Organizations are increasingly required to deal with uncertainty in our volatile, uncertain, chaotic, and ambiguous (VUCA) world (Hughes, Dinwoodie, & Beatty, 2014: 2014). It has become evident that innovation and change is the only way that an organization can have enduring long-term performance. Innovation is the introduction of something new or an improved way of doing something that adds value (ex. increased efficiency or productivity) (Henderson, 2017). In order for innovation to be useful to a business, the innovative idea must have the capacity to be replicated without costing the company too much (Henderson, 2017). Looking into the future requires a leader to analyze, interpret, and absorb uncertainties (\u00d6ner, Benson, & G\u00f6l, 2014: p.185). Foresight has emerged as a tool that leaders can use to facilitate and execute sustainability strategies to lead a desirable evolution of the organization (\u00d6ner, 2014: 185). According to John Smart, there are 3 fundamental foresight types including Possible, Probably, and Preferable (Smart, 2016). Technology has become a tool that organizations can utilize to create a competitive edge in their business model (ex. transactions or inventory management), predict future trends, and increase productivity. It is crucial that leaders embody foresight into their management practices.<\/p>\n
Wal-Mart is an example of foresight in the Possible category because the company had to be innovative by creating the most effective virtual inventory management system. Wal-Mart focused on cost reduction and obtaining the lowest price for the consumer. Subsequently, Wal-Mart revolutionized the way companies do business. One negative consequence of Wal-Mart\u2019s system is that it put many small businesses out of business simply because they cannot compete. This is exactly what happened in my hometown back in Pembroke; many family-owned businesses that had been around for decades were forced to shutdown because Wal-Mart came in. Wal-Mart is a positive thing for consumers as the company drives prices down; however, it is a negative consequence for small business owners.<\/p>\n
In contrast, a company that did not properly harness technology is Canada Post. This company would fall under the Probable type of foresight because it focused on management, risk reduction, protecting and predicting (Smart, 2016). The company did not feel the need to implement technology into its business model. However, digital technologies have largely disrupted Canada Post\u2019s business model. This reactive approach to technology could have been avoided if the company did not resist technology and embodied a foresight approach that encouraged creativity and innovation. In particular, Canada Post should have adopted Preferable foresight, more specifically, technology foresight by creating a foresight attitude amongst management and key decision-makers (\u00d6ner, 2014: p.199). By becoming an adaptive organization, Canada Post would not have been lost in the times.<\/p>\n
\u00d6ner and colleagues (2014) argue that in order for enduring organizational performance, a company needs to strengthen competitive advantages by embedding foresight into the organization\u2019s culture. If a company develops an innovative culture, it will nurture growth and sustainability regardless of increasing competition.<\/p>\n
Christina<\/p>\n
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References<\/p>\n
Henderson, T. (2017, May 8). Why Innovation Is Crucial To Your Organization’s Long-Term Success. Retrieved on November 24, 2018, from https:\/\/www.forbes.com\/sites\/forbescoachescouncil\/2017\/05\/08\/why-innovation-is-crucial-to-your-organizations-long-term-success\/#60ff0b563098<\/p>\n
Hughes, R. L., Collarelli-Beatty, K., & Dinwoodie, D. L. (2014). Becoming a Strategic Leader<\/em>. San Francisco, CA: Jossey-Bass.<\/p>\n \u00d6ner, M. A., Benson, C., & G\u00f6l Be\u015fer, S. (2014). Linking Organizational Change Management and Organizational Foresight.\u00a0Strategic Change<\/em>,\u00a023<\/em>(3\u20134), 185\u2013203. https:\/\/ezproxy.student.twu.ca:2420\/10.1002\/jsc.1970<\/p>\n Smart, J. M. (2015, April 8).\u00a0John Smart \u2013 Leadership of Tech Change \u2013 WFS2013<\/em>. Retrieved November 2018, from You Tube: https:\/\/www.youtube.com\/watch?v=QhdWqLNUJns<\/p>\n","protected":false},"excerpt":{"rendered":" Organizations are increasingly required to deal with uncertainty in our volatile, uncertain, chaotic, and ambiguous (VUCA) world (Hughes, Dinwoodie, & Beatty, 2014: 2014). It has become evident that innovation and change is the only way that an organization can have enduring long-term performance. Innovation is the introduction of something new or an improved way of … <\/p>\n