Our view : Results from a recent ETION survey indicate that FuturesThinking in Flanders’ Firms is still immature and concrete action is required. As far as foresight capabilities are concerned there is a need to go beyond SWOT and brainstorming. To be successful Corporate Foresight requires a structured and continuous approach.
About the ETION study
From megatrends to fashion trends. Each branch or public policy domain has its own trend reports describing the bigger and smaller evolutions shaping the future. As organizations rely on the environment for their success, gaining insight in current and future developments in their ecosystem can be very useful.
To what extent are firms looking forward in order to anticipate the future? And what are the trends and developments that really matter for companies? These were the two central questions in an ETION survey they conducted in companies in Flanders and Brussels.
It is often said that our society changes fast and disruptively. Looking forward by imagining the future before it develops itself, can foster a proactive approach to these changes. Therefore the ETION study also looked into the practice of futures thinking in the business world: what methods are used, ref. below diagram.
To be able to compete today, tomorrow and the day after, it is not enough to do one-off organisational work. You need to organise to drive innovation in several horizons. According to Steve Coley (2009), innovation work can be divided into three parallel horizons. The first horizon (H1) is about incremental innovation in today’s business, extending the existing S-curve of the company. Horizon 2 (H2) is about expanding and building new business (the next coming S-curve, a mix of incremental and radical innovation) through innovation. Horizon 3 (H3) is an explorative and radical approach to future S-curves, to be commercialised in H2, ending up in H1.
The Itonics platform facilitates to manage your innovation portfolio according to time Continue reading
Incumbents needn’t be victims of disruption if they recognize the crucial thresholds in their life cycle, and act in time. Great video from McKinsey within their series on digital disruption. For us it illustrates clearly why establishing a structural corporate foresight capability beyond the current digital disruption will be crucial for future success.
Quite a telling story by R. Hamers, CEO ING Group on what makes real strategic change happen, reflecting on the success of ING Direct and taking it forward to Fintech. A lot of good learning points embedded in the presentation.
The strategy applied aligns well with the Three Box Approach.