STRATEGIC FORESIGHT AND CORPORATE STRATEGY

Phuoc D. Nguyen

Corporate strategy is usually planned within the timeframe of ten years, whereas business strategy is usually shorter than the corporate strategy with a timeframe of five years, strategic foresight is usually planned for more than ten years.  SWOT analysis is needed for business strategy, corporate strategy, and strategic foresight too. An organization has no business strategy and corporate strategy that it cannot implement strategic foresight. Prerequisites to implement strategic foresight are that an organization has experience in planning, implementing, monitoring, controlling, adjusting, and implementing its corporate strategy and business strategy.

Vecchiato (2012) states “Scanning activities involve researchers and experts from all corporate, business, and functional divisions, together with external partners like suppliers, customers, consultants, and public research and academic centers. The investigation is then extended to the macro forces in the PEEST landscapes and how they may affect the business micro-environment in relation to new technology adoption, the spread of new consumption patterns, and acceptance of new products and services.” (p. 443). SWOT analysis combines with STEEPLE analysis in the strategic foresight process. Steps include corporate strategy and business strategy review, STEEPLE analysis, SWOT analysis, gaps analysis and weaknesses fillings, horizon scanning, trends analysis, game-changing leaders analysis and their participation, scenario planning and development, visioning, road-mapping, and priority selection based on real options. Vecchiato (2012) indicates “The most popular techniques for performing such investigation are roadmaps, scenarios, and real options.” (p. 438). The STEEPLE analysis should be implemented before the SWOT analysis because STEEPLE analysis results will show opportunities and threads and complement to SWOT analysis results.

Ibarra (2012) proposes “The five major components of a game plan including strategy, structure, measurement systems, HR systems, and technology.” (p. 9). A strategist who creates a game plan for all organizational members includes the five major components of a game plan, whereas a game-changing leader or futurist based on strategic foresight outcomes to change the five major components to follow trends analysis results. The comparison of a traditional strategist to a futurist is that a strategist’s role as a planner is because he/she has not implemented strategic foresight, a corporate strategy, or a business strategy for five to ten years that they have also needed to implement strategic foresight.

Canton (2015) “proposes The Future Smart mindset embraces change, looks to the future not with dread but with a positive opportunistic mindset, and considers the impact of emerging trends. The Future Smart mindset recognizes that changes in the future can be disruptive, but it can be more disruptive not to prepare, to resist prediction and miss an opportunity or even not to survive.” (pp. 13-14). Ready and Mulally (2017) suggest that “The game-changing leader who should own mindsets of urgency and patience, collective leadership and individual accountability, developmental coach and relentless performance driver, perpetual student and inspiring teacher, and humble servant and bold change catalyst.” (p. 67). Besides strategic foresight tools, a futurist must be familiar with them. The most important is a futurist who learns to own the future smart mindset which combines with game-changing or transformational leader’s mindsets that he/she should instruct these mindsets to all organizational members in strategic foresight planning, implementation, monitoring, and adjusting processes. The game-changing apply future smart to drive future change and shape the organizational future with all organizational members together.