Strategic Foresight to Strategy Development
1. Strategic foresight that gives us a set of possible future worlds or scenarios can be useful to both develop and test strategies
2. There are three choices that form the cornerstones of strategy – a) What are our objectives b) what are the opportunities available, and c) what are the capabilities necessary
3. In an uncertain world, as conditions keep changing, agility and the ability to pivot quickly to change is paramount
4. Decisions cannot be made based on complete information of the future. Even if it is possible on rare occasions, the changing environment will force adaptation and course changes. While strategic choices must be resilient and not change frequently, the reality requires agility and flexibility
5. In an uncertain world, companies are better off taking a strategic posture based on beliefs about the future. Beliefs are strong and enduring convictions that are formed out of deep insights drawn from strategic foresight
6. Beliefs guide the strategic posture that are deliberate positions on certain strategic bets, programs, and initiatives.
7. Deliberate strategic positions are consistent in actions and messaging. They may be preparation focused or action focused. Preparation includes – observing and scanning, analyzing or building capabilities for future opportunities or counter threats. Actions include experimentation to learn and test novel ideas or technologies, executing for outcomes, and even shaping the future which might be strategically advantageous to the company – such as, demo projects or policy shaping
8. Strategic foresight does not directly solve any operational gaps or problems in executing strategy. But it does expose areas that might need attention and investments
9. Strategy must be reviewed and revised based on the company situations periodically. The period is not the same for all the areas. If the changes are rapid such as, emerging digital technologies in computing, Artificial Intelligence and Machine learning, strategy has to be reviewed more frequently than maturity cycles of energy resources such as adoption of hydrogen
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