Six Advantages of Incorporating Design Thinking in Your Business | What is the importance of design thinking in business?
Many years ago, I worked for my parents who own a video…
Advantages of Incorporating Design Thinking
A global FMCG company
Increasing revenue with innovative products
Client background & brief
The client is a global FMCG company with a strong foot hold in the India market. The company is into four major categories with 10+ brands.
In two of the categories (hydration and energy) the client business was losing market share as there were innovative products launched by startups and were eating up their market share.
Client wanted us to help the category teams in envisioning 8 innovative products that can be launched into the market in 6 to 24 months timeframe and help them regain market.
How did we support
We suggested a Design Thinking sprint approach to get the outcome with agility and worked with the category teams on the following:
Outcome
Quantitative:
- Estimated revenue from the new product launches of INR 900+ crores
Quantitative:
- Driving agility in business as the team was able to deliver product prototypes in a few days that typically would have take 6-8 months
- Increased cross functional collaboration in product conceptualizing resulted in higher buy in and faster market launch