How Design Thinking Can Boost your Business 

How Design Thinking Can Boost your Business 

17 May 2022 | Team Wavelabs

Shifting focus from a business-centric engineering solution to a customer-centric solution

From acceleration of digital transformation to supply chain shifts and changes in consumers’ shopping behavior, the entire business landscape is shifting. Companies are struggling to find new ways to grow organically and set themselves apart. However, these changes also present businesses with an opportunity to stay ahead of the curve by developing new solutions. This can be done through Design Thinking, a process which drives experimentation and enables businesses to identify innovative ways of solving problems.

What is Design Thinking?

It is a problem-solving approach which aims to solve complex, ill-defined problems in a user-centric way. It is an iterative and non-linear methodology which involves several stages such as empathizing with your users, clearly defining problems, ideating, prototyping, and testing. 

Design thinking ensures business success by helping them rethink, ideate, experiment, and create products and services that fulfill their consumer needs.

Biggest challenges for organic growth and how Design Thinking helps businesses overcome them:

Lack of long-term thinking:
Long-term thinking is a fundamental part of creating organic growth. By applying tried-and-true strategies, Design Thinking helps organizations become more future-focused and achieve long-term results.

Lack of user understanding:
Design Thinking helps businesses understand their consumers and their needs, ultimately helping them solve the right problems in a highly user-centric way.

Low risk tolerance:
Since it is focused on small-scale experimentation, it helps mitigate risk and enables organizations to learn what works at scale.

Lack of adaptability:
It pushes organizations to start being more agile and flexible by inspiring new ideas and encouraging experimentation.

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Businesses that embrace design thinking generate 32% more revenue, and 56% more shareholder returns, on average. McKinsey 

Why should businesses invest in Design Thinking?

Design Thinking approach can help businesses achieve their many different goals – from increasing sales, reducing costs, to improving customer experience, and establishing market relevance. At the same time, it also provides immense benefits to organizations internally by constantly stimulating new ideas, perspectives, and insights.  

We built a fast, flexible, and scalable platform solution for a client that provides a service suite that encompasses a revolutionary end-to-end digital media management and distribution solution for global OTT video providers.

The client needed to tackle the challenges faced by global video service providers due to the growing demand from consumers for more control and freedom over the content they watch.

They needed to redesign their platform solutions to make them intuitive and nimble.

We identified areas that required UX redesign, and along with building agile and innovative backend solutions, we turned this into an opportunity for our client to increase market share and drive business growth. We built a modern, high-quality, cloud business management solution that would delight the client and the end-users alike. The new platform offers a comprehensive end-to-end, carrier-grade solution that helps video service providers generate more revenue and run their back-office more efficiently.

Conclusion

At Wavelabs, end users are at the heart of everything we build, and we bring the same philosophy to our clients. We approach complex issues in real-world scenarios with a user-centric perspective to create new market opportunities.

We use Design Thinking as a human-centered approach to discover the right problems to solve, engineer the proper way to solve them, and utilize the latest technologies to bring those solutions to life.