In a world of volatility, complexity, and false information, businesses often struggle to develop cohesive strategies for long-term growth. A group of senior advisors at Monitor Deloitte have teamed up to launch a new book addressing how artificial intelligence can facilitate more robust scenario planning, and help companies chart a sustained course for future success.
The promises of artificial intelligence (AI) have long been trumpeted by business leaders, with the technology seen as a way to accurately analyse reams of data in a fraction of the time it would take a human. This could help improve the quality of strategic insights, and at the same time enhance the effectiveness and efficiency of business operations.
More importantly, it could eliminate routine tasks for staff, ramping up their job satisfaction while enabling them to spend more time on value adding activities. A new book from three Monitor Deloitte experts has further emphasised how artificial intelligence can help to establish long-term success.
Penned by Frank Becker, Florian Klein and Andreas Schühly, ‘Real Time Strategy – When strategic foresight meets artificial intelligence’ sets out a case for the ways AI can take strategic planning to the next level. While businesses might have previously been drowning in data, surrounded by uncertainty and volatility, the authors contend that with the analytical power of big data and artificial intelligence, ‘real time strategy’ is now becoming a reality.
The trio of authors are all long standing members of Monitor Deloitte’s global centre of excellence for scenario planning, The Center for the Long View. Over the years, they have evolved their traditional scenario planning approach by incorporating emerging technologies into the mix, enabling “dynamic strategies, quicker validity monitoring and much faster avenues to react”, said Schühly to Consultancy.org.
The authors used this basis of expertise to build a book which combines classical scenario planning with technological possibilities. First this sees the authors discuss the cause of scenario planning – uncertainty – before presenting how the world has seen this domain so far, and how it has evolved. Then the authors give guidelines for future scenario planning, helping to understand the process to put it in to practice.
Finally, in their book the Monitor Deloitte experts delve deeper into complex data science and artificial intelligence, and their impact on the scenario process, before discussing different views on interactions between humans and machines. Ultimately, this will help decision-makers to transform toward real time strategy making.
According to Schühly, the core requirements of such strategy are clarity – a clear and agreed set of assumptions, values or principles; validity – the ability to address the complexity within and around an organisation and factors in dissident opinions and uncertainty; and relevance – actionable and executable. “Strategies need to be exhaustive, create commitment to act in spite of uncertainty and allow for strategic flexibility,” he said.
‘Real Time Strategy – When strategic foresight meets artificial intelligence’ can be ordered on Amazon.