This Week's Herman Trend Alert

Marketing's Horizon
 

  The Herman Trend Alert

January 24, 2018

Foresight Pays

For a while now futurists and other foresight professionals have promoted the fact that it is in the best interest of the enterprise to be prepared for the future. Though you would think that being prepared would be an obvious advantage, but it is only recently that companies have begun to realize its true value. Now, we have proof.

A longitudinal study
The study was a collaboration between René Rohrbeck, professor of strategy at the Aarhus School of Business and Social Sciences at Aarhus University in Denmark and Ménès Kum, leader of Digital Strategy for Deloitte Consulting's Monitor practice in Germany. Using a longitudinal research design, looking at operational results data between 2008 and 2015, they investigated the impact of corporate foresight on firm performance. They began by developing a model for assessing the future preparedness (FP) of a firm.

The findings were remarkable
The researchers' expectation was that corporate foresight would enable firms to spot trends ahead of competitors, gain deeper insight into how such trends would affect their organizations, identify their most effective responses, and ultimately gain a competitive advantage. The results were really impressive: future-prepared firms outperformed average firms by a notable 33 percent higher profitability. Not only that, but future-prepared firms outperformed average firms by an extraordinary 200 percent higher growth. Clearly corporate foresight pays.

The downside of not engaging in FP
The value of FP is even more critical when looking at firms not engaging in future preparedness. Firms characterized as "neurotic" or "vulnerable" firms had an average of 37 percent lower profitability when compared to the profitability of the "vigilant" firms. At the same time, firms characterized as being "in-danger" realized 44 percent lower profitability.

Corporate Foresight is the law---in Germany
Publicly traded organizations under German law are required to have a strategic foresight system. However, with the absence of an indicator of transparency, the requirement is surely difficult to enforce.

The Future of Corporate Foresight
Corporate executives worldwide will use these results to rationalize investing in future preparedness. As with many things, wise corporations will invest increasing amounts of resources to enhance their preparedness and best the competition.

To read the full published study, visit https://doi.org/10.1016/j.techfore.2017.12.013


© Copyright 1998- by The Herman Group, Inc. -- reproduction for publication is encouraged, with the following attribution: From "The Herman Trend Alert," by Joyce Gioia, Strategic Business Futurist. 336-210-3548 or https://hermangroup.com. To sign up, visit https://HermanTrendAlert.com. The Herman Trend Alert is a trademark of The Herman Group, Inc."

TAKE YOUR ORAGNIZATION TO THE NEXT LEVEL
Imagine if you could have world-class coaches like Marshall Goldsmith, David Ulrich, and our own Joyce Gioia coaching your people to higher performance whenever they need it? That's just what you can achieve with the micro-learning videos from AthenaOnline.com. Their just-in-time lessons cover a wide range of topics from leadership to HR to marketing and much more. For more information, visit here or call them at 510.302.0538.

BOOST EMPLOYEE ENGAGEMENT WITH FINANCIAL WELLNESS
A whopping 84 percent of employees say financial wellness programs are the workplace benefit they need the most. At the same time a new study revealed that 91% of employers plan to develop or expand employee financial wellness programs beyond retirement planning and in the next 5 years. That means you will need this benefit to compete for top talent and keep your good people! Don't be left behind; take action today! Call 847-242-0550 ext 100 for a free trial TODAY.

CORPORATE PARTNERSHIP OPPORTUNITY: THE SECRET MILLIONAIRES CLUB
In the past, Warren Buffet's Secret Millionaires Club has been sponsored by Experian and Fairholm Investment Fund. This year, it is looking for a new sponsor. Under the circumstances of the phenomenal marketing reach and the sponsor email badge given with sponsorship, SMC is a bargain. Interested? Contact Norm Goldstein of BKFK at (203) 321-1235 or email Norm at norm@bkfk.com.

To read this Herman Trend Alert on the web: http://www.hermangroup.com/alert/archive_11-14-2018.html.


Herman Trend Alerts are produced by the Herman Group, strategic business futurists, Certified Management Consultants, authors, and professional speakers.

New subscribers are always welcome. There is no charge for this public service. The Herman Trend Alert is read by over 30,000 people in 90 countries, including other websites and printed periodicals. Click here to sign up for the Herman Trend Alert.

Do you enjoy receiving this weekly e-mail update? Contact us about our co-branded Herman Trend Alert service.


Subscribe or Unsubscribe to weekly Herman Trend Alert
View this week's Herman Trend Alert
Archived Weekly Herman Trend Alerts

                                                                                                                                                                                                                                                                                                                                                                         


[ Home About Products Resources Media ]

 

7112 Viridian Lane
Austin, TX 78739
Voice: 336-210-3548
Toll Free in US & Canada: 800-227-3566
E-mail: info@hermangroup.com


  © The Herman Group. All rights reserved.

Web site design by WebEditor Design Services, Inc.