There are tools that are essential in the positioning your business for competing for the future. Future design in business can adequately place you to compete and win, in these uncertain times. It is strategic foresight.
It’s a forecast of what’s to come. A weather gives you a pretty good estimate of how to prepare for your day, your week, or your vacation.
Strategic foresight is the forecasting of the future. It gives a close projection of the probabilities and possibilities in industries with tools that help in reaching that prediction.
When a business’ has the goal to succeed, they often develop a strategic plan. This helps to analyze a variety of factors like measurable, adjustable, resourceful. This is a well-calculated plan. The objective is to allow you to analyze your business, clientele, and competition in order to make the best decisions.
Although having a strategic plan is great – it does not allow you the insight and discernment you need to anticipate the future of your company or business.
Strategies are the preparation of a plan to improve competitiveness and performance. Businesses create strategies for marketing, cost reduction, differentiation, focus, and growth.
Foresight is the knowledge or insight to foresee the future – kind of the barometer of the future. It is the forecasting of possibilities by making well-researched assumptions.
Strategic foresight is the merger of the two, the understanding of imminent external changes and how they may impact internal capabilities. It consolidates methods of futures work with those of strategic management.
It recognizes upcoming external changes and how they relate to internal capabilities and drivers.
Drivers are the events or situations that occur externally which impact business operations either positively or negatively. Drivers can either avoid threats or seize opportunities.
Just as meteorologist make an educated guess – so do foresight strategist. You observe the past, present patterns or trends, and create a projection of the future. Meteorologist like Foresight strategist use tools that help in creating the most accurate forecast.
Dr. Peter Rios, an interviewee at my Dr. Nilda Radio show, is a foresight strategist he advises organizations discern the changes in their community, organization or higher education system. One of the most prevalent change is the rapid increase in the Latino population and their shift in leadership roles.
Dr. Rios projects the impact of this change in each individual institution and helps them prepare and adapt. This equips the organization and strengthens their position for competing for the future.
Strategic foresight considers possible and probable futures in industries that can impact your business. It identifies new opportunities to seize, scans trends create scenarios, knows company competencies, and those of your competitors.
It is the framework of a company which guides you in building a non-competitive space. It is the catalyst to developing competencies and skills that can’t be easily mimicked. It is the structure upon which you build a stable future for your business.
Strategic foresight drives your success at competing for the future of your business.
For more information on positioning your business to compete for the future with foresight strategies, go to https://soundcloud.com/drnildaradio .
To Your Sucess,
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