Bottom line: companies must evolve from a growth-at-all-cost model to an operational model where the purpose and values of your consumer are at the heart of every aspect of your organization.
From Forecasting to Backcasting: Shaping a Desirable Future
We can already see that traditional forecasting methods are inadequate in this post-COVID era of unprecedented uncertainty and rapid change. Instead, we propose a “backcasting” approach. This requires a clear vision of the organization’s desired future. This process enables the company to calculate which initiatives required to achieve that future. In this way, "backcasting” empowers organizations to co-shape the world with their consumers, uncovering both uncertainty and untapped opportunities, and in so doing lead the way forward to decisive and impactful strategic decision-making.
Innovation is a complex process that demands a diverse range of competencies. EY's global network offers expert-led innovation and scaling capabilities, combining Trend Foresight's methodology with an assessment of your organization's current core. By identifying the intersection between strategic objectives and opportunities, organizations can embark on a successful innovation journey.
In conclusion, unlocking the power of consumer insights is paramount in today's consumer-driven landscape. By aligning with consumer values and purpose, organizations can fuel inspired innovation and sustainable growth from the outside in. It's time to listen to the voices of our consumers, anticipate their changing needs, and co-create a future where purpose-led organizations thrive. Together, let's embark on a transformative path and embrace the opportunities that lie ahead.
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Summary
Consumer insights are key to corporate success in today's landscape. Aligning with consumer values and purpose drives innovation and sustainable growth. Organizations must embody purpose throughout their operations, supply chains, and ecosystems. By adopting a backcasting approach and envisioning a desirable future, they can navigate uncertainty and make impactful decisions. Let's listen to consumers, anticipate their needs, and co-create a thriving future together.