps in counterattacking black swan theory efficiently.
Financial gain for entrepreneurs: Innovation in entrepreneurship means coming up with different ways to produce a product. With the increase in competition, designers are expected to create new service. Innovators do so by making use of raw materials and by-products. With entrepreneurs expected to keep abreast with the current trends, innovative thinking becomes even more crucial without sacrificing the quality.
Adapting to digitalisation: Design and innovation in technology not only keeps customers happy through online responses but also by developing a consumer-friendly interface. For example, MP3 players replaced Walkman and CDs. iPods were then replaced by mobile music applications. Mastering design management and innovation help business become consumer friendly in no time.
Workplace dynamics and changing trends: Millennials are resigning from jobs in a jiffy and moving to more reputed organisations. Freelancing and contracts are becoming a way of life. These individuals find solace in co-working spaces that provide you rejuvenating opportunities like games or yoga. Businesses need to design and implement innovative strategies to halt the rate of resignations. By teaching more creative activities, the company is not just enhancing staff management but also retains their best talents.
Some other advantages of design and innovation:
- Improve environmental record and compliance with regulations
- Reduces customer complaints
- Boosts customer loyalty
- Reduces time to market new products and services, in case the business is already established
- More competition, more innovation and high-profit margin
- New partnerships occasions for freelancers and work from home individuals
Researchers have found, 80 percent of CEOs believe design and innovation ignite efficiency. Almost 70 percent of CEOs are also investing in it to reduce costs. Indian School of Design & Innovation in Mumbai offers design+innovation postgraduate course.
Author Bio:-Ritwik Kapoor is a lecturer in one of the top designing school in India. Through this write-up, he informs the readers about everything they need to know about the benefits of design and innovation in businesses. Being a lecturer, he is also a passionate blogger who keeps individuals updated on new designing courses. His other passion includes travelling and reading.
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