The evolving approach to strategic corporate foresight at Swiss bank PostFinance in the age of digital transformation
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Publication date
2019
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04A - Book part
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Futures thinking and organizational policy. Case studies for managing rapid change in technology, globalization and workforce diversity
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113-132
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Palgrave Macmillan
Place of publication / Event location
Basingstoke
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Abstract
There are numerous advantages to adopting a foresight-centric approach to strategy management. In addition to formal output from the process, PF has shown that there is a strong link between foresight and innovation as a foresight-centric planning process, which reflects more open debate and reveals more divergent scenarios for consideration. Through the open conversations (i.e., community-of-practice), employees are more willing to present and debate ideas across all levels of the organization, in turn re-energizing strategic debate and supporting innovation. Quantifiable output from foresight in 2005/2006 includes the development of two scenario-based future “worlds”. The executive team acknowledged that these are the two scenarios which are used as a basis to test the bank’s strategic plans and organization’s readiness for change. After long debates and many workshops, management defined a list of actions required under each scenario, but decided to implement the changes required to prepare for the “convenience” world.
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978-3-319-94922-2
978-3-319-94923-9
978-3-319-94923-9
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Language
English
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Yes
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Published
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Closed
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Citation
Peter, M. K. (2019). The evolving approach to strategic corporate foresight at Swiss bank PostFinance in the age of digital transformation. In D. A. Schreiber & Z. L. Berge (Eds.), Futures thinking and organizational policy. Case studies for managing rapid change in technology, globalization and workforce diversity (pp. 113–132). Palgrave Macmillan. https://doi.org/10.1007/978-3-319-94923-9_6