Unraveling the Threads of Design Thinking, Innovation, and Business Growth: A Holistic Review and Analysis

Abstract

In the dynamic landscape of business, commonly used terms such as "Design Thinking," "Innovation," and "Research and Development" are often disregarded as mere trendy jargon. Nevertheless, many case studies have demonstrated that implementing these concepts can bring new life into struggling companies and ensure their triumph. In a fiercely competitive market fueled by customer satisfaction and innovation, enterprises must infuse captivating and emotive elements into their products and services, profoundly impacting customers' lives. Integrating Design Thinking-led Innovation is indispensable for enterprises aiming to stay relevant and gain a competitive edge. Unfortunately, numerous organizations lack the necessary integration and collaboration across various functions, impeding the promotion of innovative ideas. Through an extensive literature review, the paper explores the history, principles, frameworks, and tools of Design Thinking while analyzing the measurement metrics used to assess its impact on innovation initiatives. Moreover, by extensively reviewing 111 leading publications, journals, and authoritative sources, we investigate the interconnected realms of Design Thinking, Innovation, and Business Growth.