Strategic foresight and scenario planning is the discipline of uncovering and analyzing the nuances of potential future outcomes in order to better equip businesses to recognize and adapt to unprecedented change. The scenarios outline the impacts of key uncertainties and they help scenario participants confront their personal blindspots in how they believe the path ahead will be laid out.
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Corporate foresight and scenario planning is the discipline of developing the details of various potential future realities so businesses can better react to changes within markets and technologies. Scenario planning works by identifying factors central to changing economies and helps scenario participants recognize and confront their preconceptions related to how they believe the future will unfold.
Underlying assumptions critical to the success of scenario planning include: multiple futures are possible; change (also known as “drivers”) can be identified and studied; and the future can be influenced. This methodology can contribute to multiple verticals of an organization such as risk management, corporate development, innovation, and strategy.