Strategies are the fundamental plans and elements that are positioned on the building of the future of a company. Strategies involve several aspects of business operations cope that include among other factors the building of a positive and unrivaled competitive space. Strategic foresight, on the other hand, is the strategy that is future-oriented. Strategic vision involves plenty of planning endeavors. It includes the principles of combining several methods of futures alongside that of strategic management. Strategic foresight is deeply involved with eth better and more in-depth understanding of future challenges and opportunities in the organization. The strategic foresight involves understanding and engaging in the science of comprehending about the external problems for the organization and coming up with practical ways of addressing them.
The strategic foresight marries effectively with the corporate foresight. The science of understanding the strategic foresight involver mirroring the organization's capabilities as well as those of competitors. It, therefore, enables one organization to plan itself effectively and firmly against any of the challenges that may arise from the challenges of intense competition from rivals ( Vecchiato, 2015) . The strategic foresight, therefore, enables the management to adequately prepare for any eventuality by examining the cause and effect result behind any of the actions that they may take in the course of their operation.
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One question that the strategic foresight addresses in the organizations running and duties are how one can organize their market foresight. Majority of organizations have a deeper understanding of their current and future market scope and what approach they put into ensuring that they do not lose out on their market share. Strategic foresight helps the organization to examine and answer some of the fundamental questions such as what technology trends they need to put in place, the extent to customer expectation as well as the quality of products and services to supply in the market ( Raford, 2015) .
The strategic foresight equally answers the questions as to the financial planning of the company, including questions as to what project to commit more finances too. The financial preparedness also allows the company to set its target according to its evaluated ability in eth market as well as competitors performance in the same market. The financial commitment is a vital part of strategic foresight planning. It involves among other things the sales strategies, branding and marketing campaign.
Strategic foresight establishes the trend and feeling of future planning. In any case, the management is regularly equipped with the relevant information and ideas on how to improve themselves and their thoughts around the future so the company. Strategic foresight makes it easy for the organization to compete useful alongside its rivals ( Vecchiato, 2015) . Strategic vision enhances the cooperation between various staffs in the organization even as they seek to increase their working together to achieve a general success of the organization.
The critical method of strategic forecast that is used by many organizations includes but is not limited to Forecasts and Simulations. The forecasting and simulation comprise among other things the separation of the actual forecast against the alternative simulations. The alternative simulation involves the consideration of the different methods of predicting in case the said methodology fails.
Strategic foresight may also require the use of intuition and anticipation in ensuring that the feelings that one feel are not entirely wrong. The one method of forecasting includes the purpose of scoping. Whenever the management analyzes and interprets the business scope, they will be in a pole position to design and come up with strategies that are relevant to the mentioned system.
Strategic foresight helps in forecasting any possible futures. It is on the same principles that the prediction of the unforeseen prospects helps in financial planning. The strategic vision enables the organization to plan for the unpredictable situation that may prompt them to seek for such help such as insurance covers to cushion the organization from losses in case of calamities. Strategic foresight helps the organization to increase their investment as means of cushioning them from the unseen instances as robbery and eventual death of the company ( Raford, 2015) .
References
Raford, N. (2015). Online foresight platforms: evidence for their impact on scenario planning & strategic foresight. Technological Forecasting and Social Change , 97 , 65-76.
Vecchiato, R. (2015). Creating value through foresight: First mover advantages and strategic agility. Technological Forecasting and Social Change , 101 , 25-36.
