The global economic system has been continuously challenged, but the year 2019 was revolutionary. Capitalism was heavily critiqued even by those who have traditionally believed in the markets transcendent ability to solve societal problems.
The pandemic has shed light on this already criticised system and it might bring the global economy to a recession. This will have dire implications for all individuals and organisations that take part in the economy.
Organisations need to understand the potential ramifications of the changes in the economic system. While the most public discussion is currently looking to health issues, a discussion on the long-term implications is starting.
Foresight enables to prepare for crisis
Organisations need to broaden their analysis to incorporate possible large scale economic shifts. Foresight is vital at times like these to update the picture of the biggest uncertainties within the economic system. Organisations need do to understand possible ramifications on an economic system level by applying 4 pillars in their activities:
1. Broaden market data analytics to incorporate markers for possibly massive changes in the economic system.
2. Identify critical uncertainties that have a possibility to change the entire operational environment.
3. Establish a foresight process to update the picture of the biggest uncertainties within the economic system.
4. Allocate minimal resources (through partnerships) to anticipate unlikely but huge implication changes in the economic system.
Amid the crisis, we need faith in the future for people to become committed to the reconstruction of society. It takes faith, solidarity, and a willingness to change the course of the future. Join us with making the post-corona society better than it was before the pandemic.