We are living in unprecedented times, so management as usual will not work. It is important for executives to embrace business scenario planning and start a program recognize emerging patterns that signal the start of the scenarios. Smart business leaders will have responses planned and sitting in inventory for the day they are needed. It may be acts of nature, acts of politics, behavior of markets, the interactions of economies, behaviors of competitors, or other unusual events, but reacting without a plan is dangerous today.
These kinds of planning processes are starting to happen and there are providers to help the uninitiated to make progress. Real world examples are starting to emerge. Click on this link for an example of a hospital using scenario planning for emergency situations. In this case the hospital used simulation, a commonly used technology for scenario planning.
For all organizations, planning in place or not, recognizing emerging new patterns is a new and essential digital business competency. This may mean working with some new technologies. Click on this link for a blog post on emerging pattern recognition
Get ready to learn a new set of skills in and around business scenario planning and pattern recognition.