Future Oriented Strategy
Future orientation of an organization focuses upon how an organization does strategic thinking, plans ahead for the future; anticipate the consequences and plans ahead before making certain actions. I believe that future-orientation is important for every organization because it helps an organization stay ahead of the league to understand the highly-competitive and turbulent business environment. With the help of organizational future-orientation a company not only explores the drives of change and the market trends, is also able to attract future markets but also maintain the competitive market position for survival and success. Hamel and Prahalad suggested in HBR articles that the top leadership attention to detail is 40:30:20 rule, where almost 40% of the attention primarily should focus on looking ahead in future out of which 30% of the time should be spend towards focusing on 3-5 years into the future and than 20% spent to developing a collective view of the future which led them to the fact that only 3% of the top management spend their time focusing on future perspectives and issues. An organization should use the balanced score-card method to drive success and maintain competitive business advantage. The balanced score method provides the top management with a quick and detailed overview of the business strategy. The balanced scorecard method includes the financial measures that analysis the outcome of the actions that are already taken and determined. On the other hand, it tends to complement the various financial measures along with the operational measures that imply on customer satisfaction, innovation, internal business processes and overall improvement in business activities. These are all the operational measures that are imperative to maintain competitive business advantage and future financial performance. The balanced score card approach gives a comprehensive account on how the customer sees the company and what the customer expects from an organization.
