Foresight Business Group

Strategic Foresight

​WHAT IS STRATEGIC FORESIGHT?

Strategic Foresight is relatively new to some in businesses and public organizations. For that reason, many are not familiar with its terminology, and as an organizational activity, it is slightly different from monitoring and market analysis. Yet in the business world the lack of a reliable foresight program can have disastrous consequences for all types of organizations.

Most people believe they can foresee developments in their industry or sector for at least the next two years.

However, the most critical threats or greatest opportunities often emerge in other industries or sectors.

New trends can emerge in adjacent fields or in society at large. These critical threats or opportunities when they emerge, they may at first seem disconnected but they are often the drivers of change that will eventually affect one’s future in dramatic ways. For this reason, it’s important to have an in-depth understanding of the changes in business, industry, and society.

While you can still have a good understanding of changes occurring within the next 2 to 3 years, looking at longer-term changes becomes more difficult. As you expand the timeframe and business landscape, possibilities as well as challenges multiply as the futures emerges.

One important activity is to identify the plausible futures. After that, an organization should identify the probable futures. To do that, it is important to identify the key drivers of change and monitor them systematically.

WHY IS STRATEGIC FORESIGHT IMPORTANT?

Without Strategic Foresight, an organization may have a good understanding of the short-term trends in their industry but, more is needed in an interconnected world where change is occurring more rapidly and where the boundaries between industries are blurring.

Occurrences that happen on one side of the world can have an impact on the other side of the world. A small startup today may disrupt the largest company in the world tomorrow. Politics and societal instability can change the balance of power and have widespread consequences across the globe. No one knows completely where AI, automation, and other rapidly developing areas will take us.

Fortunately, with these topics dominating conference agendas and coffee table discussions, systematic foresight activity has gained momentum as a needed business techniques. Businesses need to understand in greater detail how the world is changing and how they can make the most of these changes.

The purpose of Strategic Foresight is to help ensure that organizations make informed decisions based on carefully assessed data of future scenarios.

FORESIGHT BUSINESS GROUP PLATFORM OF SERVICES:

• Data Collection and Analysis

• Strategic Foresight Strategic Methodologies

• Futures Thinking

• Futures Platform Scenario

• Planning Scenarios

• Business/Organizational Development, Succession Planning and Sustainability

 
FORESIGHT BUSINESS GROUP
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