What is Strategic Foresight? Why it is important ?
The term “strategy” is a common term used by human being on this earth. Strategy is all about achieving the desired results. Strategic foresight is all about future oriented insights. The world is continuously evolving, it is very crucial to evaluate the possible changes in the current system to make the organisations more adaptable towards the changes. Strategic foresight is all about understanding the current system along with the probable future changes. The term is mainly used for organisations or corporate who are into the competition and market.
Corporate world is facing biggest level of revolution. There is disruption in each area of any organisation. In order to survive in this competitive and disruptive world, the need of the hour is to look into the future with the help of strategic foresight.
Every organisation has through understanding of its industry, products, technologies, customers, govt. regulations etc. Such understanding is developed based on their own experiences and research. The organisations are also ready for the probable future changes based on scenario analysis. However, again such analysis is prepared based on the their own experience and it wont be appropriate to mention that there are only fixed number of scenario. In this disruptive world, if there are five possible scenario, there could be sixth scenario. Strategic foresight helps in identifying all the possible scenarios and with the strategic foresight, organisations are able to find out short term risks and opportunities.
Strategic foresight is all about building the future of the company by identifying future opportunities/risk. It include, identifying the customer behavior, role of technologies, market conditions etc. Strategic foresight is a practice, separately followed in many organisations in a very focused manner. There are professional who helps the organisation in strategic foresight, thereby it reduces the time and efforts of top management people in saving their time to think about future.
I think systematically working on Strategic Foresight requires new skills and working methods across all organization levels.
Because whatever the terminology, any organization serious about its strategy and novel ideas should also be serious about a multi-faceted understanding of the future.