Too many professional services firms are making a critical mistake. When uncertainty hits, they double down on data analysis – gravitating towards what feels concrete and measurable.
I get it. But here’s the problem: data only tells us where we’ve been, not where we could go, writes Don Hoyt Gorman, a Strategy Director at The Frameworks.
A disconnect
Recent research revealed something that should worry every business leader. While 80% of CEOs feel confident in their ability to navigate the next 12 months, only 35% have escalation crisis communication plans in place, and just 43% have dedicated plans to manage specific threats.
Firms that rely solely on data are stuck optimising what exists instead of imagining what could be. They’re reactive rather than revolutionary. And here’s what strikes me: when 75% of CEOs admit they’re not investing in marketing and communications to support growth, they’re essentially sleepwalking through opportunities to stand out.
The advantage of imagination
Original research into the business value of imagination from The Frameworks revealed a striking pattern among high-performing businesses: they’ve mastered the art of combining data insights with human creativity.
Companies that consistently involve cross-functional teams in strategic ideation significantly outperform their peers. A remarkable 87% of firms that include diverse perspectives when developing strategy experienced revenue growth over the past year, with 45% reporting considerable growth.
The contrast is stark.
68% of those who only sometimes or never leverage cross-functional collaboration saw their revenue shrink during the same period.
This matters in professional services. Your clients aren’t just buying your expertise; they’re buying your ability to envision solutions they haven’t considered. They need partners who can imagine new possibilities, not just analyse existing problems.
Putting imagination into action
Forward-thinking firms are already demonstrating what’s possible when human ingenuity takes centre stage, but they remain a minority. While 83% of leaders feel confident about increased regulatory scrutiny, the reality is that imagination-led firms are the ones truly thriving.
They recognise that today’s biggest challenges require solutions that don’t yet exist in datasets. And they understand that the advantage goes to those who can imagine beyond current paradigms.
They accept that imagination isn’t a luxury reserved for creative agencies. It’s a competitive necessity that enables them to anticipate client needs before they’re articulated, develop proprietary methodologies that differentiate them, and swiftly adapt to market disruptions.
A magic combination
The data is clear – when 92% of the least imaginative businesses recorded shrinking income, our greatest competitive advantage remains distinctly human.
In my view, the firms that will thrive are those bold enough to combine rigorous analysis with creative vision. The question isn’t whether you can afford to invest in imagination – it’s whether you can afford not to.
Don offers his clients creative thinking and execution support for their asset, campaign and brand-level projects. As part of The Frameworks’ strategy team he researches, analyses and writes about business and ideas as varied as supply-chain and artificial intelligence — sometimes at the same time.