TOPIC 1 - Why managers need a high-quality view of the future Flashcards
What is strategic foresight and what does it help organizations achieve?
Strategic foresight is the set of frameworks and tools that help us consider in advance the future implications of current events, detecting sources of change, critically examining anticipated outcomes, so we can make better decisions today to survive change and potentially profit from it.
According to Slaughter (1997), what is the definition of strategic foresight?
Strategic foresight is “the ability to create and maintain a high-quality, coherent and functional forward view and to use the insights arising in organizationally useful ways; for example, to detect adverse conditions, guide policy, shape strategy; to explore new markets, products, and services.”
How does strategic foresight relate to studying the present?
It is about studying the present for what the future potential might be.
What are the three common components involved in a failure as per strategic foresight?
Foresight quality failure, strategy failure, and implementation failure.
Does high-quality foresight guarantee success? Explain.
Good foresight quality does not guarantee success, but it definitely makes the other components easier and improves the odds of success.
What did Jack Welch mean by saying “when the rate of change on the inside becomes slower than the rate of change outside, the end is in sight”?
This quote implies that organizations must adapt and change internally at least as quickly as the external environment is changing, or they risk failure.
What questions should organizations ask about their customers, channels, competitors, competitive advantage, margins, and skills with respect to today and the future?
For today: Which customers do we serve? Through what channels do we reach customers? Who are our competitors? What is the basis for our competitive advantage? Where do our margins come from? What skills or capacity make us unique?
For the future: Which customers will serve us? Through what channels will we reach customers? Who will our competitors be? What will be the basis for our competitive advantage? Where will our margins come from? What skills or capabilities will make us unique?
How does strategic foresight impact the quality of strategy implementation?
High-quality foresight can improve strategy implementation by providing better anticipatory insights, thereby reducing the likelihood of failure.
What is the consequence of foresight quality failure on strategy and implementation?
A failure in foresight quality can lead to a strategy failure, which in turn can lead to an implementation failure, suggesting that the quality of foresight is foundational to the subsequent stages.
How can organizations use strategic foresight to explore new markets, products, and services?
Organizations can use strategic foresight to detect changes in the environment, analyze potential future scenarios, and develop strategies that capitalize on these insights to explore new markets, products, and services.
