Strategic Foresight - Creating a Sustainable Competitive Advantage

Successful business leaders and managers do not allow themselves to get so bogged down in the here and now that they are blindsided by the future. Rather, they are constantly gazing ahead, scanning the external environment for opportunities and threats to their organizations long-term profitability and viability. Strategic Foresight is the ability to look down the road five to 10 years ahead and determine what factors will have a positive or negative impact on your business or organization. (Hughes & Beatty)

 The goal of strategic foresight and strategy making is to create a sustainable competitive advantage. As times change, clients and customers demand new products and services. In order to offer the most innovative porducts and services, the corporate leadership needs to be constantly aware of what his surroundings. When company executives are aware of the latest trends, they are better able to measure whether they need to make changes in their strategy or not i.e. they are better positioned to make quality decisions.

 When an organizational leaders make quality decisions, the products and services they produce and offer to the their clientele will be relevant to their needs. When products and services are relevant to the needs of the customer, the customer will feel safe in doing business with that supplier or retailer over and over again. Quality decisions made because of strategic foresight lead to trust which is the bottom line of retaining a sustainable competitive advantage. When a client or customers trusts an organization then they will come back repeatedly.

Quality decisions lead to quality and relevant products and services which leads to trust. Trust breeds loyal customers which is a sustainable competitive advantage.