Design is a key driver of business success and is "the only way that companies can stand out from the crowd", according to a report by management consultancy McKinsey & Company.
The report, the first the giant consultancy has conducted into the value of design, says that the discipline can help firms that embrace it holistically rather than seeing it as a tool to make products look pretty.
"While design was once largely thought of as a way of making products more attractive, it is now a way of thinking: a creative process driven by the desire to better understand and meet consumer needs" said McKinsey.
"Findings from the survey suggest that for a business to benefit, it is necessary for top management to accept design and embrace it early in the process." 300 companies surveyed
Launched today the report, titled The Business Value of Design, is based on studies of 300 listed companies around the world, including 30 face-to-face interviews and analysis over over two million financial data points.
The launch, held in New York, was streamed live by Dezeen and can be watched here.
McKinsey claims the report contains "the most extensive and rigorous research undertaken anywhere" to map the business impact of design. It concludes that firms that embrace design generated 32 per cent more revenue and 56 per cent more shareholder returns than rivals over a five-year period.
Launched today, McKinsey's report says design can best help firms ...