Page 19 - Banking Finance January 2025

ARTICLE

Empowering

Innovation with

Design Thinking

Meenakshi Jain
Assistant General Manager(S) & Faculty
State Bank Institute of Innovation &
Technology
Banjara Hills, Hyderabad

The primary challenge for companies lies in sustaining innovation to preserve or improve their
position within their individual markets. Innovation cannot be treated as a single instance initiative.
It must become ingrained in the company’s culture.

T he famous inventor and engineer Charles Kettering Design thinking originated to show engineers how to solve
problems using the same creativity as designers. In 1959, in
once observed, "If you have always approached it
his book Creative Engineering, Arnold, a mechanical
the same way, chances are it is not the right way."
engineering professor at Stanford University, discussed the
The primary challenge for companies lies in sustaining four fundamental aspects of design thinking that serve as a
innovation to preserve or improve their position within their framework for fostering creativity and innovation in design
individual markets. Innovation cannot be treated as a single and problem-solving. These areas are:
instance initiative. It must become ingrained in the
company’s culture. But achieving innovation is not always Novel Functionality:
straightforward. This is when design thinking becomes Focusing on introducing new functions or features that did
extremely helpful. not previously exist. This involves creating innovative
solutions that meet emerging needs or redefine how a
In the fast-changing business environment, organizations product or service is used.
are continually striving to remain ahead, anticipate
customer expectations, and create innovative solutions that Improved Performance:
genuinely connect with their target audience. The Enhancing the effectiveness or efficiency of an existing
integration of design thinking, a powerful approach, solution. This could include optimizing processes, increasing
revolutionized the approaches of organizations towards durability, reducing costs, or improving usability.
problem solving and developing new products. Design
thinking focuses on the human experience, allowing Increased Reliability:
organizations to create solutions that are practical, Ensuring that solutions are dependable and consistent. This
impactful, engaging, and truly enjoyable. emphasizes designing systems or products that perform

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