A team that lacks diversity will have limited access to new and representative ideas. Biases can create homogeneous work environments that stifle creativity. This can impact product development, team efficacy and may affect the selection of training data for an ML model.
A number of studies attest to the notion that a diverse workforce can outperform in various contexts involving problem-solving, overall growth, and profitability. One study indicated a "linear relationship between racial and ethnic diversity" and growth (Hunt, Layton, and Prince, 2015).