The world economy looks bad and the industrial sector is taking a hard hit. Productivity, revenues, and workforce morale are experiencing the damage head-on. Can Design Thinking Approach be of any help in this scenario?
Market Economy and Design Thinking
We’re moving towards the flattening of the curve against one of the cruelest pandemics the world has ever faced. However, the economic catastrophe that follows in its wake has already triggered panic. It was proactive on the government’s part to instigate an early lockdown to prevent the disease outbreak in India. Though, it is the rollback that deserves more focus and care now. The fears of the corporate sector need to be dealt with a strong economic policy.
Having said that, there are certain measures that the corporate sector itself can take to deal with the economic slowdown. As of now, the prime concerns of the organizations seem to be:
- Concrete measures to resume productivity on track in minimal time
- Adapting measures to build long performing low maintenance products
- Keep the delivery teams motivated during the troubled times
- Service Upgradation for badly hit businesses to reach a larger number of customers
This is where Design Thinking comes into the picture. The approach is very apt for the current situation because of the very nature of the problem the organizations are facing:
- The solution is unclear and the problem needs better comprehension
- Whatever solution(s) that the organizations come up with, it needs to be customized at various points because of the complexity of the problem
- It is a human-centric problem
Therefore, the design thinking process is the only sensible problem-solving method that can be employed in this regard. So, it will be helpful to take a look at what features of this approach can be employed to revive the world economy
Design Thinking, Problem Solving
With empathy and inspiration at its heart, the Design Thinking Process can help the industry configure solutions that will be effective for the long term fight that lies ahead. We will talk about the checkpoints that this journey towards economic revival will have to reach eventually.
- Empathetic Resource Optimization: It is imperative that the organizations will have to optimize the utilization of their resources while also avoiding workforce pruning. This is something the DT process will help with. The human-centric approach can help the companies reengineer their delivery processes, reconfigure their workforce, and reassess their policies to come to an economically, productively, and emotionally optimized solution. DT will also help the enterprises to prioritize their resources and decide over the cost they’ll have to pay to go ahead with them.
- Ideating Refreshed Business Models: One unique factor that plays in favour of humanity during this pandemic is our technological growth. We were never more digitally equipped for any other pandemic. It is only fair for the companies to refresh their business models to fight this fight. DT can help them understand the deviation in the current business model that does not align with the customer needs. The business can then be remodeled and improved to be more prepared for the demands ahead.
- Motivational Prototype: Nothing motivates the workforce more than a leader committed to their growth. DT will help the administrations and management to identify the points of pain and fear amongst the employees. A solution prototype will be required for internal problem solving as well. Resource upskilling, work schedule reconfiguration and regular assurance from the leadership are expected in the business of all solutions and sizes.
The Design Thinking Approach is necessary for the revival of the market economy. Experts predict that the DT market might see substantial growth in the coming times. Humanity is facing an unprecedented real-world challenge. Nothing but empathy and inspiration can help us emerge victorious and stronger than ever before.