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Strategic Foresight

Strategic Planning to Strategic Foresight

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In the age of disruption, how long strategic planning will help any organisation to identify risk, face the risk and planning for the future. Future is unpredictable, but planning wont help in preparing for the future which is going to be more uncertain. In many cases, it has been observed that planning is being used for both implementation of new project and as well as identifying the risks of future. However, in all those cases, the conclusions were not near to the results and it created big risks for organisations. Planning for growth and planning for sustainability is totally different and requires different approaches.

A strategic planner’s role is to understand the nature of change in an industry’s competitive dynamics, and to identify potential disruptions and gaps ­– including within capability development, resource allocations, human resources, operational, and budget planning. The key problem is that most of the executives are using the traditional methods for strategic planning and those are not aligned to the challenges and risks of future. It does not take into account the disruptions happening every now and then. We are entering into the new era- choices of customers are changing, blockchain and AI is going to change the way we work, climate change is going to hit many industries, trade war is happening between countries. The whole competitive landscape is changing. Time has come when strategic planning should be shifted to strategic foresight.

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. Strategic foresight should be included in the overall of strategy of any organisation Strategic foresight is not about predicting the future – though it is considered as predicting the future. Rather, it is more about scenario analysis, creative thinking, scanning, informing, opening up minds, and inspiring creative dialogues about possible futures ­– and how one might plan for and approach these futures.

With an effective foresight capability, organisations will be able to respond to the challenges and risks of disruptions, and to use this understanding for building their business in a right direction.

 


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Ajitkumar Jain

Ajit Kumar Jain is a Chartered Accountant and enthusiast about future. He is committed to empower people about future technologies. His key interest lie in creativity and exploring challenges and opportunities in future technologies mainly- Blockchain, AI and IOT. In addition to this, his interest in analysing the future trend of consumer industry and viability of their products. Ajit is a seasoned public speaker and a presenter, who leaves a distinct mark with high energy and unrivaled enthusiasm.

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