Drastic and sudden changes can occur in the world without warning, like how the coronavirus pandemic altered the lives of millions within a matter of months. Businesses adapt through corporate innovation so they can search for solutions to update their business models for an ever-changing world. However, some corporations have already had a head start with their innovation plans by regularly updating themselves of a vital factor in futures thinking strategy planning: signals.
-What are they?-
Signals are small or local innovations or disruptions that have the potential to grow in scale and geographic distribution. They can range from a new product in the market to a growing trend in society. By taking note of signals when they first appear, industry players can have a glimpse of a possible future in the market and adjust their business strategies accordingly.
-Why It Matters-
By being aware of signals, corporations will have the necessary information to innovate themselves through futures thinking. Nothing is constant in the world, and corporations should always be ready to create change within their framework to prepare for the uncertain future. Recognizing signals early can be the game-changing factor for a corporation to achieve success.