Chapter 7 & 8 Article Analysis

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CHAPTER 7 & 8 ARTICLES ANALYSIS 1 Chapter 7 & 8 Article Analysis Sherrie Marie Breland Seminar in Management and Leadership MGMT 6354 20351 09/26/2023

CHAPTER 7 & 8 ARTICLES ANALYSIS 2 Chapter 7: Learning from the Future In this article, the author deliberates on the significance of strategic oversight in going about uncertainty in business. He posits that the present world is increasingly becoming unpredictable and complex, which in turn demands that businesses be in a position to plan ahead for an array of possible futures so that they become competitive and successful. He starts by discussing in details the hurdles that businesses today deal with. Some of the hurdles that he outlines are: growing political instability, increasing economic interdependence, and rapid changes in technology. These aforementioned factors, according to Scoblic (2020), have created an element of uncertainty which is overly pervasive to an extent that several executives are opting for the present instead of the future, and are doubling down on efficiency instead of innovation. The approach is, in his opinion, a grave mistake. Secondly, Scoblic (2020) posits that this is the time for businesses to invest more in their future more than ever before. He then proceeds to define strategic foresight as the ability of a business to not only anticipate, but also prepare for future developments, trends, and events. Strategic foresight, according to him, is actually very crucial for every business that plans to remain at the top of its niche and thrive despite the overwhelming uncertainty. Strategic foresight ensures that businesses are able to create and remain in new markets, develop new services and products, stay ahead of competition, identify and mitigate risks, and make informed decisions concerning where to invest their resources. He also challenges strategic foresight by arguing that one of the greatest hurdles is overcoming the domination of the present. By this, he means that many businesses tend to focus only on short-term goals and problems instead of the long-term thinking. This, in turn makes it difficult to identify and evaluate the opportunities and risks of the future.

CHAPTER 7 & 8 ARTICLES ANALYSIS 3 Despite the aforementioned challenges, the author argues that strategic foresight is very critical for any businesses that intends achieve long-term success. Some of the tips he provides for businesses that wish to develop their strategic foresight capabilities are: developing scenarios for the future, building a network of futurists and all other experts, prototyping and developing new ideas, investing in scanning and research for trends, and creating an organizational culture that promotes foresight. Today’s business world is highly competitive, complex, unpredictable and dynamic, and this article is very relevant and applicable (Lustig, 2015). There is need for business managers to not only think ahead, but also plan appropriately for the many possible futures. This is the surest way to thrive in the face of uncertainty and stay ahead of the curve. One of the most important lesson from this article that businesses can take in order to develop their strategic foresight capabilities is to ensure that they have a culture of foresight within their organizations. This can be attained by encouraging every employee at the organization to not only think about the future but also share their ideas with the rest of the managers at every level. In addition, the management should be steadfast on coming up with mechanisms for assessing and prioritizing the ideas. Also, businesses should significantly invest in scanning and research for trends. This will ensure that the organization is always up-to-date with the latest advancements in politics, technology, and economics. It will further ensure that the business is fully aware of the trends and patterns that can assist it to anticipate and respond appropriately to the future (Lustig, 2015). For this course, this article is very relevant for business managers who want to remain competitive in their respective markets. It can help managers to have a better understanding of why foresight is very integral in the business world today. Once managers have an advanced understanding of the trends which are shaping the future, they can be in a better position to come

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CHAPTER 7 & 8 ARTICLES ANALYSIS 4 up with scenarios for the future. It will further ensure that they can plan for an array of possible futures and identity opportunities and risks that can potentially come with the future. Chapter 8: Strategy Needs Creativity In this article, the author focuses on the critical role played by creativity in both developing and executing successful business plans. Brandenburger (2019), in this article, argues that in a business environment that is increasingly dynamic and complex, traditional strategic approach and analysis are insufficient. Therefore, there is need for organizations to implement a culture of creativity in order to become successful. The author starts by addressing the shortcomings of conventional strategic approaches which heavily depend on extrapolating trends and analyzing past data. The business landscape today is predominantly marked by disruptive innovation, global competition, and rapid technological advancements, which in turn makes traditional methods to fall short. Therefore, businesses should embrace fundamental creativity as the critical aspect of their strategic processes (Rosenbloom, 2007). He introduces a co-creation concept as a way of putting more emphasis on collaboration between external stakeholders and employees towards coming up with innovative solutions. LEGO’s crowdsourcing initiatives and Procter & Gamble’s open innovative platforms are some of the examples the author cites as successful co-creation models. These tactics leverage the creativity of a broader community and tap into external expertise. In addition, the article highlights the significance of interdisciplinary thinking when it comes to advancing creativity within companies. Brandenburger (2019) argues that people from diverse disciplines and backgrounds can introduce fresh viewpoints to development of strategies and problem-solving.

CHAPTER 7 & 8 ARTICLES ANALYSIS 5 In addition, encouraging diverse hiring practices and cross-functional teams can boost the creative thinking capacity of an organization. This article further suggests that there is need for organizations to integrate creativity into every level of strategy-making process. The author underscores the use of mechanisms such as scenario planning, design thinking, and brainstorming as ways of nurturing creative solutions to difficult problems. Moreover, he recommends that organizations should create innovative lab or dedicated spaces where employees collaborate and experiment without fear of failure. There are crucial takeaways from this article that modern businesses can implement. Firstly, this article emphasizes the need for businesses to cultivate a culture of creativity. This, essentially means that businesses should actively promote and prioritize creativity as a one of their central values. This includes offering training for employees at every level of the company and providing resources that nurture creative thinking. Secondly, this article underscores the need for businesses to explore open innovation platforms, partnerships, and crowd-sourcing as ways of harnessing external knowledge and creativity. This way, companies can experience new revenue streams as well as breakthrough innovations (Brandenburger, 2019). This article further emphasizes the need for companies to infuse creativity at every stage of strategy development, right from problem identification stage until implementation stage. This increases the probability of the business achieving more adaptive and effective strategies. For this course, Seminar in Management and Leadership, this article is very ideal for every business leader who intends to remain competitive in the rapidly changing and highly competitive business environment. It emphasizes the need for every leader to ensure that the business is more creative than ever bore in order to be successful. Moreover, business leaders can use the Brandenburger’s framework to generate new ideas for services and products. For

CHAPTER 7 & 8 ARTICLES ANALYSIS 6 instance, business leaders can come up with ways of contrasting their businesses with that of their competitors by offering consumers something unique, or come up with ways of combining existing services and products in innovative and new ways.

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CHAPTER 7 & 8 ARTICLES ANALYSIS 7 References Brandenburger, A. (2019). Strategy needs creativity: an analytic framework alone won't reinvent your business. Harvard Business Review , 97 (2), 59-66. Lustig, P. (2015). Strategic foresight: Learning from the future . Triarchy Press. Rosenbloom, B. (2007). Multi-channel strategy in business-to-business markets: prospects and problems. Industrial marketing management , 36 (1), 4-9. Scoblic, J. P. (2020). Learning from the future. Harvard Business Review , 98 (4), 38-47.

Chapter 7 & 8 Article Analysis

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