Business opportunity identification
Growth and success in the future are primary objectives for any business - hence the need for a far-reaching business strategy, including foresight about the future.
Considering the negative economic climate, it has become clear that South African businesses will need to unlock new opportunities to ensure success. These opportunities should be identified within South Africa and beyond its borders.
Business strategy is about the looking to the future. Strategy formulation involves making decisions today and taking into account different strategic directions that could be taken in the future. Future events and conditions present both business
opportunities and risks, but often appear disguised as weak signals, emerging issues and trends (collectively called environmental indicators) within the competitive (industry-related) and contextual environments of the business.
These environmental indicators could originate from the business’ own industry or from the political, economic, social, or physical environments. New technology has also a disruptive influence on any business. Most important are the unexpected
trends, which originate from other industries, but cut across all industries, and which are usually a blind spot for most businesses. These blind spots are then further amplified by the convergence of different trends, making it extremely difficult for a business – without proper environmental scanning,
forecasting and scenario planning - to map its future strategy.
Grant Thornton can assist your organisation in developing proper strategic foresight and long-term strategies by:
- Identifying ‘dots on the horizon’, namely trends, emerging issues and weak signals – within South Africa and beyond its borders
- Assessing the meaning of these signals and how they present opportunities or risks to a business
- Exploring different possible strategic options by means of scenario planning and other futures research techniques
- Formulating a strategy and adjusting business models for the future (by using scenario planning output)
- Assisting with quick-to-market innovation development (e.g. enterprise systems and innovative apps)
To find out more about how we can assist you with strategic foresight for your business, download our complete capability statement.