We’ve all seen movies depicting a distant future: think of Star Wars, Terminator, Back to the Future, or Wall-E. Some portray a future that’s hard to imagine, while others come uncomfortably close to reality (the movie *Contagion* released in 2011, for example, was inspired by a global pandemic similar to COVID-19).
Difficult to see. Always in motion is the future. — Master Yoda.
What is Futurecasting?
While some filmmakers seem to have gotten it right, there are more structured methods for anticipating the future. “Futurecasting” is a strategic planning methodology used to anticipate and plan for future scenarios and trends. Its goal is to prepare you for uncertainty by exploring new ways to envision the future. Ready to play the futurist?
What is a futurist? Someone who intentionally develops the ability to see and understand the implications and significance of change — Keith Coats, Global Leadership Expert
The 6 Megatrend Categories to Watch
Although no one has a crystal ball, it’s possible to identify major trends in your industry and in the world at large.
Here are some megatrends to consider when building your strategic plan. 1 2 3
Megatrends are transformative global forces that shape the future with a far-reaching impact on businesses, societies, economies, cultures, and personal lives. 4
Global Megatrends
Turning Megatrends into Opportunities
Megatrends present both threats and opportunities. Ignoring them could allow new competitors to enter your market and leverage them to your disadvantage. Consider Airbnb or Uber, which harnessed digitalization to transform the hospitality and urban transport industries.
Assessing the Impact on Your Organization
How can you interpret these trends to understand their impact on your organization? Here are some questions to help guide your reflection:
- How might these megatrends influence our customers’ needs and behaviors?
- How could these trends affect our current business model?
- What growth or diversification opportunities could these megatrends create for our company?
- What adjustments or adaptations should we consider in our products, services, or operational processes to remain relevant and competitive?
- What investments in research, development, or training are necessary to capitalize on the opportunities linked to these megatrends?
- How can we collaborate with other market players or establish strategic partnerships to better position ourselves in this new landscape?
Information Sources for Futurecasting
It is important to consult multiple sources to identify the megatrends most specific to your industry. Here are some additional sources to consider when making your business forecasts:
- Your partners, such as clients and suppliers. What are their projections for the future? What actions have they taken to face it?
- Industry or professional association events relevant to your field
- Data platforms like Google Trends
- Government websites such as the Canadian Industry Statistics, which can provide past data as well as future analyses and predictions for each industry
- Platforms like LinkedIn and Google, where you can set alerts to obtain information on industry trends
- Job postings from your competitors, clients, or suppliers. The type of positions they are recruiting for can indicate their future strategy.
The Future by the Numbers: Key Projections
Here are some forecast examples to guide your thinking:
- By 2026, over 65% of short-term decisions in supply chain planning will be automated or autonomous.
- By 2025, 75% of the top 10 revenue-generating consumer goods manufacturers will have data integrity as a formal, measured, and reported business metric.
- By 2025, without sustainable AI practices, AI will consume more energy than the human workforce, significantly offsetting zero-carbon gains.
- By 2027, organizations that promote digital dexterity for managers and employees will experience stronger year-over-year revenue growth than those that don’t. 5
Although these numbers are futuristic projections, it’s important to consider them in your strategic planning. How does your company position itself relative to these trends? Do you want to be at the forefront, or would you prefer to wait and follow others? Is there a competitive advantage to being the first mover?
Preparing Your Business for the Future
Do you want to increase your resilience by adequately preparing for the future but don’t know where to start? An organizational diagnosis is an excellent first step. It is a comprehensive assessment of your organization’s human, operational, and technological aspects. In addition to evaluating your organization’s maturity level, it is accompanied by strategic and tactical recommendations to help align your team on the right priorities. We can help. Contact us to learn more.
- Marty Resnick, 7 key trends that will impact your strategy, 2023, Gartner. ↩︎
- Sarwant Singh, The Mega Trends that will shape our future world, https://www.forbes.com/sites/sarwantsingh/2023/10/30/the-mega-trends-that-will-shape-our-future-world/?sh=5f48e48f6375, Forbes, 30 octobre 2023 ↩︎
- Welcome to 2030: the megatrends, European Policy and Strategy Analysis System, https://ec.europa.eu/assets/epsc/pages/espas/chapter1.html ↩︎
- Richard Sear, Global Mega Trends to 2030, Frost & Sullivan. ↩︎
- Marty Resnick, 7 key trends that will impact your strategy, 2023, Gartner. ↩︎
