What is strategic foresight?
Strategic foresight is a scientific method of enquiry and ‘application system’ that is used to de-risk the uncertainty associated with the future, to allow for a more informed, effective design of business strategy.
Business operates in an increasingly volatile, uncertain, complex and ambiguous [VUCA] world. Organisations that are able to understand these dimensions of change and make better, more informed strategic decisions within this dynamic context, gain a significant competitive advantage.
Strategic foresight allows organisations to manage complexity more effectively, get better ROI on innovation and improve operational effectiveness and profitability.
“Strategic foresight is the ability to create and maintain a high-quality, coherent and functional forward view, and to use the insights arising in useful organisational ways. For example to detect adverse conditions, guide policy, shape strategy, and to explore new markets, products and services.
It represents a fusion of futures methods with those of strategic management”