Would we have evolved, or even survived, as a race? Even if we’d scraped through without an innate capacity to visualise the future or create something useful from nothing, we may not have invented the wheel, gone into space or written The Last of Us.

I wouldn’t want to live there. Would you?

This thought exercise led me to wonder: if imagination is the essence of human progress, what does this mean for business? Some organisations are hotbeds of creative thinking, while some value cold, hard data above all else. Which of these groups is thriving, and which risks extinction?

The data dilemma

You can see why people gravitate towards data when they’re thinking about where to take their business next. It’s an invaluable source of nuanced insight, especially when it’s yoked to modern analytics and AI.

But data tells us about the past; we can only use it to extrapolate. Even at its most impressive, that’s all generative AI is doing: mining historical patterns to make smart predictions about what might work in the future.

Imagination, on the other hand, can take leaps into the unknown and conceive of new, potentially life-changing ideas. Truly, it’s a superpower that we ignore at our peril.

Too many companies are placing all their bets on data and technology to springboard them into the future, neglecting the human element that will help them dream up new ways to succeed.

At The Frameworks, we work with clients across industries who vary in their willingness or, often, capacity to prioritise imagination. We had a hunch that, if organisations can’t muster an answer to the question, “what if”, they risk a future without growth. And because we like a challenge, we decided to put our theory to the test.

The imagination gap

We partnered with Censuswide to survey 500 senior B2B decision-makers across the UK and US, representing companies with more than 500 employees. We wanted to understand whether their businesses prioritise and promote collaboration, diversity of ideas, and an experimental and creative culture. We also dug into the barriers that prevent imagination from flourishing.

The results of our research backed up our theory – and then some. It’s clear that imagination in businesses of all types – not just those we might class as “creative” – can spark future growth and unearth better business practices. They also reveal a resistance to change in organisations where imagination is not front of mind.

Companies that invest in imaginative processes can better adapt to wildly unpredictable market forces and outperform their peers. Bold business leaders are willing to take risks and trust their people. They emphasise exploring emerging scenarios and situations that are yet to arise. Their teams feel safe when sharing ideas, and they commit time and resources to creativity.

The results speak for themselves. Of the survey respondents who work in “imaginative” businesses, 84% feel ready to seize new opportunities; 76% say their organisation is very resilient; and 63% perform much better than their rivals. Meanwhile, 58% of “highly imaginative” businesses enjoy considerable revenue growth.

On the flipside, when imagination is an afterthought or lower priority, outcomes suffer. A staggering 92% of businesses with the lowest imagination scores recorded shrinking income during the past year. Further, 92% lack resilience, 83% lack confidence in their ability to seize new opportunities and 68% underperform.

Fire up imagination

We know many business leaders would love to nurture imagination in their teams, but don’t have the time, tools or incentives. Lucky for them, we’re here to help.

Our report, The business of imagination, outlines four ways businesses can unlock creative thinking and unleash innovation. From small steps to big culture shifts, it’s all there – and here’s a taster.

1. Collaboration is crucial

Some of history’s most famous inventors flew solo. But in business, imagining works best as a collective. After all, 87% of companies that wrap cross-functional teams into their creative processes say revenue grew during the past 12 months.

2. Learn from failure

Imagination is about devising possible solutions to problems that don’t yet exist. Spoiler alert: you might get it wrong. Accepting the risk of failure is key to finding ways to change for the better. Our study found that 83% of companies that invest time and effort into scenario planning report revenue growth.

3. Welcome ideas from anywhere

Inspiration can come from unexpected people and places when different stimuli fuse. Develop throwaway ideas shared in discussions; don’t shut them down. Build a culture of curiosity. More than half (52%) of companies are confident about seizing new opportunities because they seek inspiration within and beyond their business.

4. Invest in imagination

For imagination to make a real impact on your business, don’t just talk about it: do it. Commit to creativity by giving the ideation process time, energy, attention and budget. Your bottom line will bounce, and so will the workforce: 74% of our respondents say opportunities for creative experimentation are essential to them.

Let your imagination run riot

Tackling imagination in isolation can prove as impotent as relying on data without creative input.

At The Frameworks, we constantly consider how data and technology can drive and enhance the bold ideas we imagine for our clients. Our imagination feeds strategy, technology and creativity. We want all businesses to be able to imagine new ways to improve their processes, products and services, their customers’ lives, and the world around them.

Because when imagination becomes embedded in an organisation’s culture and processes, it generates a virtuous cycle of ideas and energy that crackle with the power to transform. As 59% of firms with £1bn+ revenue agree, imagination drives strategic success.

Imagine the possibilities for your business.

Download the report.